Posts with tag 'real estate market'

Some Highlights

• Expert insights are painting a bright future for housing when the economy bounces back – and it will.
• We may be facing challenging economic times today, but the housing market is poised to help the economy recover, not drag it down.
• Connect with your trusted real estate advisor today, to make sure you're informed and ready when it's time to make your move.

Previously published by Keeping Current Matters, April 7, 2020

The Charlottesville Area Association of REALTORS® 2nd Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is available. In addition to providing housing metrics, this report provides you with an in-depth look into local, state, and national economic conditions including unemployment rate comparisons, job change by industry, monthly permits for new residential construction, and more! It's a great way to understand the real estate market in a holistic way. 

Report Takeaways:

Economic Conditions 
• Job growth has slowed in the Charlottesville area; however, the region's Educational Services sector continues to boom. An extremely low unemployment rate suggests that local businesses are having a hard time finding qualified workers in the region. 

• New residential constru...

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IMMEDIATE RELEASE: Wed., Jan. 9 th, 2019

Home Buying Slows for Fourth Quarter, Year-End Receives High Marks, & Lack of Inventory Continues to be a Challenge

Greater Charlottesville Area 2018 Fourth Quarter & Year-End Highlights:

• Home sales decreased 3.2% (841) compared to Q4 2017 (869), while year-end indicated a 5.7% gain.

• The median sales price remained steady at $300,000 compared to Q4 2017, as year-end marked a 4.6% growth.

• The median days on the market in the 4th Quarter was 63, 8-days lower than in Q4 2017, while year-end showed a 13.8% drop (9-days fewer...

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Greater Charlottesville Area 2018 Second Quarter Highlights:

• Home sales climbed 7.5% (1,290) compared to Q2 2017 (1,200), led by an increase (23.6%) in attached homes. 

• Greater Charlottesville median sales price rose slightly to $314,500 (1.6%) compared to this time last year ($309,500).

• The median days on the market in the 2nd Quarter was 45, 10-days lower than in Q2 2017. 

• New listings increased 7.5% (1,691) compared to Q2 2017 (1,573), as pending sales also improved by 12.8% (1,238) compared to this time last year (1,098). 

• Inven...

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Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors.

Sam Khater, Freddie Mac's Chief Economist, had this to say:

"Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.

Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season."

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