The Long & Foster Market Minute

Focus On: Albemarle County Housing Market February 2020

Units Sold
73
Active Inventory
363
Median Sale Price
$384,000
Days On Market
97
Up 3%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 20%
Vs. Year Ago
Down -8%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 73 sold this month in Albemarle County Real Estate versus 70 last month, an increase of 4%. This month's total units sold was higher than at this time last year, an increase of 3% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 72 units or 17%. The total number of active inventory this February was 363 compared to 435 in February 2019. This month's total of 363 is higher than the previous month's total supply of available inventory of 341, an increase of 6%.

Median Sale Price
Last February, the median sale price for Albemarle County Homes was $320,000. This February, the median sale price was approximately the same at $384,000. The current median sold price is 20% higher than in February 2019.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
205
Current Contracts
162
Sold Vs. List Price
97.8%
Months of Supply
5.0
Down -3%
Vs. Year Ago
Up 22%
Vs. Year Ago
No Change
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In February, there was 5.0 months of supply available in Albemarle County, compared to 6.1 in February 2019. That is a decrease of 19% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 205 homes newly listed for sale in Albemarle County compared to 211 in February 2019, a decrease of 3%. There were 162 current contracts pending sale this February compared to 133 a year ago. The number of current contracts is 22% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Albemarle County was 97.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 97, lower than the average last year, which was 106, a decrease of 8%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by CGAHR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CGAHR or Long & Foster Real Estate, Inc.