The Long & Foster Market Minute

Focus On: Charlottesville Area Housing Market February 2020

Units Sold
183
Active Inventory
886
Median Sale Price
$330,000
Days On Market
88
Up 16%
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 183 sold this month in Charlottesville Area Real Estate versus 188 last month, a decrease of 3%. This month's total units sold was higher than at this time last year, an increase of 16% versus February 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 127 units or 13%. The total number of active inventory this February was 886 compared to 1,013 in February 2019. This month's total of 886 is higher than the previous month's total supply of available inventory of 844, an increase of 5%.

Median Sale Price
Last February, the median sale price for Charlottesville Area Homes was $289,408. This February, the median sale price was $330,000, an increase of 14% or $40,592 compared to last year. The current median sold price is 10% higher than in January.

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


New Listings
401
Current Contracts
317
Sold Vs. List Price
96.8%
Months of Supply
4.8
Down -10%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Down -24%
Vs. Year Ago

Months of Supply
In February, there was 4.8 months of supply available in Charlottesville Area, compared to 6.4 in February 2019. That is a decrease of 24% 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 401 homes newly listed for sale in Charlottesville Area compared to 447 in February 2019, a decrease of 10%. There were 317 current contracts pending sale this February, consistent with the volume a year ago. The number of current contracts is 15% higher than last month.

Sale Price to List Price Ratio
In February, the average sale price in Charlottesville Area was 96.8% 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 88, lower than the average last year, which was 105, a decrease of 16%.

The Long & Foster Market Minute *Defined as the counties of Albemarle, Fluvanna, Greene, and Nelson and the city of Charlottesville in VA
*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.