The Long & Foster Market Minute

Focus On: Charlottesville Area Housing Market March 2019

Units Sold
278
Active Inventory
1,056
Median Sale Price
$295,000
Days On Market
85
Down -9%
Vs. Year Ago
Down -10%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 8%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 278 sold this month in Charlottesville Area Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 115 units or 10%. The total number of active inventory this March was 1,056 compared to 1,171 in March 2018. This month's total of 1,056 is higher than the previous month's total supply of available inventory of 962, an increase of 10%.

Median Sale Price
Last March, the median sale price for Charlottesville Area Homes was $320,000. This March, the median sale price was $295,000, a decrease of 8% or $25,000 compared to last year. The current median sold price is 4% higher than in February.

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


New Listings
661
Current Contracts
481
Sold Vs. List Price
98.2%
Months of Supply
3.8
Up 4%
Vs. Year Ago
Up 8%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In March, there was 3.8 months of supply available in Charlottesville Area. The amount of supply is similar compared to 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 661 homes newly listed for sale in Charlottesville Area compared to 633 in March 2018, an increase of 4%. There were 481 current contracts pending sale this March compared to 446 a year ago. The number of current contracts is 8% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Charlottesville Area was 98.2% 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 85, higher than the average last year, which was 79, an increase of 8%.

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 CGARH/SCAR 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 CGARH/SCAR or Long & Foster Real Estate, Inc.