The Long & Foster Market Minute

Focus On: Charlottesville Area Housing Market August 2018

Units Sold
357
Active Inventory
1,202
Median Sale Price
$305,917
Days On Market
67
Down -1%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 357 sold this month in Charlottesville Area Real Estate versus 369 last month, a decrease of 3%. This month's total units sold was lower than at this time last year, a decrease of 1% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 170 units or 12%. The total number of active inventory this August was 1,202 compared to 1,372 in August 2017. This month's total of 1,202 is lower than the previous month's total supply of available inventory of 1,241, a decrease of 3%.

Median Sale Price
Last August, the median sale price for Charlottesville Area Homes was $286,000. This August, the median sale price was $305,917, an increase of 7% or $19,917 compared to last year. The current median sold price is 6% lower than in July.

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


New Listings
395
Current Contracts
332
Sold Vs. List Price
96.8%
Months of Supply
3.4
Up 4%
Vs. Year Ago
Up 29%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In August, there was 3.4 months of supply available in Charlottesville Area, compared to 3.8 in August 2017. That is a decrease of 12% 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 395 homes newly listed for sale in Charlottesville Area compared to 380 in August 2017, an increase of 4%. There were 332 current contracts pending sale this August compared to 257 a year ago. The number of current contracts is 29% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Charlottesville Area was 96.8% of the average list price, which is 0.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 67, lower than the average last year, which was 78, a decrease of 14%.

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.