The Long & Foster Market Minute

Focus On: City of Charlottesville Housing Market October 2019

Units Sold
67
Active Inventory
181
Median Sale Price
$345,000
Days On Market
45
Up 26%
Vs. Year Ago
Down -7%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 67 sold this month in City of Charlottesville Real Estate versus 61 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 26% versus October 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 13 units or 7%. The total number of active inventory this October was 181 compared to 194 in October 2018. This month's total of 181 is lower than the previous month's total supply of available inventory of 216, a decrease of 16%.

Median Sale Price
Last October, the median sale price for City of Charlottesville Homes was $345,998. This October, the median sale price was $345,000, which is similar compared to a year ago. The current median sold price is 3% lower than in September.

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


New Listings
65
Current Contracts
78
Sold Vs. List Price
97.5%
Months of Supply
2.7
Down -7%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -1.5%
Vs. Year Ago
Down -26%
Vs. Year Ago

Months of Supply
In October, there was 2.7 months of supply available in City of Charlottesville, compared to 3.7 in October 2018. That is a decrease of 26% 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 65 homes newly listed for sale in City of Charlottesville compared to 70 in October 2018, a decrease of 7%. There were 78 current contracts pending sale this October compared to 72 a year ago. The number of current contracts is 8% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in City of Charlottesville was 97.5% of the average list price, which is 1.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 45, which is similar compared to a year ago.

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.