The Long & Foster Market Minute

Focus On: Albemarle County Housing Market October 2021

Units Sold
145
Active Inventory
156
Median Sale Price
$412,000
Days On Market
41
Down -5%
Vs. Year Ago
Down -51%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 145 sold this month in Albemarle County Real Estate versus 129 last month, an increase of 12%. This month's total units sold was lower than at this time last year, a decrease of 5% versus October 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 163 units or 51%. The total number of active inventory this October was 156 compared to 319 in October 2020. This month's total of 156 is lower than the previous month's total supply of available inventory of 183, a decrease of 15%.

Median Sale Price
Last October, the median sale price for Albemarle County Homes was $417,500. This October, the median sale price was $412,000, a decrease of 1% or $5,500 compared to last year. The current median sold price is 1% higher 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
132
Current Contracts
140
Sold Vs. List Price
99.0%
Months of Supply
1.1
Down -15%
Vs. Year Ago
Up 9%
Vs. Year Ago
No Change
Vs. Year Ago
Down -48%
Vs. Year Ago

Months of Supply
In October, there was 1.1 months of supply available in Albemarle County, compared to 2.1 in October 2020. That is a decrease of 48% 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 132 homes newly listed for sale in Albemarle County compared to 155 in October 2020, a decrease of 15%. There were 140 current contracts pending sale this October compared to 129 a year ago. The number of current contracts is 9% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Albemarle County was 99.0% 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 41, lower than the average last year, which was 50, a decrease of 18%.

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.