The Long & Foster Market Minute

Focus On: Albemarle County Housing Market May 2020

Units Sold
146
Active Inventory
362
Median Sale Price
$389,770
Days On Market
67
Down -25%
Vs. Year Ago
Down -38%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 6%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 146 sold this month in Albemarle County Real Estate versus 115 last month, an increase of 27%. This month's total units sold was lower than at this time last year, a decrease of 25% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 222 units or 38%. The total number of active inventory this May was 362 compared to 584 in May 2019. This month's total of 362 is lower than the previous month's total supply of available inventory of 421, a decrease of 14%.

Median Sale Price
Last May, the median sale price for Albemarle County Homes was $382,450. This May, the median sale price was $389,770, an increase of 2% or $7,320 compared to last year. The current median sold price is 2% lower than in April.

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


New Listings
150
Current Contracts
167
Sold Vs. List Price
98.7%
Months of Supply
2.5
Down -43%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -18%
Vs. Year Ago

Months of Supply
In May, there was 2.5 months of supply available in Albemarle County, compared to 3.0 in May 2019. That is a decrease of 18% 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 150 homes newly listed for sale in Albemarle County compared to 264 in May 2019, a decrease of 43%. There were 167 current contracts pending sale this May compared to 196 a year ago. The number of current contracts is 15% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Albemarle County was 98.7% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 67, higher than the average last year, which was 63, an increase of 6%.

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.