The Long & Foster Market Minute

Focus On: City of Charlottesville Housing Market August 2019

Units Sold
75
Active Inventory
195
Median Sale Price
$378,661
Days On Market
46
Down -32%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 75 sold this month in City of Charlottesville Real Estate versus 90 last month, a decrease of 17%. This month's total units sold was lower than at this time last year, a decrease of 32% versus August 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 11 units or 5%. The total number of active inventory this August was 195 compared to 206 in August 2018. This month's total of 195 is lower than the previous month's total supply of available inventory of 202, a decrease of 3%.

Median Sale Price
Last August, the median sale price for City of Charlottesville Homes was $340,000. This August, the median sale price was $378,661, an increase of 11% or $38,661 compared to last year. The current median sold price is 3% higher 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
75
Current Contracts
68
Sold Vs. List Price
97.6%
Months of Supply
2.6
Down -6%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Up 40%
Vs. Year Ago

Months of Supply
In August, there was 2.6 months of supply available in City of Charlottesville, compared to 1.9 in August 2018. That is an increase of 40% 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 75 homes newly listed for sale in City of Charlottesville compared to 80 in August 2018, a decrease of 6%. There were 68 current contracts pending sale this August compared to 59 a year ago. The number of current contracts is 15% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in City of Charlottesville was 97.6% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 46, lower than the average last year, which was 53, a decrease of 13%.

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.