The Long & Foster Market Minute

Focus On: Greater Charlottesville Housing Market August 2019

Zip Code(s): 22902, 22903, 22901 and 22911
Units Sold
171
Active Inventory
437
Median Sale Price
$358,500
Days On Market
43
Down -16%
Vs. Year Ago
Down -9%
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 171 sold this month in Greater Charlottesville Real Estate versus 221 last month, a decrease of 23%. This month's total units sold was lower than at this time last year, a decrease of 16% versus August 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 41 units or 9%. The total number of active inventory this August was 437 compared to 478 in August 2018. This month's total of 437 is lower than the previous month's total supply of available inventory of 452, a decrease of 3%.

Median Sale Price
Last August, the median sale price for Greater Charlottesville Homes was $359,700. This August, the median sale price was $358,500, which is similar compared to a year ago. The current median sold price is 2% 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
197
Current Contracts
170
Sold Vs. List Price
97.3%
Months of Supply
2.6
Up 5%
Vs. Year Ago
Up 26%
Vs. Year Ago
No Change
Vs. Year Ago
Up 9%
Vs. Year Ago

Months of Supply
In August, there was 2.6 months of supply available in Greater Charlottesville, compared to 2.4 in August 2018. That is an increase of 9% 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 197 homes newly listed for sale in Greater Charlottesville compared to 188 in August 2018, an increase of 5%. There were 170 current contracts pending sale this August compared to 135 a year ago. The number of current contracts is 26% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Greater Charlottesville was 97.3% 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 43, lower than the average last year, which was 56, a decrease of 23%.

The Long & Foster Market Minute Greater Charlottesville are defined as properties listed in zip code/s 22902, 22903, 22901 and 22911.
*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.