Charlottesville First Quarter 2015 Real Estate Market

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Charlottesville First Quarter 2015 Real Estate Market Report

 

Charlottesville Area First Quarter 2015 Highlights:  Median sales price for the region was up 5.1% over Q1-2014, rising from $244,250 to $256,750.  Sellers received 94% of original list price at sale, 2.7 points higher than the five-year average for the quarter.  Closed sales remain consistent as new pending sales were up 18%, boding well for the spring market.  Homes in the $300-$400K price range sold fastest, with half of the 80 homes in this segment selling in 34 days or less.  Detached median sales price was up 8.2% year-over-year whereas the attached median sales price decreased by 6.5%.

graph of real estate activity in CAAR during first quarter 2015

Sales Activity – There were 493 homes sold in the 1 st Quarter in Greater Charlottesville, virtually unchanged from Q1-2014 with only one additional closed sale. While the sales rate is even versus the same quarter last year, it is 4.3% higher than the five-year average for the quarter. The 106 attached homes sold (including condos and attached single family homes) is 3.9% higher in Q1-2014 posted sales. Condos had the largest jump in sales, increasing from 34 last year to 48 in Q1-2015, a gain of 41.2%. The 387 detached homes sold represented a nominal 0.8% decrease (-3 sales) compared to Q1-2014.  READ the Entire Article