Charlottesville First Quarter Market Report
The Charlottesville Area Association of Realtors First Quarter Real Estate Market Report is hot off the presses. This report will give you a brief overview of what has been happening in Central Virginia real estate so far this year. As you will see it is a mixture of good and bad news. The good news is that there has been an increase in sales by 9.2% over the first quarter of 2011. The bad news is that the median sales price has fallen by 2.9% as compared with the same period last year. We have seen some highlights for the month of March with an increase in sales, median sales price and also an increase in homes that are under contract. I know that I have been experiencing an increase in business and have a positive feeling for the year overall.
According to the report, inventory is trending down into a 12 month supply. While any reduction in inventory is a good sign, it is necessary to remember that we are still strongly in a buyers market and it is crucial to price your home properly in order to get it sold. A 6 month supply is considered a balanced market and it will have to fall to under 6 months before we will be in a seller’s market.
If you have any questions about the local real estate market or what this means for the sale of your particular home, don’t hesitate to call me at 434 960-0161 or email me at [email protected].