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CAAR Releases 2012 Year-End Market Report - NBC29 WVIR Charlottesville, VA News, Sports and Weather

CAAR Releases 2012 Year-End Market Report

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There's good news for the Charlottesville housing market . The Charlottesville Area Association of Realtors (CAAR) released its 2012 year-end market report, which shows people are feeling better about buying in this economy.

Overall, sales in greater Charlottesville were up 15 percent from 2011, marking the largest year-over-year increase in seven years. There were a little more than 2,600 sold in the greater Charlottesville area in 2012.

Fluvanna, Charlottesville, and Albemarle had the highest annual gains in sales.

Home prices showed signs of bottoming out in 2011, and with the uncertainty of the economy many people were waiting for the right time to buy. 

CAAR President Denise Ramey says the strong activity has given both buyers and sellers more confidence in the health of our market.

"The low interest rates were obviously a great help in encouraging people to make a buying decision. We saw our inventory levels decline by 13 percent year over year, so our expectation is we'll have a balanced market when we have six months of inventory on the market," said Ramey.    

The median sales price for the region in the fourth quarter was $260,000, up eight percent from last quarter.

Nelson was the only county with fewer sales in 2012 than the previous year. Ramey says that's primarily because Nelson is a secondary housing market,  but emphasizes overall this is a good time for people to sit down  with their realtor and discuss prices in various markets.

Read the full report here.

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