CAAR Releases Third Quarter Market Report

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More homes are being sold in central Virginia - and they're being sold faster - according to the Charlottesville Area Association of Realtors.

According to a report released Tuesday, overall home sales in the Charlottesville area were up almost 26 percent during this year's third quarter compared to last year. This represents the highest third quarter sales since 2007.

Experts say the future of the housing market looks promising.

"The inventory that we knew was out there is really starting to see the marketplace right now," said Anne Gardner, CEO of CAAR. 

The nearly 26 percent increase in home sales represents 175 more homes that were sold this third quarter compared to last. The report says all six jurisdictions in the Charlottesville area experienced double-digit percent sales increases this quarter - including Nelson, Greene, Louisa, Fluvanna and Albemarle counties. Nelson finished in the lead with more than 62 percent growth. 

"We're not seeing the investor, homes that are coming on the market, we are not seeing the fixer-uppers if you will, you're seeing homes right now that are well within price points for move up buyers," said Gardner. 

Gardner says more people - most likely families - are buying multiple bedroom homes in Nelson County.  In Charlottesville and Albemarle County people are purchasing attached homes, like townhouses and condos. 

The report says not only are more homes selling across the region - but they are selling faster. Half of the homes sold during this year's third quarter were on the market for 46 days or less - down from 70 days from last year's third quarter. 

"We just encourage folks if you're in that point where you're considering a sale or considering a purchase now is a better time than what we've seen in many years," said Gardner. 

The report also indicates that only 7.3 percent of the home sales this quarter were because of foreclosures. During the same time last year, foreclosures represented 11.6 percent of home sales.

To read the full report, click here.