CAAR Releases First Quarter 2014 Home Sales

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It seems the greater Charlottesville real estate market is getting better for those selling homes.

The first quarter report from the Charlottesville Area Association of Realtors (CAAR) is out, and it definitely has good news for sellers.

Median sales prices are up, and it appears homes are selling faster this year than they did in 2013. The first quarter is historically the slowest for the real estate market, but CAAR's president believes the latest numbers show continued consumer confidence in the health of the local market.

Overall, the number of sales is relatively the same, but homes are selling faster - staying on the market for 76 days or less - compared to 94 days last year.

Prices seem to be rising along with those sales. In Albemarle County, homes average $318,000, up from $285,000. In Charlottesville, home prices are up about $41,000 from 2013 to $280,000.

The only area bucking the trend in this report is Greene County. The average price of homes there dropped from $250,000 to $202,000.

There were also more land sales so far this year over 2013.

For the report, click here.