Report: Home Sales Up in Charlottesville, Albemarle CountyPosted: Updated:
A new report shows the Charlottesville-Albemarle County area is looking at a 14 percent increase in home sales.
The good news is expected to continue in to the spring and summer months.
The Charlottesville Area Association of Realtors (CAAR) says the first quarter market report tends to be little slower, but that's not the case this season.
According to its report, 562 homes have been sold, and half of those homes were on the market for 80 days or less. Inventory is also low; it's 6.6-percent lower than last year's quarter one.
CAAR suggests potential home-buyers move fast if they want to pick up a certain property.
"If they're thinking about buying, then they need to get out there and look and find the home. They can't just wait until the exact time that they're ready to buy to say, ‘oh, I want to buy this month so I'm going to start looking,’ because they might not find anything," said CAAR President Donna Patton.
CAAR says something else that is particularly hopeful is that distressed sales - foreclosed properties and short sales - are down. It says this is a very good sign for the market.
According to the Charlottesville Area Association of Realtors, the second quarter is generally even better than the first quarter.