CAAR Publishes 2017 2nd Quarter Home SalesPosted: Updated:
Now is a good time to buy or sell a house according to the Charlottesville Area Association of Realtors. It issued its second quarter housing report Tuesday.
Homes sales are up, and so are prices. CAAR reports market demand is high and inventory is low, and that isn't likely to change soon.
“The trend here in Charlottesville is kind of like the trend nationally. Our sales are up,” CAAR President Anthony McGhee said.
For the second quarter of 2017, homes sales in the greater Charlottesville area climbed almost 4 percent, and homes are selling faster.
“As you know Charlottesville is a popular place to live,” Anthony McGhee said. “And again as a result, you're seeing the prices go up and the median days on the market be very low as a result of that.”
Currently, the median amount of days on the market for the area is 13 days, eight days faster than last year. And the median selling price stands at almost $309,000.
“The millennial buyer’s generally an urban style buyer, so they all are moving back into the city and so that's just driving inventory down,” McGhee said.
The upward trend wasn't just inside Charlottesville city limits.
“What we're seeing in Charlottesville Albemarle is being translated in all of the counties around us. Most buyers now if they're looking to buy something, you're now see them go outside of the Charlottesville market, more into places like Fluvanna where the average sales prices is a lot better than what it is in Charlottesville,” McGhee said.
McGhee says if you're looking to buy or sell a house, you should do it now.
“If you are buyer, if you are a seller, things are not going to change much for you by waiting … so now is a good time for you to buy something, or now is a good time for you to sell, there's no point in waiting,” McGhee said.
McGhee also noted that plenty of resources are available for first time home buyers.
Release from the Charlottesville Area Association of REALTORS: