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Greater Charlottesville Area Continues to be Seller's Market

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The Charlottesville housing market favors sellers, a report says The Charlottesville housing market favors sellers, a report says
CHARLOTTESVILLE, Va. (WVIR) -

The greater Charlottesville area continues to be a seller's market according to another housing report.

The Charlottesville Area Association of Realtors, or CAAR, released its 2018 first quarter report on Tuesday, April 17.

It shows sales are up 13 percent compared to this time in 2017. Sale prices are also up 13 percent, but the inventory is down. CAAR says there has been a shortage of housing in the marketplace for years now, and buyers are struggling to find homes that fit their needs.

Realtors say a balanced market has about six months of inventory, but the Charlottesville area has a three-month inventory – and that’s good news for sellers.

“What we're finding is that because the shortage of homes on the market in Charlottesville and the urban ring, some buyers are looking to our outlining counties - Fluvanna County, Greene County, Louisa County - are offering lower sale prices, considerably low sales prices and a little bit more of a commute,” says Arleen Yobs, the president of CAAR.

According to CAAR, there are less than 1,000 homes on the market right now in Charlottesville and Albemarle County.

The real estate market in Charlottesville is so hot right now, the Charlottesville Area Association of Realtors says some homes are being bought even before a "for sale" sign can go up.