CAAR Publishes 2018 Second Quarter Home Sales

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The Charlottesville Area Association of Realtors (CAAR) is out with its latest home sales report.

According to the report, sales climbed 7.5 percent in the second quarter. Also, the median sales price rose slightly to $314,500 compared to this time in 2017 when the median price was $309,500.

Additionally, CAAR says homes are spending fewer days on the market compared to the same time last year: The average number of days on the market was 45 in the second quarter, 10 days lower than in 2017.

The association says the demand for homes in the Charlottesville area is contributing to the strong numbers.

“We're seeing similar trends from the first quarter. The market is definitely up over the first quarter, and we're still lacking in inventory,” said CAAR President Arleen Yobs. “So it sort of sounds like a broken record in a way, but we are definitely continuing that same pattern.”

As compared to this time last year, inventory has reportedly dropped 8.6 percent, resulting in a four-month supply of inventory compared to nearly five months last year.

The Charlottesville Area Association of Realtors says these numbers are a good sign moving forward into the third quarter.