CAAR releases fourth quarter report
CHARLOTTESVILLE, Va. (WVIR) - It looks like the recent wintry weather hasn’t slowed home buying in the Charlottesville area.
The Charlottesville Area Association of Realtors recently released its quarterly report. Housing prices are still high, and CAAR says the report shows the biggest change has to do with mortgage rates.
“We have a very, very robust local real estate market,” CAAR President Pam Dent said.
Dent says mortgage rates are just now starting to tick up. Though this is something that has been predicted for a bit.
“We expect that to continue throughout this year, but we don’t expect any crazy jumps,” she said.
Since it isn’t a huge increase, Dent believes it probably won’t affect the market much. However, it could hurt your buying power.
According to CAAR’s report, housing sales were down 5% in the fourth quarter while the median sales price went up up 6%. Albemarle County saw a 1% increase, Charlottesville dropped 1%, and Nelson County jumped up 26%.
Dent says prices are not going to skyrocket like they did last spring. Right now, a house is on the market for an average of 31 days, 24 days faster than a year ago.
“It’s like any other commodity: supply and demand, and supply is so low,” Dent said. “That’s going to contribute to very strong prices. So if you’re thinking about selling it, it’s great time to sell.”
Dent says rent prices may be rising now, too.
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