Charlottesville Real Estate Market Update

Currently Active Properties: 2,372

Median Price of Active Properties: $324,995

Average Days on Market for Active Properties: 148

Sold in February: 141

Median Price of Solds: $260,000

Average Days on Market for Solds: 138

Entire Volume of Sold Property: $54,527,788

What can we derive from these numbers? Well, there was over 54 million dollars of sold place in the calendar month of February in the Charlottesville Area (which includes Charlottesville, Albemarle, Green, Louisa, Fluvanna, and Orange). We can obtain the calendar months of stock list by taking the figure of sold places in February and dividing that into the figure of active properties. So 2372/141 = 16.8 calendar months of stock list in the Charlottesville Area. The good news is that this figure is down from 20.1 calendar months of stock list that we had at the end of January. This show the marketplace is slowly inproving on a monthly basis.

There could be a figure of grounds for this. First, its an election year, and history shows that during election years, intrest rates drop, and there is generally a encouragement in the economy. This twelvemonth is no different. Interest rates did driblet and after they hit stone underside and started to slightly lift again, existent estate picked up. Also, it looks like the draw for Sellers is coming to an end and they are starting to acquire more than realistic about the marketplace and what they can acquire for their home.

We'll see if this tendency remains.