April Home Sales in Area Up, But So Is Inventory

May 26, 2006 |

Yesterday, I wrote about the national home sales statistics.  Today, I am going to let you know what the sales were like for the Charlottesville Area.  For the purpose of this survey, I used the statistics from the CAAR MLS for the areas of Charlottesville, Albemarle, Fluvanna, Greene, Louisa, and Nelson.

Total March Sales:  259   Avg. Price: $344,601

Total April Sales: 264    Avg. Price: $329,063

This means that sales grew 2%.  Curiously, this is exactly opposite from the national results of home sales.  When compared to the same time a year ago, however, the news is not as good.  The area experienced 20% LESS sales in April 2006 than in April 2005.

The bigger news may be the fact that the total MLS inventory for the same area in April was 2358 units.  At the current rate of sales, it would take 8.93 months to sell out this inventory.  Last year, this number was never higher than 5.6 months.

For the year, through April, the area is down 15% when compared to last year’s sales.

In case you had any doubt that this years market is slower, these statistics should remove it.  If you are planning to put your home on the market, be realistic with your price, and be realistic with your expectations as to your time on the market.  Things are changing in the Charlottesville Area.

Posted by Daniel | Filed Under Albemarle, Charlottesville, Fluvanna, Market Statistics 

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