April 14, 2008
The Charlottesville Area Association of Realtors (CAAR) have released the real estate market report for the first quarter, showing home sales down and the numbers of homes for sale rising.
According to CAAR the Charlottesville real estate market has too many homes for sale, causing the number of home sales to drop. According to the report the area has seen its lowest number of home sales since 2000.
557 homes were sold in the first quarter of 2008, down 210 (27.4%) from the first quarter of 2007. CAAR says the surplus of homes is forcing sellers to offer good deals.
Even so the median sales price of homes increased $51,600 but CAAR says that doesn't neccessarily mean that home prices are rising. They say it could be an early indication of prices stabilizing or temporary relief.
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