Jan. 14, 2014
The Charlottesville Area Association of Realtors (CAAR) published its 2013 Year End Home Sales Report on Tuesday. The annual report showed a solid real estate industry in Central Virginia.
The report revealed a ten percent increase in the number of sales for the area over last year. There were 2,909 homes sold in the greater Charlottesville area in 2013 which marked the second year in a row with significant gains in sales activity.
In addition, the $265,000 median sales price in 2013 was at the highest level since 2008.
And while 2013 marked the second consecutive year with double digit gains in home sales, a new pattern began to emerge in supply: gains in inventory. Eleven out of the 12 months in 2013 saw more new listings added than in 2012.
The report also stated that the average length of time a property was on the market also improved compared to recent years. Half of the homes sold in 2013 were on the market for fifty-four days or less, representing the lowest level since 2006.
John Ince, 2014 CAAR President, tells home buyers that "appreciation seems to be the norm for real estate now so an investment in real estate is a safe investment. That's really the most important thing to take away from this report."