CAAR Report Shows Home Sales at Even Pace

April 15, 2014

A dip in temperatures this winter, correlated to a dip in homes sales for part of the first quarter on 2014, according to Charlottesville Area Association of Realtors (CAAR).

CAAR's latest report, released Tuesday, states that the tough winter lead to a decline in home sales for the first part of the first quarter of 2014, but picked up by March putting the quarter's sales pace even with the same time last year.

"The first quarter is historically our slowest quarter as it indicates the results of our winter market, and we all know what a tough winter it was," said CAAR 2014 President John Ince in a statement.

Ince went to that say that consumer confidence has lead to a "healthy local real estate market."

The median sales price increased from quarter one of 2013, according to CAAR. In the first quarter of 2014 the median home price was $244,250, which is a seven percent increase over last year.

In four of the six areas monitored by CAAR, Charlottesville, Louisa, Nelson and Albemarle, the median sales price made double-digit gains. Charlottesville and Louisa led with 17 percent and 16 percent gains respectively. Albemarle and Nelson had gains of roughly 11.5 percent. Fluvanna had an 8.2 percent increase in home prices over quarter one of 2013.

Greene was the only area in the region that saw a drop in home prices, with a 19 percent decrease.

The report also looked at was land sales. The 86 land sales made during the first quarter in 2014 was an 26.5 percent rise from the 68 land sales made in the first quarter of 2013.

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