CAAR Releases 2012 Mid-Year Market Report

July 16, 2012

Home sales are spiking across central Virginia according to a new report. The Charlottesville Area Association of Realtors (CAAR) says home sales are up more than eight percent compared to this time last year.

That percent was especially true in Charlottesville where there was a 29 percent increase in sales. Also, the average sale price increased in Charlottesville and Albemarle and Greene counties.

The average price dropped in Fluvanna, Louisa, and Nelson counties.

"I would say it is still a little bit more of a buyers market, but it is starting to level out and if sellers remain not getting aggressive on their price and pricing to sell, then they will sell and buyers will start to feel a little safer," said Brad Conner, CAAR President.

Conner went on to say the reason home sales in Charlottesville and Albemarle County are doing so well is because of the location and proximity to the University of Virginia and other businesses.

The full reports are attached to this story and some more highlights are listed below.

Charlottesville Area 2ndQuarter 2012 Highlights

Overall Q2 sales in Greater Charlottesville are up 8.6% over the second quarter last year, at a total of 733.

The City of Charlottesville has the highest year-over-year increase in sales in Q2, up 29.7% over Q2-2011.

Albemarle County and the City of Charlottesville have experienced the highest year-over-year increases in median sale price for the quarter, up 5% and 3.3% respectively.

Market Overview

There were 733 homes sold in the Charlottesville area in the second quarter, which was up 8.6% (+58 sal
from the second quarter last year.

The City of Charlottesville (+29.7%) had the largest year-over-year
increase, while Fluvanna (+17.3%), Albemarle (+9.6%), and Louisa (+5.4%) also showed annual gains for t
quarter. Nelson (-22.2%) and Greene (-25.9%) experienced declines from Q2-2011 levels.

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