July 16, 2013
The Charlottesville Area Association of Realtors (CAAR) released a mid-year report this giving some insight into how the housing market in Central Virginia and the numbers show progress.
The report shows an 11.2 percent increase in sales this quarter over the same time last year.
The median sale price was $273,200, which is up more than 6-percent from a year ago. That is the highest level since 2008.
"So we saw stronger sales number in Albemarle Co. than we did in the city," says CAAR president Denise Ramey. "Interestingly though, attached homes, which are condos and attached homes, are continuing to sale faster than detached homes."
Half of the homes sold during the second quarter were on the market for 40 days or less, that's a 20 day improvement from the same time last year. The report also showed the number of short-sale and homes sold in foreclosure were also down from last year.
Ramey also explained that although the market is looking better a change in interest rates could increase monthly bills.
"Going from three and a half to four percent interest rate can cause monthly payment to bump up, for even a $200,000 buyer, a couple hundred dollars a month," says Ramey. "So it is definitely concerning when people are seeing the trend for interest rates going up."
Despite interest rates, the report showed good indicators the market going forward.
"We're still in a incredibly low interest rate environment than a couple years ago when it was consistently a double digit interest rates, people need to be sensitive to that," Ramey explains.
CAAR saw improvement in the City of Charlottesville, Albemarle, Greene, Louisa and Nelson counties. The only place they say a decline in the market was in Fluvanna County.
To see the whole CAAR report, click on the link below.