CAAR reports on activity in first three months of 2022
A lower inventory of available homes continues to drive up the sales prices in some parts of the region. That’s according to the latest quarterly report from the Charlottesville Area Association of Realtors covering the first three months of this year.
“In the first quarter, the median sales price was $389,900, which was up 13 over a year ago, a gain of nearly $45,000,” reads the report.
A total of 888 homes were sold during January, February and March. That’s 177 units fewer than in the same period in 2021.
The report notes that inventory may be on the rise. A total of 1,327 building permits were issued in 2021 in the six localities covered by CAAR and that’s the highest number since 2006. Activity has increased this year as well.
“In January and February, there were 286 new construction permits, which is up significantly from prior years,” the report continues. “In the first two months of 2022, more than 70 percent of new housing permits were for the construction of single-family homes.”
However, the report also notes that interest rates are beginning to climb with the average interest rate for a 30-year mortgage at five percent for the first time in eleven years.
As for sales prices, all six localities saw increases in the median sales price.
- Albemarle’s average is $476,750, an 11 percent increase since 2021’s first quarter
- Charlottesville’s average is $412,000, a four percent increase
- Fluvanna’s average is $335,263, a 24 percent increase
- Greene’s average is $335,000, a seven percent increase
- Louisa’s average is $282,651, a 22 percent increase
- Nelson’s average is $308,500, a 17 percent increase
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