The organization that represents real estate agents in the region has released its latest quarterly report and the volume of sales continues to decline.
“There were 817 sales in the Charlottesville Area Association of Realtors housing market during the fourth quarter, 100 fewer sales than last year, which is an 11 percent decline,” reads one of the key market takeaways of the CAAR report.
That figure of 817 sales is the lowest of the past five years.
Another trend is higher sales prices with a median of $435,000 from October to December of 2023. That’s a nine percent increase over the same period in 2022. In comparison, the median sales price in the fourth quarter of 2019 was $308,170.
Inventory is down with 674 active listings at the end of December, nine percent fewer than in 2022.
The report also notes that the number of residential building permits was lower in 2023 with a total of 1,239 across the six jurisdictions. The decline covers both multifamily units and single family residential.
The numbers of sales increased in Louisa County and Greene County, but were down in the other four localities. Sales in Charlottesville were down 29 percent in the fourth quarter and down 44 percent in Fluvanna County.
The median sales price increased in five of the six jurisdictions with a three percent decline in Fluvanna County. The median sales price increased 20 percent in Nelson to $418,500.
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So why do we need more new housing if the percentages of sales is dropping. Would overpricing real estate and increasing property taxes contribute to this devline???
One reason is that the population of the entire region continues to increase. Proponents of the Development Code would argue that more supply would lower prices. I’m a reporter who is just trying to document what’s happening.
Understood. Your articles are helpful. I don’t expect answers from you.