These reports include economic conditions, housing market conditions, new construction information, mortgage rate updates, housing market overview by counties, supply, days on market, and additional information.
Sales activity in February remained largely unchanged across most local markets within the CAAR region compared to the previous year. A total of 211 home sales were recorded regionwide during February, reflecting an increase of 16 sales compared to the same period last year, representing a gain of 8.2%. The majority of the additional sales occurred in Louisa County, where there were 12 more sales than in February of the previous year, marking a notable increase of 28.6%. Meanwhile, Albemarle County saw a modest increase of two sales compared to the previous year, amounting to a rise of 5.3%. Additionally, Charlottesville, Fluvanna County, and Nelson County each experienced one additional sale compared to the previous February.
Lets unpack the figures from the Virginia Association of Realtors January Market Report for the CAAR footprint. Sales are down slightly from the previous year as are pending sales. At the same time, home prices have continued to climb rapidly. And there were 10% fewer listings on the market than there were a year ago. It continues to be a story of supply and demand. If there were more properties available to purchase, there would be more sales. Even though there are buyers who have left the marketplace due to the high interest rates, there are still more people who want to purchase than there are homes to buy. If you are considering selling your home, properly priced homes in good condition are selling quickly. If you are a buyer, you will want to have the advice of a trusted professional to help you navigate this competitive market. It is important to have your team of mortgage lender and real estate agent in place and a preapproval in hand before you start looking at properties so that you will be prepared to move forward immediately when you find the home that fits your criteria.
The housing market in CAAR concluded 2023 much like it started, characterized by diminishing sales activity alongside increasing home prices. These trends are predominantly influenced by three factors: the limited availability of homes for sale, pent-up demand within the market, and the fluctuating nature of mortgage rates throughout the year.The fourth quarter of 2023 saw a sluggish performance in the CAAR regional housing market, with a total of 817 sales recorded across the area. This figure reflects a decrease of 100 sales compared to the same period the previous year, marking an 11% decline. Not since 2014 has the region experienced a fourth quarter with such limited activity. The rise in mortgage rates to levels not seen in over two decades in October 2023 likely contributed to dampening market participation during this period. Sales activity exhibited a cooling trend throughout all three months of the fourth quarter, spanning from October to December. On a statewide level, sales activity also experienced a 10% decline in the fourth quarter of 2023 compared to the previous year.
In the CAAR market, sales activity continues to show a decline compared to last year. This month, there were 250 homes sold in the area, which is 52 fewer sales than the previous year, resulting in a drop of 17.2%. The largest decrease in sales was observed in Fluvanna County, with 18 fewer sales compared to the previous year (-41.9%), followed by Albemarle County, which also experienced 18 fewer sales (-14.3%). However, sales activity in Louisa County increased, with four more sales than last November (+8.0%). We hope this information was helpful!
Unfortunately, sales activity has been cooling down a bit. In October, we saw a total of 292 homes sold regionwide, which is 31 fewer sales compared to last year, resulting in a 9.6% drop. Taking a closer look at the counties, Albemarle County experienced a decrease of 26 sales compared to last October, which accounts for a 19.0% drop. Fluvanna County also had a decline, with 11 fewer sales resulting in a 25.0% decrease. On the bright side, Louisa County showed the biggest increase in activity, with 12 more sales than the year before, which is a 20.7% jump. Unfortunately, the Charlottesville market had six fewer sales than last October, making it a 19.4% decrease. Let's keep our fingers crossed for better numbers next time! Hope this information was helpful and informative for you!
We've seen a decrease in sales activity in the CAAR housing market. In the third quarter, a total of 980 homes were sold in the region, which is 226 less than last year, representing a 19% decline. It's actually the slowest third quarter we've had in over a decade, with buyers and sellers holding back due to low inventory and increasing mortgage rates. Interestingly, sales activity dipped in all three months of the quarter when compared to 2022 levels. On a statewide level, sales activity dropped by 20% in the third quarter of 2023 compared to the previous year.
Sales activity in the CAAR region remained sluggish through September. There were 266 homes sold, which is 22.9% lower than the previous year. All local markets experienced a decrease in sales activity this month. In Albemarle County, there were 30 fewer sales compared to last year (-22.7%), while Louisa County had 12 fewer sales (-17.9%). Charlottesville saw a decrease as well, with 19 homes sold, which is 36.7% lower than last September.
Sales in the CAAR market are significantly slowing down. This month, the region witnessed 346 sales, which is 94 fewer compared to the same time last year, reflecting a staggering drop of 21.4%. Albemarle County experienced the largest decline, with 41 fewer sales (-21.5%), closely followed by Charlottesville with 33 fewer sales than last year (-50.8%). However, Nelson County defied the trend, as it saw an encouraging increase of eight sales compared to the previous year (+25.0%).
Sales activity in the CAAR housing market remains sluggish compared to last year. Only 1,148 homes were sold in the region during the second quarter, marking a significant 17% decline. Despite the decrease in sales, home prices continue to climb steadily. In fact, the median sales price in the CAAR housing market during the second quarter reached a remarkable $445,900, representing a notable 7% increase from the previous year, resulting in a gain of $28,050. Furthermore, the number of active listings on the market at the end of the second quarter was 717, which is 24 fewer listings than last year, accounting for a 3% drop. Remarkably, this marks the first decline in active listings in the region in over a year.
In the CAAR region, sales remained on a downward trend throughout June. Specifically, the month recorded 460 sales, marking a decline of 57 sales compared to the previous year—an 11% decrease. Notably, all local markets experienced a decline in sales activity this month. Of all the areas, Greene County witnessed the most significant drop, with 21 fewer sales compared to the previous year, reflecting a substantial decrease of 47.7%.
The housing market in the CAAR region for 2023 is off to a slow start. The first quarter saw a total of 688 homes sold, marking a 23% decline from last year and the lowest first quarter sales since 2016.
In the CAAR market, home sales continue to moderate. There were 392 sales in the month of May, 71 fewer sales than last year, a decrease of 15.3%. Albemarle County experienced the sharpest drop in sales with 28 fewer sales (-13.9%) followed by Greene County with 22 fewer sales than the year prior (-50.0%). Charlottesville was the only local market where sales grew this month with five more sales than a year ago (+9.1%).