Nearly End of the Year Real Estate Market Report for Charlottesville + Albemarle

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I’m finalizing my monthly note and thought I’d share a quick update on the Charlottesville real estate market. If you want to read the Note, please get more information here.

Albemarle County – mostly stable
  • Single family home new listings : up 3% from 1562 in 2014 to 1609
  • Attached homes: flat – 454 in 2015 to 451 this year
  • Single family home closings: up from 929 to 996 in 2015
  • Attached homes: up from 338 to 356.
Median prices in Albemarle:
  • Single Family: $385K in 2015 vs $387K in 2014
  • Attached: $247K in 2015 vs $251K in 2014
  • Condos: $125K in 2015 vs $124K in 2014
  • Price per square foot for single family homes: $142 in 2015 vs $134 in 2014

City of Charlottesville – sales and inventory down

  • Single family home new listings : down from 539 in 2014 to 477 in 2015
  • Attached home new listings: down from 101 last year to 90 this year
  • Single family home closings: down from 363 in 2014 to 346 in 2015. I attribute this to both the lack of inventory and fewer homes being put into the MLS.
  • Attached homes: up from 54 to 61. Lots of new construction in this segment, too, notably Burnet Commons downtown and Lochlyn Hill in the urban ring.
Median prices in Charlottesville:
  • Single Family: $297K in 2015 vs $290K in 2014
  • Attached: $215K in 2015 vs $218K in 2014
  • Condos: $168K in 2015 vs $215K in 2014 — I attribute this to the inventory and product mix more than an overall statement on the condo segment.
  • Price per square foot for single family homes: $183 in 2015 vs $177 in 2014

And new construction. There’s lots more of this to come. In Albemarle County, (per MLS) there have been 21 more single family home closings than this time last year – 161 this vs 140 last – and a few less attached homes (6). In the City, 8 more single family homes have closed, and the percentage is greater than in the County – 30 this year vs 22 last and 13(!) attached homes have closed vs 4 last year.

When given the option and the location, a lot of buyers will opt for new construction; sellers need to recognize this. A lot of buyers have the option/discretion to pay more for the right house, particularly in the $500K+ price point … if you’re a seller thinking about entering that segment, make sure you have good advice.

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