By some measures, the local real estate market is showing small signs of improvement. According to the Charlottesville Area Association of Realtors (CAAR) mid-year report, sales are up compared to the first quarter of this year. While they are still down 5.9 percent compared to the same period last year, data from the second quarter of 2010 was impacted by the $8,000 first-time homebuyer’s tax credit, which prompted a surge in sales.
For the second quarter, the area counted 910 pending sales (compared to 893 over the second quarter of 2010). That total is a 20 percent improvement over the first quarter of the year, which saw 758.
According to the report, the top three sales areas were Albemarle County, whose median price decreased to $275,975 from $287,467 in 2010; the City of Charlottesville, whose median price also decreased to $233,500 from $246,289; and Fluvanna, whose median price actually increased slightly to $207,900.
Additionally, the active real estate inventory is down nearly 6 percent, to 3,626 homes.
“For now, we will continue to watch the inventory of homes for sale and the number of short sales coming into our local market,” reads the report.
“If we see inventory levels continue to decline and the pace of foreclosures stay steady, it is logical, although not predictable, to see prices begin to inch upward.”
