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2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
Now is an exceptional time to buy a home in Charlottesville. Low interest rates in a town with a strong economy and job growth make a home purchase a sensible move and a great value! Call now for more information at 434-535-2BUY or Maureen: 434-409-9468 or Rob: 434-825-2468
Average Sold Home Price: $275,000

Average Time on Market: 30-60 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: Decreasing

Market Trend: Increasing

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

Multiple Offers Commentary: Homes that are priced well are receiving multiple offers and often getting above list price.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 20-25%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: In the third quarter of 2014 we are seeing in central Virginia that home prices are up and inventory is down over last year. This is making for a very quick paced market. Homes that are well priced are often under contract in a matter of days and are garnering multiple offers resulting in contract prices above list price. Those buyers sincerely wanting to make a move should be pre-approved for a mortgage if needed and ready to make a quick decision. Of course it is, as always, important to be represented by a great agent who is a keen negotiator and who knows the market. Hegarty & Peery Realtors are at your service.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Job Growth

Nearest Metro Area: Charlottesville

Housing Hot Spots: Most towns and communities within Albemarle County and Charlottesville are considered Housing Hotspots. Belmont in the heart of Charlottesville is an eclectic and highly sought after destination. Within walking distance to the historic area of Charlottesville and the Downtown, pedestrian mall this area has seen an upward trend in market value. Homes within walking distance to the University of Virginia are always a sound investment.

Average Sold Home Price: $275,000

Contact Information
Maureen Hegarty and Rob Peery
Maureen: 434-409-9468 or Rob: 434-825-2468
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Mortgage Rates for Jul 28th, 2017
30 year fixed rate: 3.85%
15 year fixed rate: 3.85%
30 year jumbo rate: 4.09%
15 year jumbo rate: 3.69%
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Real Estate Professional, Maureen Hegarty and Rob Peery Maureen Hegarty and Rob Peery
Keller Williams Realty
Specializing in Charlottesville Real Estate
1885 Seminole Trail - Suite 100/2nd Fl.
Charlottesville, Virginia 22901
Maureen: 434-409-9468 or Rob: 434-825-2468
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(Because current market conditions can change rapidly in any given marketplace,
please check with Maureen Hegarty and Rob Peery for current Charlottesville, VA market conditions before acting on this information.)
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