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2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

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 buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 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 Sep 26th, 2017
30 year fixed rate: 3.77%
15 year fixed rate: 2.97%
30 year jumbo rate: 4.16%
15 year jumbo rate: 3.83%
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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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