The CAAR market area for 2020 looks like it will be up about 1% over 2019 in the total number of sales for the year. The biggest increase was seen in Fluvanna where YTD sales are up about 8%. Albemarle is flat while Charlottesville and Greene are down about 4%. Given the fact that inventory is down considerably from 2019 it's somewhat surprising that the market has fared as well as it has. There are only about 330 active listings (this excludes "to be built" homes) in the four areas which translates to about 1 months worth of inventory. About 6 months worth of inventory is considered a balanced market which would translate to about 1900 active listings.
Statewide sales are up about 6.7% YTD, median sales prices are up about 7.8%, and days on the market are down 14%. Importantly, listing inventory is down nearly 40% from this time last year which translates to only about 1.4 months of supply. Clearly the issues we see in Charlottesville aren't specific to us and extend across the Commonwealth as well as the country.
We are extremely pleased to report that Montague Miller numbers continue to be strong. We are currently up about 18% in the number of sales compared to last year and up 7% in listings taken. Both of these numbers are considerably better than the market areas we work in as well as being better than the statewide averages.
