First Quarter Home Sales Released

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CHARLOTTESVILLE, VA (NEWSPLEX) -- First quarter home sales are out and the Charlottesville Area Association of Realtors says things are holding steady in the area.

Despite a very cold winter, nearly 500 homes were sold in the greater Charlottesville area, which is consistent with last year's first quarter sales.

The median sales figures show that the price for the region was up 5-percent. However, closed sales remain consistent as new pending sales were up 18-percent.

Anita Dunbar, the president of CAAR, says an influx of millennials and first-time homebuyers helped boost sales, especially among people completing medical residencies at the UVa Health System.

She said, "It was Match Day for UVa, so we had a lot of medical residents coming in. And then couldn't really find affordable rentals, and because the price of the rentals have gone up, for the first time, homebuyers are seeing it's less expensive to purchase then to rent these days."

Sellers received 94-percent of the original list price at sale, 2.7-points higher than the five-year average for the quarter.

Dunbar also says there were lots of buyers looking for homes, but a limited supply of properties available during the first quarter.

She adds that lots of potential sellers have been remodeling rather than moving.

Homes in the $300,000-$400,000 price range sold fastest.

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