The 562 homes sold in the 1st Quarter in Greater Charlottesville marked a 14.0% increase from Q1 2015, marking the 6th straight quarter with year-over-year sales gains.
The median sales price of $250,000 was 2.6% lower than Q1 2015, though the $315,204 average sales price marked a 3.0% gain.
Despite a 16.4% increase in new listing activity during the quarter, inventory remains 6.6% lower than Q1 2015.
The 1,789 active listings headed into the 2nd Quarter represent 7.7 months of supply, down from 9.0 months from Q1 2015.
Half of the homes sold in the 1st Quarter were on the market 80 days or less, one week higher than the median DOM in Q1 2015.