Charlottesville’s real estate market is showing signs of recovery, according to the Charlottesville Area Association of Realtors’ third-quarter market report, released Tuesday. Compared to this time last year, home sales in Charlottesville and nearby counties are up by 22.7 percent.
Brad Conner, president of the association and an associate broker at Montague Miller & Co., said the pattern of high growth in the local market is beginning to stabilize.
“This whole year we’ve had positive growth,” Conner said. “Right now, with sales stabilizing, people can look into housing … and for those sitting on the sidelines, this is the time to start buying.”
The increase in sales — the highest in the third fiscal quarter since 2009 — suggests the local economy is taking a turn for the better. “The economy is cyclical,” Conner said. “As things have settled, people have grown more confident to buy.”
The average sales price of $313,445 this quarter is 6.8 percent higher than the third fiscal quarter of 2011.
But students do not need to start thinking about signing leases yet, said Vicki Hawes, the off-Grounds housing coordinator for Housing & Residence Life. “I think it’s insane to start signing leases now,” Hawes said. “However, it does not hurt to start looking [at listings and prices].”
Tyler Campbell, leasing & marketing manager for GrandMarc at the Corner, said the increase in real estate sales will not have a major affect on their rental rates.
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