Sales continue to outpace pre-pandemic levels in most of the CAAR footprint. There were 611 sales in the CAAR region in June, a 31.1% spike from a year ago, and 14.4% higher than June of 2019. Following a major slowdown during the onset of the pandemic last spring, activity in the CAAR area housing market has been surging at a double-digit rate for 10 straight months. All local markets had significantly more sales this month than June of last year led by Nelson County (+85.2%) and Albemarle County (+39.7%).
Pending sales dip for the first time in over a year. After rising sharply every month since May of last year, pending sales in the CAAR housing market slowed down this month. There were 487 pending sales in June in the region, down 3.6% from a year ago. Pending sales activity was essentially flat in Albemarle County (+1.5%) and declined in Louisa County (-18.5%). Charlottesville was the only local market to have a strong jump in pending sales from last year (+29.6%).
Driven by the tight supply, home prices are surging in all local markets. The June median sales price in the CAAR footprint was $380,000, which is $48,750 higher than a year ago (+14.7%). At the local level, the strongest price growth occurred in Nelson County (+31.2%), Charlottesville (+16.7%), and Louisa County (+12.8%).
New listings continue to outpace last year; however, inventory is still very low. At the end of June there were 621 active listings in the CAAR region, a 48.2% reduction from last year, which is a decline of 577 listings. While the overall supply is tight, the number of new listings has been on the rise. There were 598 new listings in June throughout the region, a 15.7% increase from last year, which is 81 additional listings. New listings have been trending up in the CAAR market for four straight months.
