This Lake Monticello waterfront homes real estate market report will examine the sales of waterfront homes during the spring of 2009.
Waterfront homes at Lake Monticello have traditionally constituted a popular segment of the Lake Monticello Real Estate Market. These homes have provided a good choice both for year round residents and also for buyers looking for a vacation or weekend home.
In the Month of May 2009 there were not any sales of waterfront homes at Lake Monticello.
In April 2009, one Lake Monticello waterfront home sold for a sale price of $406,750 after spending 44 days on the market.
In March 2009, one waterfront home sold at Lake Monticello. The home sold for $435,000 and was on the market for 8 days.
If we compare the sales of Lake Monticello waterfront homes for the year to date in 2008 and the same time frame in 2009, we find that from 1/1/2008-6/24/2008, 6 Lake Monticello waterfront homes sold, however during the same period in 2009 only 3 have sold. The homes that sold in 2008 ranged in sale price from $430,000-$495,000. The waterfront homes that sold in 2009 sold for sale prices from $406,750-$435,000.
Currently (on 6/24/2009) there are 18 Lake Monticello waterfront homes for sale. The average list price is $527,400 and they have been on the market for an average of 128.39 days. These homes range in price from $229,000-$995,000. There are 4 homes listed in the four hundreds, but the majority, 11 homes, are listed in the five hundreds.
I think the reason that we are seeing so few sales of waterfront homes this season is the fact that these homes are not in the price range that is selling in the greater Charlottesville real estate market. So far this year the majority of the Charlottesville VA homes for sale that are going under contract are in the $200,000-$300,000 price range. In addition if we look at the sales of Lake Monticello waterfront homes during the first part of 2008 and 2009 the sales have all been in the four hundreds, whereas the majority of the waterfronts that are listed are in the five hundreds. This does not speak to the market value of these homes, but rather that this is the price range that buyers have been comfortable buying in the current real estate market.
Figures are from the mls and while they are presumed accurate they are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email me.
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