Charlottesville Real Estate Talk

Charlottesville Farms Real Estate Market Report - Yearend 2011

This post will examine the sales of Charlottesville farms over the past year. For the purpose of this report we will consider properties over 15 acres.

2010 average list price $1,887,107.
2011 average list price $1,439,348.

2010 average sale price $1,663,847.
2011 average sale price $1,286,576.

2010 median sold price $1,112,500.
2011 median sold price $750,000.

2010 average continuous days on market 361.
2011 average continuous days on market 243.

2010 %sold/list 88.16%.
2011 %sold/list 89.38%.

2010 months inventory 47.07.
2011 months inventory 32.52.

In 2010, 26 Charlottesville farms sold.
In 2011, 38 Charlottesville farms sold.

There is a lot to like in these numbers.  Obviously we still have way too many months inventory, but we are trending in the right direction.  One of the other figures to compare is the difference in the median sold price between the two days.  This could tell us that prices are down which we know is the case across the board in real estate, but it may be more of an indicator of the price range that is selling.  Purchasers are looking for value right now and buyers of Charlottesville farms are no exception.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 by Pam Dent all rights reserved "Charlottesville Farms Real Estate Market Report - Yearend 2011".

Buying A Foreclosure In Charlottesville - How Much Should I Offer?

In the current real estate market I am often approached by folks who are interested in purchasing a foreclosure.  Bank owned properties can provide the opportunity to purchase a home at a discounted price.  However people are often surprised at what exactly that price may be. You have been hearing on tv about the glut of foreclosures.  You know that the banks need to get these homes off their books.  So it makes perfect sense that they would be happy to get anything for the properties just to get rid of them...wrong.  The banks want to get as much as they can for the properties.  They have a figure that they want to get for the home.  The home has been priced according to a brokers price opinion based on market value and condition.  This is usually less than comparable resales that are on the market.  The Charlottesville foreclosure is already discounted and the bank usually will not take 30 cents to the dollar on this discounted price. When the home comes on the market as a REO it is listed at a price based on a BPO.  If there has not been an acceptable offer, the bank will periodically reduce the price.  When the price of a bank owned home becomes attractive, offers come in.  It is not unusual to end up with multiple offers and we will see the home end up selling for over the list price. This graph shows the sold to list price ratio of foreclosures in the greater Charlottesville real estate market.  Note that this ratio is based on the sale price as compared to the original list price, not the final reduced price.  You can also see how much lower the REOs are selling for compared with the conventional sales. As you can see the foreclosures in the Charlottesville real estate market are selling on average for approximately 82 - 88% of  the list price.  Yes, you can make an offer, but don't expect to be able to get the property at 1/3 of  the list price.  I am not saying that it never happens, but it is not at all the norm.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright by Pam Dent all rights reserved "Buying A Foreclosure In Charlottesville - How Much Should I Offer?"  Written by Pam Dent.

Albemarle County VA Real Estate Market Report - October 2011

This Albemarle County real estate market report will focus on the sales of single family detached homes.

October 2010 average list price $744,446.
October 2011 average list price $422,777.

October 2010 average sale price $718,213.
October 2011 average sale price $403,453.

October 2010 median sold price $364,250.
October 2011 median sold price $331,049.

October 2010 average coninuous days on market 160 days.
October 2011 average continuous days on market 135 days.

October 2010 %sold/list 96.47%.
October 2011 %sold/list 95.42%.

1/1/2010 - 11/1/2010, 599 homes sold on the Albemarle County real estate market.
1/1/2011 - 11/1/2011, 624 homes Albemarle County homes sold.

If you look at these numbers you can see that we don't have anything to get overly excited about.  Overall sales are stable as compared with last year and are even up slightly.  Median sold price is down as we would expect, and days on market has come down a bit.  However we are still a low way from a balanced market.  The Albemarle County real estate market is still very much a buyers market.  With the low prices, high inventory offfering lots of choices and historically low interest rates, if you are in the position to buy, now is a great time.

Lets see how Albemarle County home sales compare with the rest of Central Virginia.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 by Pam Dent, all rights reserved, "Albemarle County VA Real Estate Market Report - October 2011".  Written by Pam Dent.

Glenmore Homes For Sale - Real Estate Market Report - August 2011T

This Glenmore real estate market report will focus on the sales of single family detached homes during August 2011.

August 2010 average list price $897,000.
August 2011 average list price $499,000.

August 2010 average sale price $805,000.
August 2011 average sale price $481,500.

August 2010 median sold price $805,000.
August 2011 median sold price $481,500.

August 2010 %sold/list 89.74%.
August 2011 %sold/list 96.49%.

1/1/2010 - 8/31/2010, 19 Glenmore homes sold.
1/1/2011 - 8/31/2011, 17 homes sold in Glenmore. 

There are currently 41 homes listed for sale in the Glenmore golf community.  The homes are priced from $439,000 to $1,995,000.

The main thing that these figures show us is that we need to see a lot more sales to significantly lower the existing inventory.  From the July and August pending numbers we can expect that our September sold numbers will remain low.  

The above figures are from the mls and while they are presumed correct, they are not guaranteed.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 all rights reserved by Pam Dent "Glenmore Homes For Sale - Real Estate Market Report - August 2011".  Written by Pam Dent.

Charlottesville VA Real Estate Market Report - August 2011

This Charlottesville VA real estate market report examines the sales of single family detached homes in the city of Charlottesville.

August 2010 average list price $374,466.
August 2011 average list price $381,601.

August 2010 average sale price $355,163.
August 2011 average sale price $347,421.

August 2010 median sold price $303,450.
August 2011 median sold price $295,000.

August 2010 %sold/list 94.84%.
August 2011 %sold/list 91.04%.

1/1/2010 - 8/31/2010, 191 Charlottesville homes sold. 
1/1/2011 - 8/31/2011, 191 homes sold on the Charlottesville real estate market. 

We can see that the sales of single family detached homes in the city of Charlottesville have remainded flat as compared with 2010 for the year to date.  The median sale price in the Charlottesville real estate market  has gone down as compared with last year, but on a good note inventory has gone down as well.  We can also see from the pending sales that the summer real estate activity in July and August has not been as strong as it was in June.  However this is not unexpected.  July and August are vacation months for many people.  Now that school has started I hope that we will see an increase in sales for September and October.  

The above figures are from the mls and while they are presumed correct they are not guaranteed.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 all rights reserved by Pam Dent "Charlottesville VA Real Estate Market Report - August 2011".  Written by Pam Dent.

Albemarle County VA Real Estate Market Report - August 2011

This Albemarle County real estate market report will examine the sales of single family detached homes.

August 2010 average list price $456,808.
August 2011 average list price $471,141.

August 2010 average sale price $434,627.
August 2011 average sale price $448,217.

August 2010 median sold price $338,500.
August 2011 median sold price $366,250.

August 2010 %sold/list 95.14%.
August 2011 %sold/list 95.13%.

1/1/2010 - 8/31/2010, 503 Albemarle County homes sold.
1/1/2011 - 8/31/2011, 514 homes sold on the Albemarle County real estate market.

As you can see their has not been a great deal of change in the volume of Albemarle County home sales when you compare this year with 2010.  However there are a couple of bright points in this report.  We are happy to see the increase in median sold price as compared with August of 2010.  Also sales in August of this year are up over last August.  And finally I am glad to see August home sales have increased over July's low point.  We still have too much active inventory on the Albemarle County real estate market.  Home sales are closely tied to the overall economy and like many other businesses we need to see a return of consumer confidence so that purchasers can take advantage of the low interest rates and great home prices.

The above figures are from the mls and while they are deemed to be correct they are not guaranteed.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 by Pam Dent all rights reserved "Albemarle County VA Real Estate Market Report - August 2011".

Charlottesville VA Real Estate Market Report Condominiums - July 2011

This Charlottesville VA real estate market report will examine the sales of condominiums in the city of Charlottesville and in the surrounding county of Albemarle.

July 2010 average list price $267,172.
July 2011 average list price $147,219.

July 2010 average sale price $258,161.
July 2011 average sale price $136,386.

July 2010 median sold price $165,200.
July 2011 median sold price $138,000.

July 2010 %sold/list 96.62%.
July 2011 %sold/list 92.64%.

1/1/2010 - 7/31/2010, 116 Charlottesville condos sold
1/1/2011 - 7/31/2011, 130 condominiums sold on the Charlottessville real estate market.

Condominium sales are one of the few areas of the Charlottesville real estate market that showed an increase over last year during June and July.  Upon a closer observation of the June and July sales figures, one of the facts that stands out is the large number of developer units that were offered at several condominium complexes at very attractive prices.  I would not be surprised if a number of these units were picked up by investors.  Also a number of the sales were in condominium communities where the developer/seller was able to find a source of financing.  Unfortunately we still have a several condo communities that do not qualify for financing (non warrantable condos) and units from those communities need to be priced very aggressively to make them attractive to an investor with cash.

The above figures are from the mls and while they are presumed to be correct, they are not guaranteed.

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 by Pam Dent, all rights reserved "Charlottesville VA Real Estate Market Report Condominiums - July 2011".

Nelson County VA Real Estate Market Report - July 2011

This Nelson County VA real estate market report examines the sales of single family detached homes.

July 2010 average list price $571,645.
July 2011 average list price $411,425.

July 2010 average sale price $542,181.
July 2011 average sale price $374,620.

July 2010 median sold price $400,000.
July 2011 median sold price $410,000.

July 2010 %sold/list 94.84%.
July 2011 %sold/list 91.05%.

1/1/2010 - 7/31/2010, 77 Nelson County homes sold.
1/1/2011 - 7/31/2011, 78 homes sold on the Nelson County real estate market.

The above figures are from the mls and while they are presumed correct they are not guaranteed.

Copyright 2011 by Pam Dent, all rights reserved "Nelson County Real Estate Market Report - July 2011".

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Louisa County VA Real Estate Market Report - July 2011

This Louisa County real estate market report will cover the sales of single family detached homes.

July 2010 average list price $320,710.
July 2011 average list price $253,198.

July 2010 average sale price $285,743.
July 2011 average sale price $243,814.

July 2010 median sold price $167,000.
July 2011 median sold price $195,000.

July 2010 %sold/list 89.09%.
July 2011 %sold/list 96.29%.

July 2010 average continuous days on market 170.
July 2011 average continuous days on market 159.

1/1/2010 - 7/31/2010, 104 Louisa County homes sold.
1/1/2011 - 7/31/2011, 74 homes sold on the Louisa County real estate market.

Unfortunately the figures are not showing a lot of good news in the Louisa County real estate market.  Sales are down for the year to date, but lets not forget that we had the tax credit driving sales in the first half of 2010.  Hopefully those numbers will even out some as we get into the fall market.  On a positive side we do see a bit of an increase in the median sold price and days on market is down.  We would like to see some positive national economic figures to raise consumer confidence and effect an accompaning increase in home sales.  Interest rates are still very low, there are lots of choices of reasonably priced homes making it a great time to buy.

The above figures are from the mls and while they are presumed correct, they are not guaranteed.

View all of the Louisa County homes for sale

Contact Pam Dent, e-PRO, SRES, SFR, President Blue Ridge Chapter Women's Council of Realtors, Montague Miller & Company, 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 Pam Dent.

Licensed to sell real estate in Virginia.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Copyright 2011 by Pam Dent, all rights reserved "Louisa County VA Real Estate Market Report - July 2011".

Greene County VA Real Estate Market Report - July 2011

This Greene County real estate market report will examine the sales of single family detached homes.

July 2010 average list price $258,324.
July 2011 average list price $208,680.

July 2010 average sale price $262,812.
July 2011 average sale price $203,099.

July 2010 median sold price $261,500.
July 2011 median sold price $203,213.

July 2010 %sold/list 101.73%.
July 2011 %sold/list 97.32%.

1/1/2010 - 7/31/2010, 115 Greene County homes sold.
1/1/2011 - 7/31/2011, 120 homes sold on the Greene County real estate market.

As you can see, prices of Greene County homes are down as compared with last year, but sales are up slightly for the year to date.  July sales are down from May and June but if we compare them with the sales from July of 2010 we are up by 2.  July is historically a slow month when people are away on vacation.  We will hope to see sales pick up again in the fall when children are back in school.

The above figures are from the mls and while they are presumed to be correct, they are not guaranteed.

Copyright 2011 by Pam Dent, all rights reserved "Greene County VA Real Estate Market Report - July 2011".