Charlottesville Real Estate Talk

This Albemarle County VA Real Estate Market Report will examine the sale of single family detached homes in Albemarle County during November 2010.

November 2009 average list price $411,719.
November 2010 average list price $528,424.

November 2009 average sale price $393,361.
November 2010 average sale price $493,696.

November 2009 median sold price $339,000.
November 2010 median sold price $308,000.

November 2009 %sold/list 95.54%.
November 2010 %sold/list 93.42%.

From 1/1/2009 -11/31/2009, 603 homes sold on the Albemarle County real estate market.  During the same time frame this year 645 Albemarle homes sold.

As we can see for the year overall we are seeing a slight rise in home sales in Albemarle County.  At the same time the fall sales have been relatively flat.  We expect to see this during the winter and the holiday season, but I would have hoped for a better August and September.  By far the largest number of closings occurred in June as a result of the expiring First Time Home Buyers Tax Credit.

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

Charlottesville VA Real Estate Market Report - November 2010

Fluvanna County VA Real Estate Market Report - November 2010

Greene County VA Real Estate Market Report - November 2010

Louisa County VA Real Estate Market Report - November 2010

Charlottesville VA Real Estate Market Report Condominiums - November 2010

Charlottesville VA Real Estate Market Report Attached Homes - November 2010

This Albemarle County VA real estate market report focuses on the sales of single family detached homes during March 2010.

In March 2009 Albemarle County homes were listed for an average of $596,876.
In March 2010 Albemarle County homes were listed for an average of $561,988.

In March 2009 Albemarle County homes sold for an average price of $576,339.
In March 2010 Albemarle County homes sold for an average price of $522,827.

In March 2009 Albemarle County homes sold for an average of 96.55% of the list price.
In March 2010 Albemarle County homes sold for an average of 93.03% of the list price.

In 2009 during the time frame of 1/1/2009-3/31/2009, 91 homes sold on the Albemarle County real estate market . During the same period in 2010,102 Albemarle County homes sold.  This represents a 12.08% increase over last year.

As you can see from the graph many more new listings have come on the market than the homes that have sold.  It is not unusual for a lot of new listings to come on the Albemarle County real estate market in preparation for the spring sales season.  However we have entirely too much inventory to be anywhere near a balanced market which is about 6 months of inventory.  If we go by the March rate of sales we currently have 17.08 months of inventory on the market, but we should see increasing sales in the spring, which is traditionally our strongest selling season so we will see those absorption figures go down.

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

This Albemarle County real estate market report will examine the sales of single family detached homes during February 2010.

34 Albemarle County homes sold during February 2010.  The average sale price was $451,455.  The homes had been on the market for an average of 165 days and sold for an average of 92% of the list price.

27 Albemarle County homes had contracts that closed in January 2010.  The homes had an average price of $371,240 after an average of 165 days on the market.  They sold for an average of 93% of the list price.

53 homes in Albemarle County VA sold during the month of December 2009.  They had an averagle sale price of $711,108 and an average DOM of 126.  The homes sold for an average of 94% of the list price.

Today, 3/2/2010, there are 546 Albemarle County homes for sale.  They are listed for an average price of $972,335 and a median of $445,000.  The homes have been on the market for an average of 165 days so far.

This year so far 58 homes have sold on the Albemarle County real estate market.  During 2009 during January and February 54 Albemarle County homes sold.  This is an increase in sales of 7.4% over the same time period last year.

Albemarle County home sales are typical of the winter real estate market.  We would expect to see home sales down during January and February, and the record snowfalls have not helped.  We can also see an increase in new listings coming on the market as we move nearer to the spring real estate market.  At the sale time we very much need to see more of the inventory sold down.

Above figures are from the mls and while they are presumed accurate they are not guaranteed.

Charlottesville VA Real Estate Market Report

Fluvanna County VA Real Estate Market Report

This Albemarle County VA real estate market report will follow the sales of single family detached homes in the county of Albemarle during September 2009.

43 Albemarle County VA homes had contracts that closed during the month of September.  They sold for an average of $378,382 after having been on the market for an average of 121 days.  The homes sold for an average of 94.51% of the list price.

September sales were down from the 73 homes that sold during August for an average of $473,334.  The homes had been on the market for an average of 98 days and sold for an average of 93.08% of the list price.

July was the peak sales month of the year so far with 107 Albemarle County homes selling at an average sale price of $493,980.  The homes had been on the market for an average of 114 days and sold for an average of 90.98% of the list price.

On 10/2/2009, there were 648 Albemarle County VA homes for sale at an average price of $990,806 and a median of $475,400.  The homes have been on the market for an average of 177 days so far.

Lets look at the bigger picture and see how this years Albemarle County real estate market compares with the year to date sales from 2008.  From 1/1/2008-10/2/2008, 569 homes sold in Albemarle County VA, however during the same period this year only 493 Albemarle County homes sold.  This represents a decline in sales of -13.4%.

As you can see the Albemarle County real estate market still has a ways to go before it has recovered.  August has traditionally been a slow sales month, but I would have liked to see a stronger September, particularly with time running out on the $8,000 First Time Homebuyers Tax Credit.  Since the home sales must be closed by November 30, with the current amount of time that it is taking to get loan approval and then on to closing, first time homebuyers only have another two weeks to get a home under contract.  It is taking from 45-60 days in today's market to get a home to closing.  This is due to the longer time frame that we are seeing for loan approval.

The above figures are from the local mls and while they are assumed correct, 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 Pam Dent.

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Copyright © 2009 by Pam Dent, all rights reserved, "Albemarle County VA Real Estate Market Report - September 2009".