Everytime we turn on the news we hear about foreclosures, shadow inventory, REOS, and bank owned properties. However, we also know that all real estate is local. What does all of this mean for the Charlottesville VA real estate market? Do we really have a lot of Charlottesville foreclosures?
Today there are 1291 homes listed for sale on the Charlottesville real estate market. This includes single family detached homes, condominiums and attached homes in the city of Charlottesville and in the surrounding Albemarle County. Of these 32 are Charlottesville foreclosed homes. This translates to 2.48% of the inventory consisting of bank owned properties. These foreclosed homes range in list price from $45,000 to $16,000,000 for the 18,000 sq ft Albemarle House. 24 of the bank owned homes listed are priced at under $300,000.
To fully understand foreclosure sales in Charlottesville we also need to look at the sales data. In the last 6 months 630 Charlottesville homes sold. Of this number 86 sales were bank owned properties. If we do the math we will see that 13.65% of the total home sales in Charlottesville and Albemarle County were foreclosed homes. These Charlottesville foreclosures had sales prices from $40,000 - $521,000. 9 of the foreclosed homes sold above $300,000, but 26 of the bank owned homes sold below $100,000.
Unlike many areas of the country we are lucky that foreclosed homes do not make up a large portion of our inventory. At the same time we can see that the bank owned homes that are on the market are popular with buyers and make up a disproportionate number of the total homes sold. If you are a seller, a foreclosed home may not be a comparable for your home but Charlottesville foreclosures in your price range will definately be competition.
Copyright 2011 by Pam Dent, all rights reserved "Charlottesville Foreclosures".