Charlottesville Real Estate Talk

Albemarle County VA Real Estate Market Report - June 2011

This Albemarle County VA real estate market report will examine the sales of single family detached homes during June 2011.

June 2010 average list price $462,160.
June 2011 average list price $473,912.

June 2010 average sale price $443,781.
June 2o11 average sale price $443,694.

June 2010 median sold price $369,900.
June 2011 median sold price $365,000.

June 2010 %sold/list 96.02%.
June 2011 %sold/list 93.62%.

1/1/2010 - 6/30/2010, 380 Albemarle County homes sold.
1/1/2011 - 6/30/2011, 388 homes sold on the Albemarle County real estate market.

As you can see from the above figures the Albemarle County real estate market is fairly level for 2011 as commpared with 2010.  The market has been bumping along with slight increases and decreases.  We need to see a steady decline in inventory pointing the way to a balanced market.  I think that until we see some positive ecconomic recovery we will continue to have an apathetic real estate market.

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

Frequently whenever Albemarle County VA real estate is being discussed the issue of real estate tax assessments comes up.

Last week I had the opportunity to listen to the Albemarle County tax assessor speak and I will share with you some of what I learned.

Property in Albemarle County is reassessed every year.  The frequency of reassessment varies by county with reassessment in Nelson, for example, taking place ever 4-6 years.  In Albemarle County VA we can expect to see the residental assessed values down by 3 to 4% next year.  This is the first time that we have seen a drop like this.  The 2010 assessments are based on 2009 home sale prices.

Although we will see assessments down in the county overall, some subdivisions may see a rise in their assessments.  When determining the assessment for homes in a community, a neighborhood factor applying to all of the homes in the development is usually used.  An exception to this would be a neighborhood which has a wide variety of home styles, sizes and quality.  In that case homes will be assessed on an individual basis.  So far in our area we have not seen enough short sales and foreclosures for them to have a real impact on home values.

Often we see real estate assessments that do not reflect the finishing of a basement or remodeling of the home.  One thing to note is the fact that the assessment does not include a basement living area in the gross living area.  If a finished basement is figured into the value of the home, the best it would bring is 50% of the value of upstairs finished areas.  Of course a walkout basement would be valued higher than a regular basement.

Another thing that people are curious about is the relationship of sales price to assessed value.  In Albemarle County the assessor is happy if the assessment is 10% below the list price.  Similarly they are happy with being 5% below the sale price.

Another thing that influences the real estate tax assessment is properties that are in close proximity to the high power lines.  Those homes are usually assessed 10-15% lower than other homes in the neighborhood.

When the new Albemarle County VA real estate tax assessment come out in January, you should now understand a little better how the numbers were arrived at.

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.

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 © 2009 by Pam Dent, all rights reserved, "Albemarle County VA Real Estate - Tax Assessments".