Charlottesville Real Estate Talk

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Charlottesville Virginia First Quarter CAAR Market Report

Posted below is the Charlottesville Albemarle Association of Realtors first quarter market report.  This report covers home sales during the first quarter of 2009 in Charlottesville Virginia, Albemarle County, Fluvanna County, Nelson County, Greene County, Orange County, and the Central Shenandoah Valley.

 

 

CAAR Market Report

2009 First Quarter

Published by the Charlottesville Area Association of REALTORS®

 

 

Where Are We Now?

The Charlottesville area real estate market improved in the first quarter compared to the 4th quarter of 2008, but still remains slow in terms of sales. The previous quarter will go down as one of the weakest real estate markets in history, so the improvement in the first quarter of 2009 is easy to understand, especially considering the seasonal upswing the market generally experiences this time of year.

 

Even if the market activity is somewhat seasonal and relative to a dismal 4th quarter in 2008, it feels great to see market activity again. Open houses are seeing a lot of traffic and the number of buyers “looking” right now is strong. We should see this activity transform the market numbers into something we can enjoy reading by the second quarter. The market will not rebound to 2008 levels for a few more quarters, but the activity and the number of pending sales are encouraging.

 

For the past several months, CAAR has explained that “the market is the market,” meaning that buyers and sellers have to understand the current conditions and not live in the past. This means that sellers have to accept that their home has probably decreased in market value and if they want to sell, they need to agree to a listing price that will attract buyers.

 

For buyers, the market has a few short-term opportunities to think about. First, interest rates, thanks to actions by the feds to shore up the financial markets, are very low right now. We do not know how long rates will stay this low. Second, first-time buyers can get an $8,000 tax break if they close on a home by the end of November. If a buyer is interested in taking advantage of this incentive, they should not wait until the fall to start the process.

 

Buyers now have another market condition to be informed about – short sales and bank owned properties. A short sale is when the seller has to bring money to the closing table because the proceeds of the sale did not cover the outstanding mortgage(s). In some cases, the seller may not have the assets to cover the “short” and this would cause a distressed short sale situation. In such a case, the bank or mortgage company (and sometimes an investor) would have to approve the short sale. This third party approval can take weeks and even months to secure. Buyers need to understand this market condition and discuss options and opportunities with their buyer’s agent.

 

The Ups and Downs of Home Sales

There were 403 homes sold in the Charlottesville area during the first three months of 2009, which was down 33.9% (-207 sales) from 2008. All local areas were down from last year: Albemarle -18.7%, Charlottesville -40%, Fluvanna -32.4%, Greene -50%, Louisa -59.6%, Nelson -51.2%, and Orange – 36.7%. Monthly sales for the region have improved slightly each month since November 2008, but much of that can be attributed to seasonal swings.

 

Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were down in the Valley by 28.4% compared to last year.

 

 

1st Quarter Home Sales

County

2005

2006

2007

2008

2009

Albemarle

368

305

271

171

139

Charlottesville

107

131

112

110

66

Fluvanna

120

94

91

71

48

Greene

58

72

51

40

20

Louisa

41

47

49

52

21

Nelson

85

61

59

41

20

Orange

32

22

24

30

19

Area Total

892

827

771

610

403

Staunton-Augusta

 

 

 238

215

154

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

 

 

 

Have Home Prices Slipped?

Most would agree that local home prices have slipped from their high in 2006, but each area—and arguably each property—is distinct. Although the area median price of homes is an important statistic, you should not compare a change in the median price of homes that sold with an actual increase or decrease in home prices. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing to pay and is not a true reflection of individual home prices. It is probably safe to assume that a steady, year-to-year increase in the median price is a good sign, but it does not necessarily mean prices are up and vice versa if the median price decreases.

 

The only way to know what your home will sell for is to have a REALTOR® or appraiser prepare a comparative market analysis (CMA) for your property. This market is changing very quickly and to be up-to-date, you need to do a CMA every two weeks. Pricing a property correctly is the best way to sell it!

 

Overall, the median home price (including attached homes) declined $21,500 (-7.8%) compared to the first quarter last year. Greene (+10.7%) and Nelson (+8.8%) were the only markets to show an increase in median price, with all other areas showing declines. Median prices for other locales include: Albemarle (-13.4%), Charlottesville (-6.6%), Fluvanna (-17.2%), Louisa (-14%), and Orange (-5.8%), and the Valley (-8.7%).

 

 

 

First Quarter Median Prices

County

2005

2006

2007

2008

2009

Albemarle

$239,950

$344,400

$289,000

$335,000

$290,000

Charlottesville

$225,000

$274,000

$249,500

$281,250

$262,810

Fluvanna

$205,950

$245,000

$253,000

$242,000

$200,450

Greene

$192,500

$294,975

$314,900

$262,500

$290,500

Louisa

$189,000

$212,000

$238,000

$254,500

$218,825

Nelson

$280,500

$339,000

$249,000

$285,000

$309,950

Orange

$191,250

$280,750

$321,525

$245,000

$161,400

Area Median

$225,000

$289,900

$262,500

$274,500

$253,000

Central Valley

 

 

 $215,000

$199,997

$182,589

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)

 

 

 

Inventory Remains Too High

The inventory of homes for sale in the Charlottesville area increased significantly during the 1st quarter after being in retreat for the previous 6 months. This increase in inventory is typical during the first part of the year, but was not needed given that the market already had too many homes for sale. Having this excess of inventory is the most significant problem with our local housing market. Until we are able to reduce the number of homes for sale, we will continue to be in a strong buyer’s market with soft home prices and very creative incentives. That’s good for buyers, but it is not any better for the long-term housing market than the strong seller’s market we experienced just a few years ago.

 

Currently, we have 3,608 homes on the market, compared to 3,673 at this time last year. This small decrease from last year is a positive sign, but we have a long way to go before we see appropriate inventory levels in the 2,000 to 2,500 range. The median price of homes currently for sale is $298,000, which is just about where we were last year. The average DOM (days on market) of these homes is 155 days, which is a few days more than last year. Housing affordability is the positive aspect of this market. There are 894 homes for sale under $200,000 with an average DOM of 132. There are 275 homes currently on the market priced at a million dollars or more with an average DOM of 231.

 

 

Days on Market (DOM)

The average number of days a property is on the market is a great indicator of a housing market’s strength. The average DOM for the Charlottesville area has been steadily increasing for the past several quarters. This trend continued in the 1st quarter which showed a higher average market time than the first quarter 2008. Although the increase was only a modest 2 days, it still supports that we have too many homes on the market for the amount of sales. Until we work the inventory of available homes down to a more manageable number, DOM will stay high. A balanced market should have a DOM of approximately 90, but we have not been in that range since 2006.

 

1st Quarter Average Days on Market

County

2005

2006

2007

2008

2009

Albemarle

64

70

116

135

113

Charlottesville

72

62

75

141

167

Fluvanna

70

79

108

135

127

Greene

67

76

99

90

92

Louisa

114

119

158

110

70

Nelson

73

83

118

152

164

Orange

89

83

95

125

163

Area Average

75

80

107

132

134

Central Valley

 

 

126 

143

144

*includes sales outside the counties listed

**numbers courtesy of the Greater Augusta MLS

 

 

New Construction Still Slow

It is important to note that many “new” homes are not included in CAAR MLS statistics. It is very common for a buyer to contact a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales are still struggling and until the inventory of homes for sale declines, new construction will lag.

 

 

Price Per Square Foot (Finished)

Looking at the average price per square foot of finished space in homes that have sold is interesting, but should not be relied on as a scientific number. The averages in this section of the report include the cost of the land, which varies greatly based on location and amenities. A lot at Wintergreen with fantastic views of the Valley costs much more than a lot in other parts of Nelson. With that said, the numbers in this section reflect a general sense of the cost of housing in the areas listed and price trends over time. As expected, the average costs per square foot have decreased in every area covered in this report.

 

 

1st Quarter Price Per Square Foot

County

2005

2006

2007

2008

2009

Albemarle

155

173

174

176

155

Charlottesville

172

186

186

193

159

Fluvanna

121

141

135

137

122

Greene

133

148

157

147

134

Louisa

122

146

142

153

114

Nelson

193

232

206

197

176

Orange

133

175

195

129

110

Area Average

150

169

166

163

140

Central Valley

 

 

 131

121

117

*includes sales outside the counties listed

**based on CAAR MLS data

 

 

Condos and Townhomes

 

The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of the more interesting numbers in this report is the small increase in the sale of attached homes in Albemarle. Charlottesville attached home sales are down 32.5%, while Albemarle sales edged up 10.6% compared to 2008. The chart below shows the attached homes sold in 2009 compared to past years. Inventory levels of attached homes for sale are still high, with 454 listed for sale in Charlottesville and Albemarle, but this number decreased slightly from 2008. This over-supply is presented in the 167 average DOM for the attached properties currently on the market. The median price of an attached home is $215,700.

 

 

 

 

Conclusions and Predictions

Although the 1st quarter of 2009 will not go down in history as one of the best real estate markets, there was a lot to smile about. Most REALTORS® are happy to be busy again and as buyers and sellers gradually adjust to the current market, more and more sales will show up in these quarterly reports. We should see a slow, but steady improvement in the number of sales for the balance of the year. By the 4th quarter of 2009 we will likely see a year-to-year sales improvement, but only because the 4th quarter of 2008 was so bad it will be hard not to beat.

 

Improving market conditions are a welcomed relief to almost everyone, but there are still some significant issues to work through before we can consider the market to be healed. Most troubling is the glut of inventory of homes for sale that has existed for the past few years. In addition, an increasing percentage of these homes for sale are bank owned as a result of a foreclosure, or subject to a distresses short sale. Such properties can often be purchased for an attractive price, but the complications involved are an impediment.

 

The most important factor in the housing market and the overall economy is consumer confidence. Now that the housing stimulus package is in place and credit markets are starting to function again, we can expect consumer confidence to gradually improve. As the consumer becomes more optimistic, the housing market will see the results. We could still hit another economic speed bump, but based on what we know and on the numbers in this report, there are signs that the consumer is starting to feel comfortable again. Only time will tell if we are really heading in the right direction, but that is better than knowing we are heading in the wrong direction.

 

This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS® using data from the CAAR MLS and the Greater Augusta MLS where noted. For more information on this report or the real estate market, pick up a copy of the CAAR Real Estate Weekly, visit www.caar.com, or contact your REALTOR®.

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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, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

 

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. 

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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. 

 

 

Charlottesville, Virginia January 2009 Market Report

This report will examine the sales of single family detatched homes in the city of Charlottesville, Virginia during January of 2009. sold sign

14 Charlottesville homes had contingent contracts in January of 2009.  The average list price was $335,393 and the median was $246,000.  The homes were on the market for an average of 86 days.

6 homes had contracts pending.  The average list price was $273,667 and the median was $292,000, with an average DOM of 120.

In January 2009, 7 homes sold in Charlottesville, Virginia.  The average sale price was $237,857, with an average list price of $256,514, a median of $205,000 and an average days on market of 116.  The homes sold for an average of 92.73% of the list price.

Currently there are 174 homes actively listed on the Charlottesville real estate market.  The average list price is $358,742 and the median is $286,000.  The homes have been on the market for an average of 162 days.

Lets compare the figures for January with the December sales activity.

In December 2008, 10 Charlottesville homes had contingent contracts.  The homes were listed for an average price of $341,160 and a median of $289,450, with an average DOM of 99.

6 Charlottesville homes had contracts pending.  The average list price was $312,050 and the median was $239,450 with an average days on market of 99.

11 homes sold in Charlottesville, Virginia in December of 2008.  The average sale price was $395,674.  The homes were listed at an average price of $440,577 and the median was $290,500.  The homes were on the market for an average of 180 days and sold for an average of 89.81% of the list price.

How does this activity compare with the sales from a year ago?
In January 2008, 20 Charlottesville homes sold for an average sale price of $388,282.  The homes were listed at an average price of $399,917 and had a median price of $296,125.  They were on the market for an average of 80 days and sold for an average of 97.09% of the list price.

What can we deduce from these figures?  Comparing the contingent and pending numbers from December and January, you can see that there was a slight increase in activity in January.  These are traditionally slow months in our area real estate market, but as you can see compared with the sales from a year ago we are looking at a decrease in sales from a year ago.  Also consumers are more comfortable paying less for a home than they were a year ago.  Remember the lower median price numbers does not mean that the homes have dropped this much in value but rather it tells us what price range home that the majority of customers are comfortable buying at this time.  We still need to see a significant reduction in inventory before we will see a return to a balanced market.

If you would like more information about the area real estate market or to discuss what your particular home might sell for in the current market, I would be happy to talk with you.

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 Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, pam@JumpintoGreenerPastures.com, to list your property for sale or 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, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

 Visit my website  Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville, Virginia homes, horse farms, events and real estate.

 

 

 

 

 

 

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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. 

 

 

Charlottesville Virginia Market Report - Dec. 2008 and Total Sales For 2008

sold signThis report will focus on the sales of single family detached homes in Charlottesville, Virginia.

The first area that we will examine is Charlottesville home sales during December of 2008.

In December 2008, 10 Charlottesville homes had contingent contracts.  The average list price was $341,160 with a median of $289,450 and an average DOM of 99.

2 Charlottesville homes had contracts pending.  The average list price was $279,000 and the average DOM was 72.

In December 2008, 11 homes sold in Charlottesville, Virginia.  The average sale price was $395,674, with an average list price of $440,577 and a median of $290,000.  The homes were on the market for an average of 180 days and sold for an average of 89.81% of the list price.

As of today, January 4, 2009 there are 166 homes actively listed on the Charlottesville real estate market.  The average list price is $370,553 with a median of $299,000.  The homes have been on the market for an average of 165 days.

Lets compare these figures with the November 2008 sales.

In November 2008, 9 Charlottesville homes had contingent contracts.  The average list price was $330,250 and the median was $346,000.  The homes were on the market for an average of 239 days.

5 homes had contracts pending with an average list price of $330,100, a median of $249,000, and an average DOM of 232.

11 Charlottesville homes sold in November 2008.  The average sale price was $331,538 with an average list price of $331,443 and a median of $329,000.  The homes were on the market for an average of 45 days and sold for an average of 97.01% of the list price.

Lets also look at home sales from a year ago in December of 2007.  At that time 31 homes sold in Charlottesville, Virginia.  The homes had an average sale price of $413,960.  They had an average list price of $428,727 and a median of $375,000.  The homes were on the market for an average of 128 days and sold for an average of 96.56% of the list price.

At the beginning of a new year it is the appropriate time to reflect on the sales over the year as a whole for the past two years.

In 2007, 386 homes sold in Charlottesville, Virginia.  The average sale price was $355,485 and the average list price was $365,087.  The homes sold for an average of 97.37% of the list price and were on the market for an average of 81.4 days.  Over the year there was 8.75 months of inventory on the market.

In 2008, 336 Charlottesville homes sold.  The average sale price was $327,485 with an average list price of $342,631.  The homes were on the market for an average of 101.8 days and sold for an average of 95.58% ot the list price.  Based on the years sales there was 9.33 months of inventory on the market during 2008.

This represents a decline of -13% in 2008 over the sales in 2007.

As you can see, home sales in Charlottesville declined in 2008.  The homes sold for a smaller percent of the list price and stayed on the market slightly longer.

Please contact me if you would like to discuss the area real estate market in more detail or have questions on how this might affect your particular home.

 

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Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at   434 960-0161  , pam@JumpintoGreenerPastures.com, to list your property for sale or 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, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

  To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

 Visit my website  Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes for more information on Central Virginia homes, events and real estate.

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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. 

 

 

Charlottesville Virginia Market Report - November 2008

This is the second in our series of local market reports.  This report will focus on the sales of single family detached homes in Charlottesville, Virginia during November 2008.

9 Charlottesville homes were under contingent contracts in November 2008.  The average list price was $330,250 and the median was $346,000 with an average days on market of 239.

One Charlottesville home had a contract pending.  The list price was $214,900 and the home had been on the market for 143 days.

In November 2008, 10 Charlottesville homes had contracts that closed.  The average sales price was $331,191 with an average list price of $339,637 and a median of $329,500.  The homes had an average time on market of 43 days and sold for 97.51% of the list price.

As of December 1, 2008 there are 185 Charlottesville homes actively listed.  The average list price is $376,549 with a median of $315,000 and an average days on market of 163.

To compare lets look at the figures for October of 2008.
In October 2008, 13 Charlottesville homes were under contingent contracts.  Their average list price was $267,093 and the median was $265,000, with an average DOM of 83.

2 Charlottesville homes had contracts pending in October.  Their average list price was $304,945 and they were on the market for an average of 13 days.

15 homes sold in Charlottesville, Virginia during October 2008.  The average sales price was $290,599, with an average list price of $306,401 and a median price of $249,900.  They had been on the market for an average of 68 days and sold for an average of 94.84% of the list price.

To compare further we should examine the home sales in November of 2007.
23 Charlottesville homes sold in November of 2007.  The average sales price was $347,506, with an average list price of $347,060 and a median of $277,000.  The homes were on the market for an average of 105 days and sold for an average of 100.13% of the list price.

To put the real estate market in further perspective lets compare sales of the year to date with last year.
In 2007 from January 1 - December 1, 355 homes sold; in the same period in 2008, 320 Charlottesville homes sold.  This represents a decline of  -9.9%.

What can we tell from these numbers?  For the year over all, Charlottesville home sales have held their own compared to the surrounding Albemarle County.  Homes are staying on the market longer.  Sellers need to price their homes agressively and make sure that the property is in the best condition possible.  With the large amount of inventory on the maket it is important to do everything possible to ensure that your home is the one that will sell.  It is also important to hire a REALTOR with a significant internet prescence, since over 85% of buyers begin their home search on line.

For buyers the current market offers a wonderful opportunity.  Home prices are the lowest that they have been in 4 years, there is a wide selection to choose from, interest rates at this time are low, and many sellers are ready to negotiate.  This is the time to find your dream home at a great price!

Figures are from the local mls and while deemed correct are not guaranteed.

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Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at  434 960-0161 , pam@JumpintoGreenerPastures.com, to list your property for sale or 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, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

  To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

 For more information on Central Virginia homes, farms, events and real estate visit my website Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes.

 

 

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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. 

 

 

Charlottesville, Virginia Homes - September Market Reports

We are starting a new month and it is the perfect time to look at what has been going on over the past month in the Charlottesville, Virginia real estate market.  The following market report will deal with the sales of single family homes, condos and townhomes in the city of Charlottesville.

In September, 2008 26 Charlottesville homes had contingent contracts.  The average list price was $301,996 and the median was $257,200.  The homes were on the market for an average of 168 days.

8 Charlottesville homes had pending contracts.  The average list price was $262,538 and the median was $269,700.  They were on the market for an average of 161 days.

In September, 2008 45 Charlottesville, homes sold.  The average sales price was $257,153, the average list price was $270,224 and the median was $215,000.  The homes were on the market for an average of 59 days and sold for an average of 95.16% of the list price.

Lets compare these figures with August, 2008 when 49 homes sold for an average sales price of $284,243, an average list price of $284,243, and a median price of $256,250.  They were on the market for an average of 81 days and sold for an average of 95.01% of the list price.

For further comparison lets look at the sales of Charlottesville homes in August of last year.  In August of 2007, 47 Charlottesville homes were sold.  The average sales price was $324,871 and the average list price was $332,177.  The median was $299,000 and the homes were on the market for an average of 100 days.  The homes sold for an average of 97.80 percent of the list price.

Currently there are 325 homes actively listed in the Charlottesville, Virginia market.  The average list price is $350,529 and the median is $299,000.  They have been on the market for an average of 149 days.

As you can see from these figures it is still very much a buyers market.  There is a lot of inventory to chose from and homes are selling on average for 2 1/2% less of their asking price than they were a year ago.  With the length of time that many of these homes have been on the market, you may be able to get your dream home for a very good price.  If you are considering selling, it is very important to price your home properly.  I would be happy to perfom a cma on your home to give you an idea of what your home may bring in today's market.

Information obtained from mls and while believed accurate is not guaranteed.

Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at   434 960-0161  , pam@JumpintoGreenerPastures.com, to list your property for sale or 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, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

  

To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

 

Visit my website Jump into Greener Pastures or read my blogs Charlottesville Real Estate Talk and Charlottesville Horse Farms and Country Homes.

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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. 

 

 

Charlottesville, Virginia July Market Report - condos and attached homes

The following is the report of sales of condos and townhomes in the Charlottesville, Virginia real estate market for the month of July 2008.

There were 16 contingent contracts on condos and attached homes in July.  The average list price was $198,668 and the median price was $177,450.  The homes were on the market for an average of 108 days.

There was one pending contract in July and the home was listed at $289,000 and had been on the market for 520 days.

In the month of July 29 condos and townhomes sold.  The average list price was $279,694 and the average sold price was $263,038; the median price was $217,500.  The homes had been on the market for an average of 175 days.  The homes sold for an average of 94.04% of the list price.

There are currently 136 condos and townhomes actively listed in the Charlottesville, Virginia real estate market.  The average list price is $310,131 and the median is $281,414.  They have been on the market an average of 154 days.

Compare these figures with 18 condos and townhomes sold in the city of Charlottesville in June, 2008 with a sale price of 96.69% of the list price.

Information from CAAR MLS, deemed correct but not guaranteed.

Click here to search all of the townhomes and condos currently on the market in Charlottesville.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, VA
 434 960-0161 
Jump into Greener Pastures
Charlottesville Horse Farms and Country Homes

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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.