Charlottesville Real Estate Talk

What has been going on in the Charlottesville Albemarle Real estate market?  And even more importantly where is the Charlottesvile VA real estate market heading?

Last week the Charlottesville Area Association of Realtors had the opportunity to hear Barry Merchant of VADA speak about the Virginia housing market and where it is going.  We have permission to share the Economic Market Update  on our blogs and websites. 

Mr Merchant concludes that:

Charlottesville's market will likely continue to correct into 2010.

•Home sales are still declining, but may be nearing bottom.

•The price correction is still ongoing, and will likely continue until inventories are reduced-prices must fall further to reflect the significant shift in demand.

•The impact of loan defaults will depend on how much unemployment rises and the magnitude of further price declines.

So although the Charlottesville VA real estate market has been seeing an upturn of activity over the summer, according to Mr. Merchant we are not totally out of the woods yet.

This Charlottesville VA Real Estate Market Report will focus on the sales of single family detached homes in the city of Charlottesville during July 2009.

44 Charlottesville homes sold during July 2009.  The average sale price was $305,401, with an average list price of $321,191.  The homes were on the market for an average of 88 days and sold for an average of 95.08% of the list price.

In June 2009, 47 homes sold in Charlottesville VA.  The average sale price was $296,735 and the homes had been listed for an average price of $308,591.  They were on the market for an average of 98 days and sold for an average of 96.16% of the list price.

In May 2009, 25 Charlottesville Virginia homes had contracts that colsed with an average sale price of $387,580.  The homes had been listed for an average price of $412,361 after being on the market for an average of 103 days.  They sold for an average of 93.99% of the list price.

Lets also compare the year to date figures from 2008 with the sales from the same period this year.  From 1/1/2008-8/1/2008, 245 homes sold in Charlottesville, VA.  However only 175 homes sold during this time frame this year.  These figures translate into a decline in sales of -28.6%.

Today 8/3/2009 there are 209 Charlottesville VA homes for sale at an average list price of $369,770 and a median of $299,900.  They have been on the market for 146 days so far.

As you can see the June and July sales in the Charlottesville VA real estate market were up considerably from May; however we can see that the contingent and pending sales in June are down from the two months before so we will not see a rise in closed contracts for August. We can also see that the price homes that are selling are in the $200,000 - $350,000 price ranges.  This may be a result of the first time homebuyers who are buying now to take advantage of the $8,000 first time homebuyer tax credit.

The above figures are from the mls and while they are presumed accurate 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.

 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, "Charlottesville VA Real Estate Market Report - July 2009".

We finally have some good news about the Charlottesville Virginia real estate market. 

You have probably been hearing this year about how the national real estate market is improving.  However it has really been May this year before I started feeling it in the Charlottesville-Albemarle area. 

Below you will find a graph of the year to date sales data for single family detached homes in Charlottesville VA and Albemarle County.

If you study the graph you will see that the months of inventory that we have on the market has decreased from 27 months worth of inventory in January to 7.5 months of inventory in July.  The peak season in our local real estate market is traditionally the spring, but this year is different.  As you can see we have had the highest number of monthly sales in August this year.  The number of Charlottesville VA homes sold have been the highest in May, June and July this year.  The sales have steadily improved during those months.  Judging from the way that my phone has been ringing, I think we will continue to see improvement in the Charlottesville Virginia real estate market in August as well.

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, "Good News For The Charlottesville VA Real Estate Market".

Whenever a group of people is talking about the real estate market the conversation usually turns to price.  People wand to know in the Charlottesville Virginia real estate market what price range homes are selling?

The graph below shows the sales of single family detached homes in Charlottesville VA and Albemarle County by price for the year to date from 1/1/2009-7/1/2009.

As you can see the majority of the homes sold so far this year in the Charlottesville VA real estate market have been priced under $400,000.  In fact 67% of home sales were under $400,000 and 45% of the homes sold were priced under $300,000.  A large number of these sales have been to first time homebuyers who have taken advantage of the First Time Homebuyers $8,000 TAx Rebate.

Figures are from the mls and while they are presumed correct 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.

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, "Charlottesville Virginia Real Estate Market - What Price Homes Are Selling?"

This Charlottesville VA real estate market report will examine the sales of single family detached homes durning May 2009.

21 Charlottesville homes sold during May 2009.  The average sale price was $377,643.  The homes had been on the market for an average of 98 days and sold for an average of 93.57% of the list price.

For comparison we will also look at the April sales figures.  In April 2009, 20 homes sold in Charlottesville Virginia.  The average sale price was $247,346, with an average DOM of 151 days.  The homes sold for an average of 93.95% of the list price.

Lets also look at the figures from March.  17 Charlottesville homes had contracts that closed during March 2009.  The homes sold for an average price of $254,138 after spending an average of 161 days on the market.  They sold for an average of 91.84% of the list price.

To get a perspective on the bigger picture regarding the Charlottesville VA real estate market, we can look at the year to date sales in comparison with the same time frame from 2008.  During the period of 1/1/2008-6/1/2008, 144 homes sold in Charlottesville VA; however during the same time this year only 77 Charlottesville homes sold.  This represents a decline of -46.5% in sales.

As of today 6/5/2009 there are 210 Charlottesville VA homes for sale.  They are listed for an average price of $356,516 and have been on the market for an average of 140 days so far.

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

Albemarle County VA Real Estate Market Report - May 2009

Charlottesville VA Real Estate Markte Report Condominiums - May 2009

Charlottesville VA Real Estate Market Report Attached Homes - May 2009

Fluvanna County VA Real Estate Market Report - May 2009

Louisa County VA Real Estate Market Report - May 2009

Greene County VA Real Estate Market Report - May 2009

Lake Monticello Real Estate Market Report - May 2009

Char

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.

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, "Charlottesville VA Real Estate Market Report - May 2009."