Due to a reader's request I am adding Orange County to my local market reports. This report will cover the sales of single family detached homes in Orange County Virginia during October 2008.
In October 2008, 4 Orange County homes had contingent contracts. Their average list price was $298,663 and the median was $182,825 with an average days on market of 245.
6 homes in Orange County had contracts pending. The average list price was $256,283, the median was $182,000 and they were on the market for an average of 326 days.
IN the month of October 5 homes sold in Orange County, Virginia. They sold for an average price of $244,100 and had been listed at an average price of $263,918. The median was $215,000 and the average days on market was 247. The homes sold for an average of 92.49% of the list price.
As of November 14, 2008 there are 138 homes actively listed on the market in Orange County. The average list price is $417,622 and the median is $269,450. The homes have been on the market for an average of 181 days.
For comparison let's look at the figures from September of 2008.
In September of this year 1 home had a contingent contract. The home had been listed for $450,000 and was on the market for 526 days.
2 homes had contracts pending. They were listed for an average price of $309,995 and had been on the market for an average of 305 days.
In September of 2008, 4 Orange County homes sold. The average sales price was $176,500 and the average list price was $179,200. The median was $178,500 and the average days on market was 99. The homes sold for an average of 98.49% of the list price.
Let's also look at the sales figures from October of 2007.
In October 2007, 12 Orange County homes sold for an average sales price of $294,053. The homes had an average list price of $289,170 and a median of $332,250. They were on the market for an average of 100 days and sold for an average of 101.69% of the list price.
Lets also compare the year to date figures for 2007 and 2008. From January 1, 2007-Novemver 14, 2007 105 homes sold in Orange County. During the same period this year only 68 homes went under closed contracts. This is a decline in home sales of -35.2%.
As you can see home sales are way down from last year. Also homes are selling for less. In addition inventory is high and homes are staying on the market for a long time. If you are considering selling your home it means that your home must be the one that buyers will notice. Buyers are looking for a deal and your home must be priced aggressively or buyers will not tour it to see all of the special features that it offers. Once your home is priced properly, make sure that it is in the best condition possible. Your Realtor will be able to give you tips on what you can do to prepare your home for sale. It is also important that you hire an agent who has an internet presence since over 58% of the buyers are starting their home search on the web.
If you are buying, it is the perfect time to find your dream home at a great price. Homes are still good investments if you are planning to live in them for at least five years.
Figures are from the mls and while are deemed correct are 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.
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