This Albemarle County VA real estate market report focuses on the sales of single family detached homes during November 2009. As the year draws to a close it is interesting to continue our examination of the local real estate market as it slowly rebounds.
During the month of November 51 homes sold in Albemarle County. The average sale price was $396,262 after an average of 143 days on the market. The homes sold for an average of 95.26% of the list price.
In October 37 Albemarle homes had contracts that closed for an average sale price of $450,786. The homes had an average DOM of 125 and sold for an average of 89.81% of the list price.
52 Albemarle County homes sold in September. They sold for an average price of $399,352. The homes had been on the market for an average of 115 days and sold for an average of 94.33% of the list price.
As of December 1, 2009 there were 551 Albemarle County homes for sale. Tha average list price is $1,083,869 with a median of $459,900. The homes have been on the market for an average of 195 days so far.
During the period from 1/1/2009-12/1/2009, 589 homes sold on the Albemarle County VA real estate market. This represents a decline of -7.1% from the same time frame during 2008.
The Albemarle County real estate market has been seeing an active fall season. Much of this is probably the result of first time homebuyers hurrying to buy a home before the $8,000 First Time Homebuyer Tax Credit expired on November 30. Now that the tax credit has been extended into the spring of 2010 with an accompaning $6,500 credit for existing home buyers, we can be hopeful for a continuing recovery through the normally slow winter months. Of course we still have a ways to go in the recovery process. At the current rate of sales we have almost 12 months of inventory on the market. It is still important for sellers to price their homes agressively and to present those homes in the best possible condition as there are a lot of competing listings.
The above figures are from the mls and while they are presumed to be 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.
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Copyright © 2009 by Pam Dent, all rights reserved, "Albemarle County VA Real Estate Market Report - November 2009".
