This Albemarle County VA real estate market report focuses on the sales of single family detached homes during May 2010.
May 2009 average list price $454,678
May 2010 average list price $380,771
May 2009 average sale price $427,751
May 2010 average sale price $363,747
May 2009 median sold price $344,000
May 2010 median sold price $326,500
May 2009 homes sold for an average of 94.07% of the list price
May 2010 homes sold for an average of 95.52% of the list price
This year from 1/1/2010 - 5/31/2010, 244 homes sold on the Albemarle County real estate market. During the same time period last year 202 Albemarle homes sold. This represents a 20.8% increase in sales over last year.
As you can see from the graph many more homes have come on the market that have been sold. Until inventory sells down we will remain in a buyers market. It is also apparent that many of the sales were driven by the expiring first time home buyers tax credit. This would account for the highest number of pending sales being in March and April. We will see those sales closing through the month of June. It remains to be seen what will happen to sales now that the tax credit has expired. Personally, I am still very busy so I remain optomistic that the housing market will continue to improve over the next quarter. Time will tell.
Great info. I work referrals. If you are interested let me know
Pam It would appear units are up while dollars are down - hope the dollars pick up soon
Ed - I am always glad to ad new faces to my referral network.
Karen - You are correct - prices are down. this is a hard fact for some of our sellers to accept.