Albemarle County VA Real Estate Market Report - April 2011
This Albemarle County market report will focus on the sales of single family detached homes during April 2011.
April 2010 average list price $541,687.
April 2011 average list price $577,102.
April 2010 average sale price $508,630.
April 2011 average sale price $549,484.
April 2010 median sold price $364,000.
April 2011 median sold price $409,000.
April 2010 %sold/list 93.89%.
April 2011 %sold/list 95.21%.
1/1/2010 - 4/30/2010 homes sold 173.
1/1/2011 - 4/30/2011 homes sold 198.
The graphs show the typical pattern of new homes coming on the Albemarle County real estate market in preparation for the spring real estate market. Spring is historically the strongest sales time in our local market. As you can see the largest number of new listings come on in March. Many sellers are anxious to get their home listed by the first of April. However a lot of homes are still coming on the market in April. You can also see the steady increase in both pendings and properties going under contract over the past several months. The downside is the fact that there is still too much inventory on the market. Even though sales have increased over the past several months it is nnot enough to begin to bring us back to a balanced market. At the April level of sales there is still 9.95 months of inventory in Albemarle County. In April we have also seen an increase in the price point numbers. However the sold prices have been lower this year as compared with 2010, so we will have to watch over the next several months to see if this is a trend or simply an aberation.
There are many reasons why this is a good time to buy: low interest rates, many homes that are priced competitively and a lot of inventory to choose from. It will be interesting to see when the Albemarle County real estate market reaches the tipping point and sales increase enough to buy down the inventory.
The above figures are from the mls and while they are deemed to be correct they are not guaranteed.
Copyright 2011 by Pam Dent all rights reserved "Albemarle County VA Real Estate Market Report - April 2011".
Pam you always do a terrific job of keeping your market place informed of what is going on!
Pam Your market eport says it clearly - Albemarle County stats are improving
Looking Good Pam! I am glad the market is improving for you. Keep on selling!