This market report will cover sales of detached single family homes in Albemarle County, Virginia.
In December 2008, 21 homes in Albemarle County had contingent contracts. The average list price was $496,218 and the median was $339,000. The homes were on the market for an average of 107 days.
9 Albemarle homes had contracts pending with an average list price of $393,735, a median of $321,868 and an average DOM of 68.
41 Albemarle County homes sold in December 2008. The average sale price was $600,136. The average list price was $636,457 and the median was $437,500. The homes had been on the market for an average of 126 days and sold for an average of 94.29% of the list price.
There are currently 587 homes actively listed on the Albemarle County market. The average list price is $996,442 with a median of $499,950. The homes have been on the market for an average of 208 days.
Lets see how this compares with the home sales in November of 2008.
32 Albemarle homes had contingent contracts in November 2008. The average list price was $475,119 with a median of $419,700. The homes were on the market an average of 151 days.
26 homes had contracts pending. Their average list price was $491,583 and the median was $398,700. The average DOM was 175.
In November 2008, 27 Albemarle County homes sold. The average sale price was $632,774 and the average list price was $691,643. The median was $329,500 and the homes were on the market for an average of 125 days. The homes sold for an average of 91.49% of the list price.
To compare further we will consider the home sales from last year.
In December 2007, 46 homes sold in Albemarle County. The average sale price was $512,226 and the average list price was $537,153. The median was $424,398 with an average DOM of 119. The homes sold for an average of 95.36% of the list price.
We should also compare the overall figures for 2007 and 2008.
In 2007 in Albemarle County 866 homes sold for an average sale price of $494,924. The average list price was $514,964 and the homes sold for an average of 96.11% of the list price. In 2007 there was an average of 10.83 months of inventory on the market.
In 2008 in Albemarle County 657 homes sold. The average sale price was $522,491 and the average list price was $556,417. The homes sold for an average of 93.90% of the list price and the average DOM was 121.3. There was an average of 14.67 months of inventory on the market.
This represents a decline in sales of 24.14% from 2007. In addition you can see that homes are staying on the market longer and are also selling for a lower percentage of the list price. However, unlike what we would expect the average sale and list prices have gone up.
If you would like more information on the local real estate market and insite on how this might affect your home, either call or email me and I would be happy to speak with you.
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.
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Visit my website Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes for more information on Central Virginia homes, events and real estate.
