This report will focus on the sales of single family detached homes in Charlottesville, Virginia.
The first area that we will examine is Charlottesville home sales during December of 2008.
In December 2008, 10 Charlottesville homes had contingent contracts. The average list price was $341,160 with a median of $289,450 and an average DOM of 99.
2 Charlottesville homes had contracts pending. The average list price was $279,000 and the average DOM was 72.
In December 2008, 11 homes sold in Charlottesville, Virginia. The average sale price was $395,674, with an average list price of $440,577 and a median of $290,000. The homes were on the market for an average of 180 days and sold for an average of 89.81% of the list price.
As of today, January 4, 2009 there are 166 homes actively listed on the Charlottesville real estate market. The average list price is $370,553 with a median of $299,000. The homes have been on the market for an average of 165 days.
Lets compare these figures with the November 2008 sales.
In November 2008, 9 Charlottesville homes had contingent contracts. The average list price was $330,250 and the median was $346,000. The homes were on the market for an average of 239 days.
5 homes had contracts pending with an average list price of $330,100, a median of $249,000, and an average DOM of 232.
11 Charlottesville homes sold in November 2008. The average sale price was $331,538 with an average list price of $331,443 and a median of $329,000. The homes were on the market for an average of 45 days and sold for an average of 97.01% of the list price.
Lets also look at home sales from a year ago in December of 2007. At that time 31 homes sold in Charlottesville, Virginia. The homes had an average sale price of $413,960. They had an average list price of $428,727 and a median of $375,000. The homes were on the market for an average of 128 days and sold for an average of 96.56% of the list price.
At the beginning of a new year it is the appropriate time to reflect on the sales over the year as a whole for the past two years.
In 2007, 386 homes sold in Charlottesville, Virginia. The average sale price was $355,485 and the average list price was $365,087. The homes sold for an average of 97.37% of the list price and were on the market for an average of 81.4 days. Over the year there was 8.75 months of inventory on the market.
In 2008, 336 Charlottesville homes sold. The average sale price was $327,485 with an average list price of $342,631. The homes were on the market for an average of 101.8 days and sold for an average of 95.58% ot the list price. Based on the years sales there was 9.33 months of inventory on the market during 2008.
This represents a decline of -13% in 2008 over the sales in 2007.
As you can see, home sales in Charlottesville declined in 2008. The homes sold for a smaller percent of the list price and stayed on the market slightly longer.
Please contact me if you would like to discuss the area real estate market in more detail or have questions on how this might affect your particular home.
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.
