The Greene County VA real estate market report will focus on the sales of single family detached homes in Greene County during the month of October as compared with the previous months sales.
22 Greene County homes had contracts that closed during October. This was the second highest sales motn for the year so far; the most sales being 27 in June. the average sale price in October was $245,844 after being on the market for an average of 128 days. The homes sold for an average of 96.63% of the list price.
In September 19 Greene county homes sold for an average of $226,296, with an average DOM of 110. They sold for an average of 99.38% of the list price.
18 homes sold in Greene county during the month of August. They had an average sale price of $272,053 and had been on the market for an average of 70 days. The homes sold foran average of 97.96% of the list price.
Today 11/6/2009 there are 162 Greene County VA homes for sale. They are listed for an average price of $356,417 and a median of $274,950. The homes have been on the market foran average of 149 days so far.
If we compare the sales of homes on the Greene County real estate market from 1/1/2009-1/11/2009 with the sale period in 2008, we will see that 156 homes each of the two years. This is the only county in the Central Virginia area that has not seen a decline in the sales of detached homes for the year to date. I am wondering if the stronger Greene County real estate market can be attributed to new employees for NGIC and DIA who are moving to the area.
Figures are from the mls and while they are presumed 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.
Continuing our examination of the Central Virginia real estate market this Charlottesville VA real estate market report will focus on the sale of single family detached homes in Charlottesville during the month of October.
21 Charlottesville homes had contracts that closed during October 2009. The homes sold for an average price of $382,526, had been on the market for an average of 111 days and sold for an average of 95.19% of the list price.
September sales were very close to the October totals with 22 homes sold in Charlottesville. The average slae price was $303,418. They had an average DOM of 77 days and they sold for an average of 97.20% of the list price.
August saw the most sales of the 3 month period with 25 Charlottesville homes selling for an average price of $340,642 after spending an average of 101 days on the market. The homes sold for an average of 97.61% of the list price.
Today 11/4/2009 there are 191 Charlottesville VA homes for sale. They are listed for an average price of $345,560 and a median of $279,500. The homes have been on the market for an average of 174 days so far.
If we compare this years home sales from 1/1/2009-11/1/2009 with the same period in 2008, we find that 250 homes have sold so far this year in the Charlottesville VA real estate market. This represents a decline in sales of -21.1%.
As you can see from the sale prices the first time homebuyers are driving the Charlottesville real estate market. However I would have expected to see a rise in sales from those buyers during September and early October as the time to take advantage of the $8,000 Tax Credit wound down. Most lenders are advising 45-60 days from loan application to closing; however I did receive an email today from one lender who can still get clients to closing by November 30 even with an FHA loan, so it may not be to late.
The above figures are from the mls and while they are assumed to be correct, they 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.
Albemarle County VA real estate market report for October 2009. Its the beginning of a new month and the perfect time to reflect on the activity in the local real estate market during the past month. This report will focus on the sales of single family detached homes in Albemarle County.
In October 32 Albemarle County homes sold for an average sale price of $473,967 which was 89.25% of the list price. The homes were on the market for an average of 120 days.
In September on 2009, 51 homes had contracts that closed in Albemarle County, with an average sale price of $402,281. They sold for an average of 94.31% of the list price and had been on the market for an average of 116 days.
August saw the highest number of sales during the past three months with 74 Albemarle County homes having contracts that closed. They sold for an average of $476,397 which was an average of 93.06% of the list price and were on the market for an average of 101 days.
Today there are 602 Albemarle County homes for sale. They are listed for an average price of $603,404 and a median of $459,900. They have been on the market for an average of 191 days so far.
If we compare this years sales to date with the same period in 2008, we will see that from 1/1/2009-11/1/2009 532 homes sold on the Albemarle County real estate market. This represents a -12.1% decline in home sales from last year.
Historically we would not be surprised that the October Albemarle home sales were down from August and September as home sales moving into the holiday season and winter months usually slow down. However this year I would have expected September and the first half of October to be particularly strong as the first time homebuyers took advantage of the rapidly expiring First Time Homebuyers Tax Credit. There has been some talk about the possibility of an extension of the tax credit, but that still has a long way to go to get through Congress. It is much too early to count on passage.
These figures are from the mls and while they are presumed 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.
Tomorrow October 24 is the International Day of Climate Action.
Do you realize that scientists say that 350 parts per million CO2 in the earth's atmosphere is the safe limit for humanity. Our planet is in trouble. We are at 387ppm.
The map outlines the world wide events occuring on October 24.
This Charlottesville area horse farm is at a great new price.
Windy Hill, 2549 Bybees Church Rd., Palmyra, VA $499,000.00
3 br., 2.5 ba, 11.51 acres, 3,008 sq. ft., built in 2001
If you are looking for a country home or a small horse property, your search is over. Windy Hill has it all. You will love sitting on the wide wrap around porch and enjoying the peaceful private setting of your 11.51 acres. There is even a 2 stall stable with tack room and hay storage. The lovely home is light filled with an open floor plan, formal dining room, large eatin kitchen with island and breakfast bar, breakfast room with French doors to the porch, family room with vaulted ceilings, first floor master suite, den and two additional large bedrooms and full bath on the second floor.
This home is conveniently located in Fluvanna County 5 minutes from Zion Crossroads, close to Charlottesville and within an easy drive of Richmond.
The property is mainly in pasture and has two creeks and a possible pond site.
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.
This Greene County VA Real Estate Market Report examines the sale of single family detached homes in Greene County during the month of September as compared with the sales from previous months.
19 Greene County homes sold during September for an average sale price of $227,712. The homes had been on the market for an average of 110 days and sold for an average of 99.38% of the list price.
In August 2009, 18 Greene County homes had contracts that closed. The homes had an average sale price of $272,053, after being on the market for an average of 70 days. They sold for an average of 97.96% of the list price.
20 homes sold in Greene County during the month of July. They had an average sale price of $268,582, an average DOM of 114 and had sold for an average of 97.68% of the list price.
Today, 10/18/2009, there are 161 Greene County VA homes for sale. They are listed for an average of $352,542 and a median of $279,000. The homes have been on the market for an average of 142 days so far.
During the time frame of 1/1/2009-10/2/2009, 132 Greene County homes sold. This represents a decline in sales in the Greene County real estate market of -7.0% as compared with the same period in 2008.
As you can see from the graph Greene County home sales have been holding fairly steady for the past three months. However the sales price has declined steadily over the past three months. Whether this represents an actual decline in home values or merely the fact that consumers are more comfortable buying in a lower price range is something that will take more time to determine as we watch the figures through the next several months. At the September rate of sales we have 9.79 months of inventory listed for sale on the Greene County real estate market. Since a balanced market is 6 months of inventory, you can see that we remain in a buyers market.
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.
The Charlottesville VA real estate market offers green homes for the environmentally conscious buyer.
We all are conscious of the changes that have been happening to our environment particularly climate change. Having lived in Charlottesville Virginia for over 50 years i can reflect back over many years of weather and the climate has changed. We have had much less snowfall over the past 10 years. We have been seeing less rainfall overall, however this summer has been very cool and wet so our watertable is somewhat replentished. One of the bigger changes that I have observed seems to be an increase in extreme weather, more severe storms and an increase in tornado warnings (it doesn't take many tornado warnings for this to be an increase in an area where they were almost unheard of).
It seems that almost everything that we do has an effect on our fragile environment and most of the ways that we impact the planet impact the climate in turn. Our homes have a big impact on the environment, from the products that are used in the home, how those products are manufactured or where and how they are taken from nature as in the case of trees. One of the largest ways that our homes directly effect the environment and contribute to climate change is through their consumption of energy.
Therefore it makes sense to build homes that lessen the negative impact on the planet. We are seeing an increasing number of savvy buyers who are interested in a green built energy efficient home. To make it easier for these buyers to search the mls we now have an eco certified category. This includes Energy Star, American Lung Association Health Houses, Earthcraft Certified, Energy Wise Certified, and Water Sense Certified Fixtures.
Currently there are 23 Charlottesvillegreen homes for sale with an eco certification on the Charlottesville real estate market including Albemarle County. These are homes that are already built. There are also 19 Charlottesville eco certified homes that are listed as proposed to be built. There are even a couple of eco communities, in the city and the county. I think that these figures from the mls may be low. I think that there are even more Energy Star and Earth Craft homes that are being built in the Charlottesville area where the eco certified box has not been checked on the listing sheet.
If you are looking for a home in the Central Virginia area, and would like information on the green homes and communities in the area give me a call.
Today is Blog Action Day 2009 and bloggers are helping to raise awareness about the danger of climate change and how it affects the planet.
This Charlottesville VA real estate market report will cover the sales of condominiums in Charlottesville VA and Albemarle County during September 2009.
During September 11 condos sold on the Charlottesville real estate market. They sold for an average price of $224,177 and had been on the market for an average of 83 days. The condos sold for an average of 91.85% of the list price.
In August of 2009, 17 Charlottesville condominiums sold for an average price of $196,941. They were on the market for an average of 115 days and sold for an average of 94.30% of the list price.
In July there were 24 Charlottesville condos that had contracts that sold with an average sale price of $192,434 and an average DOM of 64 days. They sold for an average of 92.26% of the list price.
Today 10/11/2009 there are 218 Charlottesville VA condominiums for sale. They are listed for an average price of $239,790, with a median of $192,200 and have been on the market for an average of 203 days so far.
During the time period of 1/1/2009-10/2/2009, 113 condos sold on the Charlottesville VA real estate market. This represents a decline in sales of -41.1% for the year to date.
Condominiums have been the hardest hit segment of the local real estate market. With the $8,000 First Time Homebuyers Tax Credit one would think that condos sales would have been doing well. After all condos often represent an affordable option. Unfortunately it is almost impossible to obtain financing for condos in many projects. The lenders are reluctant to lend money for condo purchases, particularly if the condo is in a project that where the units are either largely investor owned or if the majority of the units are student occupied. Some of the condo sales that we have seen in the Charlottesville real estate market have been to investors who are able to present a cash contract.
The above figures are from the local mls and while they are deemed 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.
This Fluvanna County VA real estate market report will examine the sales of single family detached homes during the month of September.
22 Fluvanna County homes had contracts that closed in September 2009. The average sale price was $263,816 and the homes spent an average of 106 days on the market. They sold for an average of 96.80% of the list price.
In August 26 homes sold in Fluvanna for an average price of $232,328 after being on the market for an average of 103 days. The homes sold for an average of 98.77% of the list price.
During July 22 homes sold on the Fluvanna County real estate market. Their average sales price was $279,350 and they had been on the market for an average of 143 days. The homes sold for an average of 94.87% of the list price.
Today 10/9/2009 there are 279 Fluvanna County VA homes for sale. They are listed for an average price of $310,241 and a median of $239,900 and have been on the market for an average of 143 days so far.
This year from 1/1/2009-10/2/2009, 186 homes sold on the Fluvanna County real estate makret. This is a -26.2% drop in sales for the year to date over last year.
As you can see there is a lot of inventory on the market in Fluvanna County. Many of these homes are in the perfect price range for first time home buyers. However, if you are a first time homebuyer and plan on taking advantage of the $8,000 tax credit, you had better hurry because the time is running out to be able to get a home under contract and closed by November 30.
The above figures are from the mls and while they are assumed correct, they 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.
Published by the Charlottesville Area Association of REALTORS®
Where Are We Now?
Home sales, compared to 2008, showed improvement in the 3rd Quarter. At mid-year, sales were down 28%, but after the first 9 months of the year, sales are only 19% below the 2008 levels. In the third quarter, sales (845) were only down 6.2% from the same period in 2008 (901). This is the smallest year over year decline we have seen in several quarters in the Charlottesville area. July and August monthly sales were very close to 2008 levels, but September fell back a bit.
As reported in the CAAR Mid-Year Market Report, significantly lower home prices (down 20% or more) are driving the pick-up in sales. In addition, the $8,000 tax credit for first time buyers has supercharged the sale of starter homes (below $300,000). 65% of home sales in the third quarter were in this starter home category, which is consistent with the overall trend for the entire year. The surge in first-time buyers is also a national trend.
Home Sales for the First Nine Months
There were 2,001 homes sold in the Charlottesville area during the first nine months of 2009, which was down 19.1% (-471 sales) from 2008. All local areas are still down from last year: Albemarle -5.4%, Charlottesville -27.4%, Fluvanna -25.3%, Greene -7.7%, Louisa -28.9%, Nelson -25.8%, and Orange -25.5%. Monthly sales for the region had improved slightly each month since November 2008, but that string was broken in August due to normal seasonal swings.
Sales in the Central Valley region were generated from the Greater Augusta MLS, which has more complete data on the Valley market than the CAAR MLS. Sales were down in the Valley by 18.5 % compared to last year.
Year to Date (Thru September)
County
2005
2006
2007
2008
2009
Albemarle
1585
1365
1192
837
792
Charlottesville
439
667
516
489
355
Fluvanna
505
423
344
253
189
Greene
238
236
161
142
131
Louisa
184
172
155
166
118
Nelson
299
182
143
124
92
Orange
104
91
92
66
47
Area Total*
3670
3540
3045
2472
2001
Central Valley**
811
661
*includes sales outside the counties listed
**numbers courtesy of the Greater Augusta MLS
Have Home Prices Dropped?
Based on the data from the CAAR MLS, we believe that the numbers clearly show a significant decrease in home prices. The median prices listed below are the middle of the market of properties that sold. Simply put, this is an indication of what buyers were willing/able to pay and is not a true reflection of individual home prices. It is probably safe to assume that a steady, year-to-year decrease in the median price is a good indication that prices are going down, but it is not an exact measurement.
We believe the numbers displayed below provide compelling evidence that our local real estate market has experienced a noteworthy drop in home prices. The CAAR market reports have been discussing this trend since the Fall of 2007, and this report shows more evidence of the decline. The one caveat that we need to make is that part of this median price decline is a reflection of an increase in home sales in the lower price ranges. Of the 845 homes that sold in the 3rd quarter, 545 were sold for $300,000 or less. This surge in the lower end of the market will naturally pull the median price down.
Overall, the median home price (including attached homes) declined $17,100 (-6.4%) compared to the first nine months of last year. For the first time, the quarterly report shows that the area median price actually dropped below the 2005 median price. All areas covered in this report showed a decline except for Nelson, which remained flat. Median price changes for each locality were as follows: Albemarle (-9.5%), Charlottesville (-6.8%), Fluvanna (-17.1%), Greene (-4.5%), Louisa (-16.7%), Nelson (0%), Orange (-28.7%) and the Valley (-8.7%).
Median Sales Prices
Year to Date (Thru September)
County
2005
2006
2007
2008
2009
Albemarle
$282,600
$317,000
$308,095
$315,000
$285,000
Charlottesville
$247,950
$239,000
$278,000
$265,000
$247,000
Fluvanna
$228,300
$242,900
$255,000
$244,900
$202,900
Greene
$232,429
$271,315
$278,000
$265,000
$253,000
Louisa
$204,153
$234,481
$258,900
$249,450
$207,750
Nelson
$297,000
$293,750
$305,000
$300,000
$300,000
Orange
$210,000
$269,000
$271,500
$217,500
$155,000
Area Median*
$253,000
$269,900
$275,000
$267,000
$249,900
Central Valley**
$212,708
$194,308
*includes sales outside the counties listed
**numbers courtesy of the Greater Augusta MLS (note: these are average prices, not median)
2009
2007
2008
2006
2005
Price Per Square Foot (Finished)
Another indicator that allows us to see the decline in home prices is a major drop in the price per square foot numbers. The average price per square foot of finished space in homes is not a scientific number, but a downward trend over the years clearly indicates a decrease in prices (and vice versa). According to the chart below, prices peaked in 2006 and have declined for the past three years. There has been a $32 per square foot drop since the peak in 2006. The current $145 per square foot is the lowest number since 2004.
Price Per Finished Square Foot
Year to Date (Thru September)
County
2005
2006
2007
2008
2009
Albemarle
164
176
175
169
152
Charlottesville
171
204
195
188
172
Fluvanna
128
142
141
135
121
Greene
138
157
152
145
131
Louisa
129
147
149
135
115
Nelson
201
211
208
192
176
Orange
135
167
170
132
110
Area Average*
157
172
168
160
145
Central Valley**
136
121
*includes sales outside the counties listed
**based on CAAR MLS data
Inventory of Homes for Sale
The inventory of homes for sale in the Charlottesville has continued to decline very slowly. As we have reported for the past several quarters, the excess of inventory is causing many of the problems with our local housing market. Until we are able to reduce the number of homes for sale, we will continue to be in a strong buyer's market with soft home prices and very creative incentives. That's good for buyers, but it is not any better for the long-term housing market than the strong seller's market we experienced just a few years ago.
Currently, we have 3,425 homes on the market, compared to 3,519 at this time last year. This small decrease from last year is a positive sign, but we have a long way to go before we see appropriate inventory levels in the 2,000 to 2,500 range. The median price of homes currently for sale is $294,900, which is $21,350 less than last year. The average DOM (days on market) of these homes is 159 days, which is six days less than last year and 40 days more than homes that have sold. The most telling statistic related to homes currently on the market is that the average price per square foot is $201 compared to $145 for homes that have sold in the first 9 months of 2009.
Housing affordability is the positive aspect of this market. There are 879 homes for sale $200,000 or less with an average DOM of 137 and an average price per square foot of $145. There are 270 homes currently on the market priced at a million dollars or more with an average DOM of 244.
Days on Market (DOM)
In this market, the average days a property stays on the market is less important than it would be in a more balanced market. There are many variables in the marketplace - excess, inventory, foreclosures, short sale, and financing issues - that affect the length of time a property is on the market. The local area actually saw a decrease in the 3rd quarter (down from 125 days at mid-year) which may indicate we are finding an equilibrium of sorts. Even in this market, the best way to shorten the days your property is on the market is to price it correctly.
Average DOM (Thru September)
County
2005
2006
2007
2008
2009
Albemarle
52
62
89
114
103
Charlottesville
53
54
71
112
120
Fluvanna
58
74
86
124
124
Greene
60
77
90
102
98
Louisa
93
87
129
113
126
Nelson
70
86
108
139
161
Orange
81
77
105
140
138
Area Average*
62
70
91
118
119
Central Valley**
139
148
*includes sales outside the counties listed
**numbers courtesy of the Greater Augusta MLS
New Construction Still Slow
It is important to note that many "new" homes are not included in CAAR MLS statistics. It is very common for a buyer to contact a builder directly to custom build a home. With that said, the historical perspective of the pace of new home sales gives us a reasonably good picture of the market for new construction. As the chart below shows, new home sales are still struggling and until the inventory of re-sale homes for sale declines, new construction will lag.
2005
2006
2007
2008
2009
Condos and Townhomes (Attached Homes)
The sale of attached homes is only reported in Charlottesville and Albemarle because very few properties in this category are located in other counties, except Nelson. Since the condos in Nelson are primarily in the Wintergreen Resort market, we have decided not to include them in this report. One of the more interesting numbers in this report is the increase in the sale of attached homes in Albemarle that first showed up in the 2009 1st Quarter Market Report. Charlottesville attached home sales are down 34.4%, while Albemarle sales are up 9.1% compared to 2008. The chart below shows the attached homes sold in 2009 compared to past years. Inventory levels of attached homes for sale are still high (over 600), with an average DOM of 199 for properties currently on the market. The median price of an attached home currently on the market is $219,900. The median price for an attached home that sold in the first nine months of 2009 is $221,500 for Albemarle and $218,950 for Charlottesville.
2009
2008
2007
2006
2005
2005
2006
2007
2008
2009
Conclusions and Predictions
We can draw a few general conclusions from the numbers in this report. First, prices of homes in the Charlottesville area have fallen substantially in 2009. Second, due to excess inventory, we are still in a strong buyer's market. Third, some areas of this report show a positive or at least stabilizing trend - sales are doing better compared to last year, DOM has flat-lined, and condo sales in Albemarle are rebounding.
The next quarter should continue an improvement in the market compared to 2008. During the 4th quarter of 2009, we will likely see a year-to-year sales improvement, but only because the 4th quarter of 2008 was so bad it will be hard not to beat. 2009 may even catch up with sales from 2008 by the end of the year. Additional declines in prices are possible, but it will be hard to tell if these price drops are a result of more sellers finally pricing their properties based on the current market, or a real decline in home values. Only time, and future market reports, will reveal this to us.
This Quarterly Market Report is produced by the Charlottesville Area Association of REALTORS® using data from the CAAR MLS and the Greater Augusta MLS where noted. For more information on this report or the real estate market, pick up a copy of the CAAR Real Estate Weekly, visit www.caar.com, or contact your REALTOR®.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
on the green homes and communities in the area give me a call.
;)
;)
