Pam Dent -Charlottesville, Albemarle,VA's Blog

Charlottesville Homes For Sale - Is A Short Sale A Good Choice For A First Time Homebuyer?

Tue, 17 Nov 2009 21:48:30 -0600

Many of my clients who are lookning at Charlottesville homes for sale are curious about short sale properties and foreclosures.

A foreclosure is a banked owned home, but a short sale is still owned by the homeowner who in this case owes the bank more than the market value of the house. The homeowner will have missed at least one mortgage payment and is hoping to sell the home before the bank forcloses. Because the homeowner is selling the house short, ie for less than is owed to the bank, the sale is contingent upon bank approval. And herein lies the problem.

You write an offer on a shortsale home and it is presented to the seller, the seller accepts the offer, but you aren't done yet. The offer now goes to the bank for approval. Most banks are very slow to decide on these short sale offers. It can take three, four, five even six months before the bank makes a decision. All this time they are also still taking offers; so it is possible that an offer that is better than yours could come in while you are waiting. In addition another branch of the bank is still proceeding toward foreclosure. It is possible that the home could be foreclosed on before the other part responds to your offer.

A short sale can be an opportunity to get a great deal. In addition to the good price, short sale homes are usually in better condition than a lot of foreclosures since the homeowner is still living in the home.

However, if you are a first time homebuyer searching Charlottesville homes for sale you should omit short sale properties from your search. With the long delays that usually accompany these transactions, you risk not being able to meet the deadline for the $8,000 First Time Homebuyers Tax Credit. With all of the homes for sale on the Charlottesville real estate market, your real estate agent will be able to find you a selection of well priced homes without having to resort to looking at short sales.

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.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Charlottesville VA Homes For Sale - Dunlora

Sat, 14 Nov 2009 21:00:57 -0600

Some of the most popular Charlottesville VA homes for sale are in the Dunlora community.

Dunlora is conveniently located off of Rio Road which connects Park Street and Route 29. The Dunlora neighborhood is a short drive from shopping on 29 north and downtown Charlottesville. The community boasts such amenities as a pool, tennis courts, walking trails and soccer fields.

There are currently 8 resale homes for sale in Dunlora priced from $385,000 to $525,000. These homes were built between 1992 and 2005. There is one to be built home on the market priced at $799,000. There is also one attached Dunlora home for sale priced at $419,900.

One of the things that I particularly like about the Dunlora community is the fact that number of mature trees that there are throughout the neighborhood. Many of the homes are two story, although you will find some homes with one level living as well.

The interactive search below will show some of the Dunlora homes currently on the market.

View all of the Charlottesville Virginia homes for sale.

Charlottesville VA Real Estate Market Report Condominiums - October 2009

Thu, 12 Nov 2009 21:20:23 -0600

This Charlottesville VA real estate market report examines the sale of condominiums in Charlottesville and Albemarle County during October 2009.

15 Charlottesville condos sold during October for an average price of $160,377. They were on the market for an average of 118 days and sold for an average of 91.01% of the list price.

During September 13 condos sold in Charlottesville-Albemarle. They sold for an average price of $273,727 and had been on the market for an average of 72 days. They sold for an average of 86.95% of the list price.

17 Charlottesville condominiums had contracts that closed during August. Their average sale price was $196,941 with an average DOM of 115. The condos sold for an average of 94.30% of the list price.

Today 11/12/2009 there are 208 Charlottesville VA condos for sale for an average price of $238,401 and a median of $189,000. They have been on the market for an average of 221 daysso far.

From 1/1/2009-11/1/2009, 129 condominiums sold on the Charlottesville VA real estate market. This represents a -34.5% decline in sales as compared with the same time period in 2008.

The Charlottesville condominium market continues to remain the most depressed sector of the Central Virginia real estate market. One of the factors that impacts this is the difficulty in obtaining financing for purchasing a condo in many of the condo projects. Many of the condos in Charlottesville and Albemarle County are student occupied and many of these are also investor owned. A purchase in one of these projects is very difficult to obtaining financing for. I do know of a mortgage company that will write investor loans for many of these hard to finance condos.

The above figures are from the mls and while they are deemed correct are not guaranteed.

View all of the Charlottesville Virginia homes for sale.

First-Time Homebuyer Tax Credit Extended And Expanded

Wed, 11 Nov 2009 20:45:55 -0600

The First-Time Homebuyer Tax Credit has been extended and expanded.

The $8000 tax credit for first-time homebuyers has been expanded to April 30, 2010. These homebuyers have until April 30 to get a ratified contract and until June 30,2010 for that contract to close. A first time homebuyer is an individual who has not owned a home during the past 3 years. For a married couple both spouses must meet this criteria.

The tax credit has been expanded to include a $6,500 tax credit for existing homeowners. These homeowners must have lived in their current home for 5 consecutive years out of the last 8.

There are income guidelines which apply to both groups. Individuals my earn up to $125,000 and married couples may have a joint income of $225,000.

The Charlottesville VA real estate market has a large inventory of homes on the market for the first-time homebuyer to choose from. I would be happy to talk to you about current deal homes as well as opportunity homes on the market.

Now is a great time to buy and Charlottesville is a wonderful area in which to live.

View all of the Charlottesville Virginia homes for sale.

View my website Charlottesville Horse Farms or visit my blogs Charlottesville Real Estate Talk and Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.

Louisa County VA Real Estate Market Report - October 2009

Mon, 09 Nov 2009 21:07:29 -0600

This Louisa County real estate market report examines the sales of single family detached homes in Louisa County Virginia during the month of October 2009 and compares them with the sales so far this year.

20 homes sold in Louisa County in October for an average sale price of $251,616. They were on the market for an average of 149 days and sold for an average of 97.65% of the list price.

18 Louisa County homes sold in September. Their average sale price was $191,864 and they had been on the market for an average of 196 days. They sold for an average of 90.93% of the list price.

During August 17 homes had contracts that closed in Louisa County. The homes had an average sale price of $272,530 and an average DOM of 148. They sold for an average of 96.67% of the list price.

Today 11/09/2009, there are 193 Louisa County homes for sale at an average sale price of $415,616, and a median of $244,000. The homes have been on the market for an average of 162 days so far.

During the time period from 1/1/2009-11/1/2009, 235 homes sold on the Louisa County real estate market. This represents a decline in sales of -21.9% as compared with the same period in 2008.

If you have been following the posts on the other Central Virginia counties, you will see that Louisa County homes are taking longer to sell on average than those in other counties. We can also see that there is still way too much inventory on the market. It is encouraging to see that the price point of sales in October and August were up from previous months. It will be interesting to see how the extension of the tax credit affects the winter Louisa County real estate market. Hopefully we not see our usual winter dead period.

The above figures are from the mls and while they are deemed correct they are not guaranteed.

View all of the Charlottesville Virginia homes for sale.

Fluvanna County VA Real Estate Market Report - October 2009

Sun, 08 Nov 2009 21:09:00 -0600

This Fluvanna County VA real estate market report follows the sale of single family detached homes during the month of October 2009 ompares them with sales from the previous months.

22 homes sold in Fluvanna County duiring October 2009. The average sale price was $222,957, with an average of 74 days on the market. The homes sold for an average of 99.81% of the list price.

In September 2009, 23 Fluvanna County homes had contracts that closed for an average price of $260,041 being on the market for an average of 102 days. They sold for an average of 96.85% of the list price.

26 Fluvanna County VA homes sold in August. The average sale price was $232,328 an average DOM of 103 they sold for an average of 98.77 the list price.

Today 11/8/2009 there are 262 Fluvanna County VA homes for sale. The average list price is $311,984 with a median of $244,950. They have been on the market for an average of 154 days so far.

During the year so far from 1/1/2009-11/1/2009, 205 homes have sold on the Fluvanna County real estate market. This represents a drop in sales of -26.3% from the same period in 2008.

As you can see Fluvanna County home sales remain very sluggish with a lot of inventory on the market. I would have expected to see higher numbers in September and October as First Time Homebuyers took advantage of the $8,000 Tax Credit. Also if you look at the average price of the homes that are selling as compared with the median and average prices of the homes on the market today, you will see that the homes that are selling are largely below the average and median price of the homes listed.

The above figures are from the mls and while they are deemed correct are not guaranteed.

View all of the Charlottesville Virginia homes for sale.

Greene County VA Real Estate Market Report - October 2009

Fri, 06 Nov 2009 21:14:33 -0600

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.

View all of the Charlottesville Virginia homes for sale.

Charlottesville VA Real Estate Market Report - October 2009

Wed, 04 Nov 2009 21:42:59 -0600

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.

View all of the Charlottesville Virginia homes for sale.

Albemarle County VA Real Estate Market Report - October 2009

Sun, 01 Nov 2009 19:36:10 -0600

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.

View all of the Charlottesville Virginia homes for sale.

Tomorrow October 24 Is The International Day Of Climate Action

Fri, 23 Oct 2009 21:04:59 -0500

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.

View Actions at 350.org

Charlottesville Area Small Horse Farm At A Great New Price - 2549 Bybees Church Rd.

Thu, 22 Oct 2009 21:59:45 -0500

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.

View all of the Charlottesville Virginia homes for sale.

Greene County VA Real Estate Market Report - September 2009

Sun, 18 Oct 2009 20:14:32 -0500

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.

View all of the Charlottesville Virginia homes for sale.

The Charlottesville VA Real Estate Market Offers Green Homes

Thu, 15 Oct 2009 22:54:09 -0500

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 Charlottesville green 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.

Charlottesville VA Real Estate Market Report Condominiums - September 2009

Sun, 11 Oct 2009 20:02:23 -0500

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.

View all of the Charlottesville Virginia homes for sale.

Fluvanna County VA Real Estate Market Report - September 2009

Fri, 09 Oct 2009 21:41:13 -0500

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.

View all of the Charlottesville Virginia homes for sale.

Caar Third quarter Real Estate Market Report

Thu, 08 Oct 2009 21:45:01 -0500

Hot off the presses - the CAAR 3rd Quarter market Report.

CAAR Market Report

2009 After 3 Quarters

Published by the Charlottesville Area Association of REALTORS®

Where Are We Now?

Home sales, compared to 2008, showed improvement in the 3^rd 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 3^rd 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 3^rd 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 1^st 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

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 4^th quarter of 2009, we will likely see a year-to-year sales improvement, but only because the 4^th 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^®.

Albemarle County Real Estate Market Report - Luxury homes

Wed, 07 Oct 2009 22:01:58 -0500

This Albemarle County real estate market report is a special request and will focus on sales of luxury homes priced at over $1,000,000.

Yesterday a reader of my market reports called me and requested information on home sales in Albemarle County for homes priced at over $1,000,000. So this report is for her. If you have a specific price range, subdivision, or area that you would like a market report on, I would be happy to make one for you.

In September in the over 1 million dollar price range there were not any homes sold in Albemarle County.

In August, 5 Albemarle County luxury homes sold. The average sale price was $1,640,500. The homes had been on the market for an average of 202 days and sold for an average of 86.94% of the list price.

In July 4 luxury homes had contracts that closed. The homes sold for an average of $3,150,000 and had been on the market for an average of 371 days. They sold for an average of 80.15% of the list price.

And in June, 3 Albemarle County homes sold in the over $1 million price range. The average sale price was $1,155,000 with an average DOM of 20 days. They sold for an average of 88.24% of the list price.

Today there are 125 Albemarle County luxury homes for sale. They are listed for an average list price of $3,239,437 with a median of $1,695,000 and have been on the market for an averge of 278 days so far.

This year to date 27 luxury homes have sold in the Albemarle County Real Estate Market. This represents a decline in sales of -32.5% from the sale period last year.

These figures are from the mls and while they are assumed to be correct, they are not guaranteed.

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Charlottesville VA Real Estate Market Report - September 2009

Sun, 04 Oct 2009 08:01:31 -0500

This Charlottesville VA real estate market report will look at the sales of single family detached homes within the city limits of Charlottesville during the month of September. We will see how the September sales compare with the previous two months and also what has happened in the year to date.

21 Charlottesville homes had contracts that closed in September 2009. They sold for an average price of $307,010 which was an average of 97.28% of the list price. The homes had been on the market for an average of 79 days before going under contract.

In August 2009, 25 Charlottesville VA homes sold for an average price of $340,642. They had been on the market for an average of 101 days and sold for an average of 97.61% of the list price.

July saw the greatest number of home sales with 51 Charlottesville homes selling. They sold for an average price of $296,652 which was an average of 95.14% of the list price. The average DOM was 81.

Today, 10/4/2009 there are 186 Charlottesville VA homes for sale. They are listed at an average price of $358,569 with a median of $299,900 and have been on the market for an average of 163 days so far.

To look at the bigger picture we will compare the year to date figures from this year and 2008. From 1/1/2008-10/2/1008, 301 homes sold on the Charlottesville VA real estate market, but during the same time frame this year only 231 Charlottesville homes have sold. This represents a decline in sales of -23.3%.

it is not unusual to see home sales drop off in August, but I would have hoped for a bigger boost to the Charlottesville real estate market from first time homebuyers purchasing homes before the $8,000 tax credit runs out. They will only have until October 15 to get a home under contract if they want to have a good chance to be able to close before the November 30 deadline. I am afraid that many of them do not realize that the home must be closed by November 30 and more importantly they do not understand how long it takes to get a home to close. In todays market it is taking about 45-60 days to get a home from contract to closing. We are seeing FHA and VA loans take longer than conventional loans. So if you are a first time homebuyer the clock is ticking!

The above figures are from the mls and while they are deemed correct, they are not guaranteed.

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Albemarle County VA Real Estate Market Report - September 2009

Sat, 03 Oct 2009 20:26:42 -0500

This Albemarle County VA real estate market report will follow the sales of single family detached homes in the county of Albemarle during September 2009.

43 Albemarle County VA homes had contracts that closed during the month of September. They sold for an average of $378,382 after having been on the market for an average of 121 days. The homes sold for an average of 94.51% of the list price.

September sales were down from the 73 homes that sold during August for an average of $473,334. The homes had been on the market for an average of 98 days and sold for an average of 93.08% of the list price.

July was the peak sales month of the year so far with 107 Albemarle County homes selling at an average sale price of $493,980. The homes had been on the market for an average of 114 days and sold for an average of 90.98% of the list price.

On 10/2/2009, there were 648 Albemarle County VA homes for sale at an average price of $990,806 and a median of $475,400. The homes have been on the market for an average of 177 days so far.

Lets look at the bigger picture and see how this years Albemarle County real estate market compares with the year to date sales from 2008. From 1/1/2008-10/2/2008, 569 homes sold in Albemarle County VA, however during the same period this year only 493 Albemarle County homes sold. This represents a decline in sales of -13.4%.

As you can see the Albemarle County real estate market still has a ways to go before it has recovered. August has traditionally been a slow sales month, but I would have liked to see a stronger September, particularly with time running out on the $8,000 First Time Homebuyers Tax Credit. Since the home sales must be closed by November 30, with the current amount of time that it is taking to get loan approval and then on to closing, first time homebuyers only have another two weeks to get a home under contract. It is taking from 45-60 days in today's market to get a home to closing. This is due to the longer time frame that we are seeing for loan approval.

The above figures are from the local mls and while they are assumed correct, they are not guaranteed.

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Louisa County VA Real Estate Market Report - August 2009

Sun, 27 Sep 2009 20:25:40 -0500

This Louisa County VA real estate market report will examine the sales of single family detached homes during August 2009 in Louisa County Virginia.

17 homes sold in Louisa County during the month of August. The average sale price was $272,530 with an average list price of $281,932. The homes had been on the market for an average of 148 days and sold for an average of 96.67% of the list price.

In July 22 Louisa County homes sold with an average sale price of $244,667 and an average list price of $253,723 after being on the market for an average of 165 days. They sold for an average of 96.43% of the list price.

In June 17 Louisa County homes had contracts that closed. The average sale price was $196,226 and the average list price was $205,572. The homes were on the market for an average of 136 daysand sold for an average of 95.45% of the list price.

Today September 27, 2009 there are 195 Louisa County VA homes for sale on the Louisa County real estate market. The average list price is $359,589 with a median of $244,500. The homes have been on the market for an average of 175 days so far.

Examining the year to date sales as compared with 2008 will give us more information regarding the trend of the Louisa County real estate market. Between 1/1/2008 and 9/1/2008, 234 homes sold in Louisa County, but during the same period this year only 184 homes sold. This represent a decline in sales of -21.4%.

If we go by the August rate of sales, it would take 12.45 months to sell the inventory that is on the market. 6 months of inventory represents a balanced market, so the Louisa County real estate market has quite a ways to go toward recovery. If you do not need to sell right now, it would be best to wait. If you do have to sell right away, pricing and condition are crucial.

The above figures are from the mls and while they are assumed correct are not guaranteed.

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Selling A Charlottesville VA Home - Think About Getting A Home Inspection Before You List

Sat, 26 Sep 2009 20:25:29 -0500

When you are selling a Charlottesville VA home, it is often a good idea to get a home inspection before you list.

Today when I was out touring Charlottesville homes for sale with buyers one home stood out from the pack. There on the kitchen table along with all of the information sheets about the home was a home inspection notebook. In the agents notes it stated that the home inspection had been performed and all of the recommended repairs had been addressed. The entire home inspection report was there for any buyer to read.

Why would a seller want to pay for the home inspection when this is something that is usually assumed by the buyer? Because taking care of these issues ahead of time assures potential buyers that there is nothing potentially wrong with the home. Having a home inspection in advance can be a good way to set your home apart from its competitors. My clients found this very powerful. They were impressed!

In addition as a seller when a contract does come in you can negotiate the price without the worry that you could be hit with an expensive home inspection item to address after you had taken an offer which was perhaps as low as you could go.

In this particular home the icing on the cake was the fact that the seller also offered a one year home warranty to the purchaser.

When you are selling your Charlottesville VA home, don't forget to consider having a home inspection at the beginning of the process. It may help make your home the one that sells.

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Greene County VA Real Estate Market Report - August 2009

Fri, 25 Sep 2009 20:57:14 -0500

This Greene County VA real estate market report will focus on the sales of single family detached homes during August 2009.

In August 18 Greene County homes had contracts that closed. The average sale price was $272,053. The homes had been listed for an average of $277,721 and sold for an average of 97.96% of the list price after spending an average of 70 days on the market.

20 Greene County homes sold in July for an average sale price of $268,582 and an average list price of $274,963. The homes sold for an average of 97.68% of the list price and had an average DOM of 114 days.

27 homes sold during June. The average sale price was $237,677 and the average list price was $242,281. They were on the market for an average of 96 days and sold foran average of 98.10% of the list price.

Today September 25, 2009 there are 171 Greene County homes for sale. The homes are listed for an average of $357,428, with a median of $284,900 and have been on the market for an average of 152 days so far.

In 2008 from 1/1/2008-9/1/2008, 128 homes sold on the Greene County real estate market; however during the same time frame this year only 111 homes sold. This represents a decline of -13.3%.

Greene County homes have followed the traditional pattern with June being one of the largest sales months. This is not what were are seeing in the rest of Central Virginia where we are seeing the greatest number of sales in July or August.

The above figures are from the local mls and while they are presumed correct are not guaranteed.

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The Clock Is Ticking For Charlottesville VA First Time Homebuyers

Tue, 15 Sep 2009 21:17:23 -0500

The Clock is ticking for Charlottesville VA first time homebuyers and time is running out to take advantage of the $8,000 Tax Credit.

Do any of you remember Peter Pan and the crocodile that had swallowed the clock and constantly followed Captain Hook. He could hear the loud tick tock that warned of the approach of his nemesis, the croc. Well first time homebuyers need to heed to tick tock of their own clock.

Most Charlottesville VA first time homebuyers realize that the tax credit runs out on November 30, but they do not really understand what this means as far as their homebuying timeline. In the current market everything is taking longer and delays are common. To be safe the property should be undercontract by September 30; a great many contracts, particularly those using FHA financing are taking 60 days to obtain loan approval and close. With a conventional loan 45 days may be sufficient.

$8000 is a significant amout of cash and for many first time homebuyers that $8,000 may mean the difference in being able to afford their home purchase or not. There is a large selection of Charlottesville VA homes for sale that are perfect for the first time homebuyer, interest rates are low and there is still time, if you act now, to take advantage of the $8,000 tax credit.

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Central Virginia Homes For Sale - 1443 Arvon Road Arvonia VA

Tue, 15 Sep 2009 20:44:26 -0500

Central Virginia Homes For Sale - 1443 Arvon Road, Arvonia, VA 23004

Charming Cape Cod. 3 bedrooms, 1.5 baths, 1,456 sq ft., 1.15 ac., $125,000

This darling country cottage had been meticulously maintined and is located in a beautiful area of Central Virginia. The home offers an eat-in kitchen with custom cabinets and a center island, a dining room, which is currently being used as a den by the present owners, with built-in bookcases, a light filled living room, half bath and a first floor master. You will enjoy the year round sunroom lloking onto the landscaped yard. Upstairs are two large bedrooms, a full bath and walk in attic storage under the eaves.

Improvements include hardwood floors upstairs and down, a propaned free standing fireplace, an automatic whole house generator, and a whole house water filter. There are three one car garages and two sheds with electricity. The seller is providing a home warranty to the buyer.

This Central Virginia cottage is conveniently located in a beautiful area of Buckingham County 7 miles from Fork Union's grocery shopping, pharmacy and restaurants. In addition the location is a central 30-40 minutes from Charlottesville, Short Pump and Farmville.

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The Bright Spot In The Charlottesville VA Real Estate Market - Attached Homes Real Estate Market Report - August 2009

Wed, 09 Sep 2009 21:24:22 -0500

The sale of attached homes and townhouses is the bright spot in the Charlottesville VA real estate market. This attached homes real estate market report focuses on the sale of townhouses in Charlottesville and Albemarle County during August 2009.

38 Charlottesville townhomes sold in August. The average sale price was $228,472 after being listed for an average of $229,103. The homes sold for an average of 99.72% of the list price after spending an average of 130 days on the market.

In July 2009, 55 attached homes sold in Charlottesville and Albemarle for an average sale price of $246,140 with an average list price of $248,919. They were on the market for an average of 94 days and sold for 98.88% of the list price.

During June 60 townhouses sold for an average sale price of $238,480 and had been listed for an average of $243,193. Their average DOM was 73, and they sold for an average of 98.06% of the list price.

Today, September 9, 2009 there are 187 Charlottesville VA attached homes for sale. They are listed at an average price of $257,301 with a median of $239,000 and have been on the market for an average of 176 days so far.

Looking at the big picture of the Charlottesville VA real estate market for attached homes, we see that from 1/1/2008-9/1/2009, 243 attached homes sold on the Charlottesville-Albemarle real estate market. However this year in the same time period 27 5 Charlottesville townhouses have sold. This is an increase in sales of 13.2%.

The Charlottesville VA attached homes market is the only sector of the Central Virginia real estate market that has seen an increase in home sales in 2009 as compared with 2008. There are several reasons for the strong sales of townhouses. One of the biggest driving factors is affordability. Many of the townhome projects are in the price range that appeals to first time homebuyers. In addition with the difficulty of obtaining financing to buy a condo, we are probably seeing buyers who might have been tempted in the past by the condo offerings joining the ranks of townhouse buyers. Many of the new attached home projects offer upgrades that detached homes cannot offer at a comparable price. Finally attached homes are frequently being built in convenient close-in locations. Whatever the reason, it is refreshing to see at least one sector of the real estate market strongly picking up.

The above figures are from the mls and while they are deemed correct are not guaranteed.

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