Well we're right at the end of September, marking the close of the third quarter for 2009. While there are many reports about consumer sentiment and jobless claims, one element of our economy that continues to make headlines is our housing sector. Let's look at January through August numbers for this year in Lynchburg, and compare those with last year's numbers.
Tuesday, Spetember 29, 2009
This year, from January 1 through August 31, we have closed on a total of 1240 homes. Last year, for the same time period, we closed on 1601 homes - a decline of almost 23% in the volume of homes sold. However, this year, the average sales price of the sold homes was $169,716. Last year, the average sales price was $180,781, representing a dip of just 6%.
Now lets take a closer look at some of those numbers. The average sales price of a home in Lynchburg was $158,239 in 2008 and was $148,426 for 2009 - a change of about 6%. In Bedford County, the average sales price in 2008 was $245,419. This year is was $236,379 - a change of roughly 3.75%. Finally, in Campbell County the average sales price of a home was $158,307 last year, and was down to $155,948 this year - a decline of just 1.5%.
One more thing to note - the average number of days on the market. In 2008 for our entire market, the average days on market for a sold listing from January 1-August 31 was 134 days. This year, that number was up to 156 days. In Lynchburg, the number of days on the market was 123 last year, 142 days this year. Bedford County: 145 days last year, 180 days this year. Campbell County: 130 days last year, 151 days this year.
So a quick glance at the numbers will show that homes are staying on the market longer and selling for just a bit less. However, the big factor to consider is the volume of homes sold. If you're planning to buy a home, you have a great selection and prices are very affordable. If you're planning to sell your home, discuss these figures with you REALTOR, and be wise about pricing your home to sell.
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