This Louisa County real estate market report will focus on the sales of single family detached homes in Louisa County, Virginia during December 2008.

The first segment that we will examine will be the statistics on real estate activity for December 2008.

In December 2008, 5 Louisa County homes had contingent contracts.  The average list price was $172,320 and the median was $269,500.  The homes were on the market for an average of 110 days.

3 homes had contracts pending.  The average list price was $124,500 with a median of $119,000.

8 Louisa County homes sold in December 2008.  The average sale price was $222,505, with an average list price of $223,966 and a median of $237,070.  The homes were on the market for an average of 53 days and sold for 99.35% of the list price.

There are currently 258 homes actively listed on the Louisa County real estate market.  The average list price is $349,209 and the median is $242,410.  The homes have been on the market for an average of 188 days.

Lets look at the November 2008 sales for comparison purposes.

In November 2008, 6 homes in Louisa county had contingent contracts.  The average list price was $288,203 and the median was $267,400.  The homes were on the market for an average of 93 days.

8 homes had contracts pending.  The average list price was $257,177 and the median was $184,413.  The average DOM was 175.

9 Louisa County homes sold in November 2008.  The average sale price was $278,241 and the homes had been listed for an average price of $288,133.  The median was $211,465, with an average DOM of 158.  The homes sold for an average of 96.57% of the list price.

Lets also look at the figures from December of 2007. 
15 Louisa County homes sold in December 2007.  The average sale price was $299,095 and the homes had been listed for an average price of $292,475.  The median was $290,000.  The homes were on the market for an average of 78 days and sold for an average of 102.26% of the list price.

The beginning of the new year is the perfect time to look at what happened in the Louisa County real estate market over the previous year as a whole and compare the activity with the year before.

In 2007, 198 homes sold in Louisa County.  The average sale price was $286,005.  The homes were listed for an average price of $285,294.  They were on the market for an average of 129.8 days and sold for an average of 100.25% of the list price.  During 2007 there was an average of 17 months inventory on the market.

In 2008, 181 Louisa County homes sold.  The average sale price was $267,252 and the homes were listed for an average price of $273,370.  The average DOM was 122.6 days and the homes sold for an average of 97.76% of the list price.  During 2008 there has been an average of 21.5 months of inventory on the Louisa County real estate market.

This represents a decline in sales of -8.59% from 2007 to 2008.

As you can see from the above figures, the real estate market in Louisa County has been flat for the past two years.  Although there has not been a great decline from 2007 to 2008,  The amount of inventory on the market has been increasing and prices have been decreasing.  We need to see a major reduction in inventory in order for this market to pick up.  With the current low interest rates,  the large selection of choices, and sellers who may be ready to negotiate, this can represent a good opportunity for buyers.

Please contact me if you would like more information on the Central Virginia real estate market or would like to talk about how this relates to your particular property.

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.

  To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

 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.

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