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.
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.
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Copyright © 2009 by Pam Dent, all rights reserved, "Albemarle County VA Real Estate Market Report - September 2009".
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