Charlottesville Real Estate Market--Which Way Are We Headed?

Real Estate Agent with Keller Williams Realty

Well, here it is, FALL!

October 3rd and my kids are already talking about snow!

Me? I'm just glad there's lots of football to watch!

But, in between all the family pleasantries and weekend-football-overeating, I save some time to keep the pulse of our local Charlottesville real estate market.

And, of course, the one question I get asked almost every day: How IS the Charlottesville real estate market?

So, here is my analysis:

First, I'm actually going to limit this discussion just to the County that surrounds Charlottesville-->Albemarle County, and I WON'T include the actual City of C'ville. Different market, different blog.

I'll also only talk about detached single family homes, so no townhomes, condos, attached homes, etc.

Currently, in Albemarle County, there are-

Single Family Homes for sale = 678
Prices range from $49,900 to $13,995,000
Average price (this number is an aproximation because CAAR MLS
cannot acurately analyze over 500 listings at a time) = $364,995
# of this 678 total over $1 million dollars = 124
Average Days on Market (DOM) = 182
# of Charlottesville Foreclosures = 22
# of this 678 that are Short Sales = 18

Since April 1st of this year:

Total Homes that have sold = 508
Prices ranging from $42,000 to $9,650,000
Average DOM = 162
Average price = $351,000

Charlottesville real estate

Out of these 508 Homes Sold during this period,

19 were Short Sales
With Prices Ranging From $91,000 to $890,000
Average Price of Sold Short Sales = $337,589
Average DOM of Short Sales = 172

34 were Charlottesville Foreclosures
With Prices Ranging From $42,000 to $6,700,000
Average Price of Sold Charlottesville Foreclosures = $408,127
Average DOM of Charlottesville Foreclosures = 82


Charlottesville Market Overview 2012


How is our Charlottesville real estate market?

Well, it's not getting better, at this point.
Values are still dropping and market times increasing.

One GOOD thing is that the percentage of properties considered distressed, i.e. foreclosures or Short Sales, is statistically below the national average.

My wife and I bought our 1st family home together in February. Even though the market overall was strong, back then, we got a better deal because it was winter time, the market had slowed, and the seller needed to sell!

So...with interest rates the lowest in history, a glutted housing inventory, prices lower, sellers inclined to negotiate, and the oncoming winter (slower) months, I would be out there buying and taking advantage of this Buyer's Market, for sure!!

Sponsored By: Charlottesville real estate

P.S. Get ahead of the game with a FREE Buyer Manual, neighborhood drive-thru videos, mortgage calculators, and quick and easy MLS search tools by visiting: Charlottesville real estate

And then call or e-mail me so we can talk about the best way to get the home you've always wanted!

Posted by

Fulton Gaylord-Associate Broker, ABR, SRES, e-Pro
Certified REO Specialist, Registered HUD Agent
Keller Williams Realty
3510 Remson Ct., Ste 301 Charlottesville, VA. 22901


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Fulton Gaylord

1st-Time Home Buyer Realtor - Charlottesville, VA
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