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Top 10 Charlottesville Homes Sold In July 2008

By
Real Estate Agent with Keller Williams Realty

Here's another twist for this months' entry:  we're going to talk about the Top 10 Charlottesville Homes that SOLD between July 1st and August 8th of 2008, and why.

We also want to compare the current market against the same time period last year. So much is being made of this sluggish housing market, with the media constantly filling us with their crys of doom and gloom.  Is it really that bad?  Should we be scared, worried sick, and possibly suicidal?

Well, here in Charlottesville and Albemarle County, Central Virginia, 101 detached homes (no condos or attached homes considered here) sold between July 1st and August 8th this year.  Let's take a closer look and compare the numbers:

Market Comparison

DATE RANGE                                       Average Sale Price      Price/Sq Ft                   DOM

_____________________________________________________________________________________

July 1st, 2007-August 8th, 2007                  $ 534,605             $ 190.26                      90  

With home prices between $128,000 and $4,600,000

Avg difference between listed $ and sold price was -2.7%                                      

July 1st, 2008-August 8th, 2008                  $ 497,804             $ 176.96                      124

With home prices between $150,000 and $2,160,000

Avg difference between listed $ and sold price was -4.5%__________________________________________________________________________________________________________________________________________________________________________

Let's take a look at some of the biggest movers and shakers and talk about why they sold, while others still sit on the market.

The 10 homes represented here ranged in price between $167,000 and $372,000, our bread and butter market--meaning this price range represents the largest segment of homes changing hands at any given time.  Avg difference between listed $ and sold price was -4.1%  and average price per square foot was $160.

1. 139 BUCKINGHAM CIR.  Cute house, complete with glass sun room, mature gardens, a detached studio, all very close to everything UVA.  The Realtor, Gracie Haines, did a fantastic job writing descriptive copy for each picture.  She obviously checked spelling, too.  Thank you, Gracie.  House was a high $208 per sq ft.  But with only 34 days on the market, location, condition, the extra studio, glass sun-room, and gardens offered the buyer what they wanted at the price they wanted to pay.

139 Buckingham Circle

2. 392 Bayberry Way.  It took a $27,000 price cut to come to terms, but it was priced agressively considering others in neighborhod with average list price of $400,624 and DOM of 113.  Most recent solds in same development have run between $221,500 and $389,500 DOM 110 (since August of last year). This was 2nd most expensive home that has sold in Deerwood in almost a year.

392 Bayberry Way

3. Only 6 days on the market.  Did Angela Dodson under price her listing?  No, just because she was able to do something few Realtors have been able to do as of late, does NOT mean it was under priced.  On the contrary, she had a very clean property, close to UVA, good pictures with well written descriptions, and a price below $300,000.  Good work Angela!  I bet the sellers aren't complaining!

831 Harris Rd

4. 1050 Old Fox Trail Lane.  It seems anything in Crozet is still gold!  4 bedroom, 2.5 bath well maintained home in Western Ridge.  Ooodles of well taken pictures that really showcase the property well. In the past year there have been 9 homes sold in Western Ridge, this one was the lowest priced, but it was the highest per square foot @ $173 !  Average days on market in the development was 130 days.  This property was only on the market 13 days!  The average differnce between list price and sold price was -2%.  This property only -.6%.  Well done.  Well done.

1050 Old Fox Trail Ln
5. 1249 Timberbranch Ct.  This home sold for a little more than its list price.  Interesting that a larger (vacant) home down the street listed for more but sold for the same price yet in a longer time.

1249 Timberbranch Ct
6. A three bedroom, 1 bath ranch in Crozet for $167,000?  I'll take it!  Sold "As-is" but didn't seem to turn off buyers who gave it only 14 days on the market!  These listings always move quickly.

1270 Peach Tree Ln

7. A nice little home in the heart of Hollymead.  Another $30K whack at the closing table, but still...it sold in 74 days being vacant.  However, it was the lowest selling home since last January in the Hollymead development.  AND, it took the highest cut from list to sales price, -5% where Hollymead on average during the same period saw only a -3.4% correction overall. Price started too high and it's never easy to sell when you're posting pictures of empty rooms.

1770 Sourwood Pl

8. 2703 Westmoreland Rd.  In the Westmoreland sub-division.  Another vacant home that took 64 days to sell and a $32 thousand dollar cut from asking price. But look closer. 7 homes sold in this sub-division since January 1st of 2007. This was the cheapest.  However, the average cut from list to sale was -5%.  But on this home -11.2% !  Only 3 pictures, 2 outside showing basically the same thing, and 1 interior.  You should also look what a difference using a small real estate agency with little national exposure can mean when trying to sell your home for the most money in the shortest amount of time.

2703 Westmreland Rd
9. I know you've been reading this and asking yourself "I thought this was Top 10 Homes Sold..." and here I've given several that certainly don't get any prizes for getting top dollar.  But sometimes, like this example near Crozet at 3070 Morewood in the Rockbridge sub-division, it's about getting the job done in a down market.  Since last August only 4 homes have sold, this one being the least expensive.  In comparison, this home didn't have as much in the way of baths, etc.  But I applaud the realistic seller that adjusted their price. A -6% cut from list to sales price, compared to -3% overall in sub-division.  But price per square foot was highest at $158 compared to a $150 average.

3070 Morewood Ln
10.  And finally, congratulations to Tommy Brannock for pricing this Forest Lakes home to sell. Tommy put this house in the right spot where the buyers were buying--right at the $161 per sq ft average--a vacant home, but the way the pictures were taken, hard to tell!  Agressively priced, properly priced.  A Realtor who accomplished their client's goals.

 

 3136 Ridgefield

Thanks for reading.  I'm open to comments and/or suggestions.

I'm also taking new clients, so feel free to contact me by phone: 434-220-2228 and leave a message OR, by e-mail: Fulton@kw.com.

And check out my 20% Home Buyer Rebate Offer: http://www.BuyerRebateOffer.com

Voted #1 Real Estate web site:  http://www.CharlottesvilleHomeSellingTeam.com

Fulton Gaylord
Keller Williams Realty
300 Preston Ave., Suite 500
Charlottesville,  VA  22902

 

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
Fulton@kw.com
434-220-2228

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