The first of the month is the perfect time to reflect on what is going on in the area real estate market. This market report will focus on home sales in the Louisa Couny, Virginia market.
In September 2008 10 Louisa County homes were contingent. The average list price was $312,400 and the median was $238,000. The homes were on the market for an average of 168 days.
8 Louisa County homes had pending contracts. The average list price was $300,044 and the median was $224,950. They have been on the market for an average of 135 days.
In September, 2008, 18 Louisa County homes sold. The average sales price was $198,159, the average list price $206,938 and the median $203,040. They had been on the market for an average of 135 days and sold for an average of 95.76% of the list price.
Compare these figures with the August home sales in Louisa County. In August 2008, 22 Louisa homes sold for an average sales price of $258,396. The average list price was $262,690, and the median was $256,200. They had been on the market for an average of 111 days and sold for an average of 98.37% of the list price.
Lets look at what happened in the Louisa County real estate market a year ago. In September 2007, 14 homes sold in Louisa County, Virginia. The average sales price was $291,417 and the average list price was $300,915. The median price was $274,000. The homes had been on the market for an average of 117 days and sold for an average of 96.84% of the sales price.
At this time there are 292 homes actively listed in Louisa County. The average list price is $368,698 and the median is $264,450. The homes have been on the market for an average of 177 days.
What can we deduce from these figures? Number one, there is a lot of inventory on the market. At the current rate of sales it will take about 16 months to buy down all of the inventory on the market. This translates into alot of choices for buyers. If you are a seller it is important to make sure that your home is in perfect condition to ensure that your home will "out shine" all of the other homes in the same price range. You will also notice that the homes that did sell are priced much lower on average that the homes that sold a year sgo. Buyers are looking for a deal in this market and the homes that are selling are priced agressively. Many properties that have been on the market for a long time may have had significant price reductions. There are opportunities right now to find the perfect home at a great price.
If you are selling a home it is crucial in this market to make sure that your home is priced properly. I would be happy to do a cma on your home and discuss with you what your home could bring in today's market. Also since 85% of all buyers are starting their home search on line it is important to choose an agent who has a strong internet presence.
All figures are curtesy of the local mls and are deemed correct but not guaranteed.
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.