The beginning of a new month is the perfect time to take stock of the trends in the local real estate market. This post will deal with real estate activity in the Fluvanna County, Virginia real estate market.
In September 2008, 14 Fluvanna County homes had pending contracts. The average list price was $261,871 and the median was $252,000. The average days on market had been 118 days.
10 homes in Fluvanna had contingent contracts. The average list price was $244,737 and the median was $217,910. They had been on the market for an average of 141 days.
In September 2008, 17 Fluvanna homes sold. The average sales price was $235,650, with an average list price of $246,125 and a median of $217,500. The homes were on the market for an average of 124 days and sold for an average of 95.74% of the list price.
To compare lets look at the August 2008 sales figures. In August 2008, 25 homes sold in Fluvanna County. The average sales price was $254,740 and the average list price was $265,446. The median was $235,000 and they were on the market for an average of 117 days. They sold on average for 95.97% of the list price.
Compare what is happening in todays market with the figures from a year ago. In August of 2007, 21 Fluvanna County homes sold. The average sales price was $247,850 and the average list price was $257,398. The median was $225,000 and they averaged 89 days on the market. The homes sold for an average of 96.29% of the list price.
On the first of October 2008, there were 358 homes actively listed in Fluvanna County, Virginia. The average list price is $310,487 and the median is $259,900. The homes have been on the market for an average of 149 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 21 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 for sale in the same price range. You will also notice that the homes that did sell are priced lower on average than the average price of the homes that are actively listed. 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. Also homes are selling at this time for a slightly lower percentage of the list price than they were a year ago.
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.
Figures are obtained from the mls and are presumed 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.