Its the beginning of a new month and the perfect time to evaluate what has been going on in the local Albemarle County real estate market. We have been hearing on the national news a lot about the state of the real estate market, but how does Albemarle County compare?
The following data is for single family detached homes in Albemarle County, Virginia.
In October 2008, 31 Albemarle County homes were under contingent contracts. The average list price was $702,938 and the median was $349,248 with an average of 153 days on the market.
12 homes had pending contracts. Their average list price was $1,119,563 and the median was $462,450. They were on the market for an average of 98 days.
In October 2008, 33 Albemarle County homes sold. The average sales price was $637,347, with an average list price of $709,451, and a median of $432,500. They were on the market for an average of 138 days and sold for an average of 89.84% of the list price.
Currently there are 715 homes actively listed in Albemarle County. The average list price is $968,151, the median is $500,000 and they have been on the market an average of 176 days.
Lets see how this compares with the figures from last month. In September 2008, 45 Albemarle County homes sold at an average sales price of $513,605 and an average list price of $591,088. The median was $492,000 and they had been on the market for an average of 147 days. The homes sold for an average of 95.46% of the list price.
In addition we should compare this with last year. In October 2007, 59 Albemarle County homes sold. The average sales price was $556,805 and they had been listed at an average price of $591,088. The median was $440,000 and they were on the market for an average of 108 days. They sold for an average of 94.20% of the list price.
This year to date 577 Albemarle County homes have sold compared to 777 homes sold by this time last year. This marks a 25.7% reduction of sales from last year.
As you can see sales have slowed ove the past year. If you do have to sell in this market it is important to make sure that your home is properly priced and it is imperative to make sure that your home is in the best possible condition. If you are considering buying an Albemarle County home, the timing couldn't be better. There is a lot of inventory on the market, which translates into a lot of choices, and importantly interest rates are still low.
Figures are from the local mls and while deemed accurate are 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.
For more information about Charlottesville and Albemarle as well as the local real setate scene visit my other blog at Charlottesville Horse Farms and Country Homes.