Charlottesville, Virginia Market Report - October 2008

By
Real Estate Agent with Gayle Harvey Real Estate, Inc.

We all hear daily via our tv sets about the national real estate market, but what is happened locally?  It's the first of the month and we will explore the real estate activity in our local market.  This post will cover the figures of detached single family homes in the city of Charlottesville during October 2008.

In October of 2008, 13 Charlottesville homes had pending contracts.  The average list price was $267,093 and the median was $265,000 with an average of 83 days on the market.

1 Charlottesville home had a pending contract.  The list price was $299,990 and it was on the market for 12 days.

In October 2008, 13 homes in Charlottesville, Virginia were sold.  The average sales price was $290,999, with an average list price of $305,471 and a median of $249,900.  The homes had been on the market for an average of 65 days and sold for an average of 95.26% of the list price.

 As of November 1, 2008 there are 194 homes active listed on the Charlottesville, Virginia real estate market.  The average list price is $389,716 and the median is $325,000.  The homes have been on the market for an average of 157 days.

Let's look at the September 2008 figures in order to compare:

In September 2008, 18 Charlottesville homes were under contingent contracts.  The average list price was $296,461, with a median of $257,200 and they were on the market for 128 days on average.

10 Charlottesville homes had contracts pending.  They were listed for an average price of $329,119 and the median was $312,445.  The average days on market was 174.

In September 2008, 26 Charlottesville homes sold at an average sales price of $314,890.  The average list price was $327,721 with an average median of $260,316 and an average days on market of 28.  These homes sold for an average of 96.08% of the list price.

Lets compare with the figures from October 2007 when 19 Charlottesville, Virginia homes were sold at an average sales price of $376,554.  The average list price was $382,439, with a median of $350,000 and an average days on market of 77.  These homes sold on average for 98.46% of the list price.

In 2008 to date 307 Charlottesville homes were sold compared with 334 homes sold from January 1, 2007 through October 31, 2007.  This is a decline of 8.1% from 2007.

As you can see from these figures, real estate activity in October 2008 was down from September.  If you do need to sell your home it is imperative that it is priced aggressively and is in as good condition as possible.  With 85% of buyers beginning their search on time, you will need to hire a REALTOR with an internet presence.  On the other hand if you are buying a home in the Charlottesville area, you will have a lot of choices, interest rates are still low and savvy sellers are ready to negotiate.  It is a great time to buy!

 Figures are from the mls and while they are deemed accurate they are not guaranteed.

___________________________________________________________________________________________________

ontact 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 on Charlottesville, Virginia events, farms and real estate visit my other blog at Charlottesville Horse Farms and Country Homes.

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