Lake Monticello, Virginia Market Report - October 2008

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

The last area that we will consider in our market reports this month is the sale of detached homes in Lake Monticello.  The Lake is a gated community centered areound a 350 acre lake located in the heart of Fluvanna County just outside of Albemarle County and Charlottesville Virginia.

In October of 2008, 6 homes had contracts pending in Lake Monticello.  The average list price was $251,267 and the median was $234,000.  They had been on the market for an average of 88 days. 

There were not any homes with contracts pending in the month of October.

18 Lake Monticello homes had contracts that closed in October of 2008.  They sold for an average price of $263,275 and had been listed for an average price of $273,128.  The median was $236,325, with an average days on market of 89.  The homes sold for an average of 96.39% of the list price.

As of November 1, 2008, 170 homes are actively listed on the market in Lake Monticello.  The average list price is $263,100, with a median of $239,000 and they have been on the market for an average of 145 days.

Compare the above figures with those from September.  In September of 2008 13 Lake Monticello homes had contingent contracts.  They were listed for an average price of $261,638 and a median of $249,000.  They were on the market for an average of 108 days.

7 homes had contracts pending.  Their average list price was $260,243 and the median was $255,000 with an average of 140 days on the market.

In September of 2008, 14 homes sold at Lake Monticello.  The average sales price was $252,814 and they had been listed for an average price of $263,627, with a median of $211,750.  The homes were on the market for an average of 99 days and sold for an average of 95.90% of the list price.

Lets also look at the figures of homes that sold in October last year.  In October 2008, 20 Lake Monticello homes sold for an average sales price of $274,063.  The homes had been listed for an average price of $282,525 and the median was $243,750.  They were on the market for an average of 67 days and sold for an average of 97% of the list price.

This year to date in the period ranging from January 1, 2008 - October 31, 2008, 176 homes sold in Lake Monticello.  In 2007, to date 245 homes sold.  This is a decline in Lake Monticello home sales of -28% for the year to date.

As you can see from these figures, fewer homes are selling, they are staying on the market longer and they are selling for less.  Therefore if you do need to sell in the current market it is necessary to price your home very agressively, and have it in perfect condition.  Also it is important for you to hire a Realtor who has a strong internet persence to capture the 85% of buyers who are starting their home search on line.

On the other hand if you are buying a home in the Central Virginia realestate market, you have a wonderful opportunity to find the perfect home at a great price.  Inventory is high, offering many choices, interest rates are low and many sellers are ready to negotiate.

The above figures are courtesy of 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.

 

Visit my other blog Charlottesville Horse Farms and Country Homes for more information on Lake Monticello, Charlottesville area homes and the Central Virginia real estate market.

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Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Pam good work putting together your market report for Lake Monticello. You have given a clear picure of what is going on in your local market.

Nov 09, 2008 08:43 AM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

Bill - Thanks for stopping by.

Nov 09, 2008 01:06 PM #2
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