Its the first of a new month and time to take stock of what is happening in our local real estate market. This report will feature sales of detached homes in Albemarle County Virginia in November 2008.
32 homes had contingent contracts in November of 2008. The average list price was $475,119 and the median was $419,700. The homes were on the market for an average of 151 days.
15 homes had contracts pending. The average list price was $500,070 and the median was $397,500. The homes had been on the market for an average of 169 days.
24 Albemarle County homes sold in November of 2008. They sold for an average price of $679,729. The average list price was $744,581 and the median was $357,000. The homes were on the market for an average of 118 days and sold for 91.29% of the list price.
As of November 1, 2008 there are 681 homes actively listed on the Albemarle County market. The average list price is $987,796 and the median is $519,000. The homes have been on the market for an average of 188 days.
Lets see how November of 2008 compared with October.
In October 2008 31 Albemarle County homes had contingent contracts. The average list price was $702,938 and the median was $349,248.They had been on the market for an average of 153 days.
18 homes had pending contracts in October with an average list price of $880,142 and a median of $399,450 and an average days on market of 115.
40 Albemarle County homes sold in October of 2008. The average sale price was $631,205, the average list price was $697,112 and the median was $435,679. The homes were on the market for an average of 133 days and sold for an average of 90.55% of the list price.
Lets see how this compared with November of last year.
In November 2007, 48 homes sold in Albemarle County for an average sale price of $417,960. The average list price was $444,662 and the median was $314,500. The homes were on the market for an average of 90 days and sold for an average of 93.99% of the list price.
Finally we will look at the year to date figures for 2008 and 2007. In 2007 from January 1 - November 1, 820 homes sold in Albemarle County. In the same time period in 2008, 609 Albemarle County homes were sold. This represents a decline of -25.7%.
As you can see, Albemarle County is still in a declining market. This translates to a lot of inventory on the market, lower sale prices, and longer days on the market. If you are selling a home, it needs to be in perfect condition and must be priced agressively. In addition since over 85% of home buyers begin their search on the web, it is important to hire a REALTOR who has a strong internet presence.
If you are buying a home, the current market presents a great opportunity. You have a large selection of homes to choose from, prices are down and many sellers are ready to negotiate. Also interest are remaining very low. This is the perfect time to buy your dream home at an exceptional price.
Figures are from the mls and while they are deemed correct they 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.
Visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville homes, farms, events and real estate.