Charlottesville Virginia Market Report - November 2008

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

This is the second in our series of local market reports.  This report will focus on the sales of single family detached homes in Charlottesville, Virginia during November 2008.

9 Charlottesville homes were under contingent contracts in November 2008.  The average list price was $330,250 and the median was $346,000 with an average days on market of 239.

One Charlottesville home had a contract pending.  The list price was $214,900 and the home had been on the market for 143 days.

In November 2008, 10 Charlottesville homes had contracts that closed.  The average sales price was $331,191 with an average list price of $339,637 and a median of $329,500.  The homes had an average time on market of 43 days and sold for 97.51% of the list price.

As of December 1, 2008 there are 185 Charlottesville homes actively listed.  The average list price is $376,549 with a median of $315,000 and an average days on market of 163.

To compare lets look at the figures for October of 2008.
In October 2008, 13 Charlottesville homes were under contingent contracts.  Their average list price was $267,093 and the median was $265,000, with an average DOM of 83.

2 Charlottesville homes had contracts pending in October.  Their average list price was $304,945 and they were on the market for an average of 13 days.

15 homes sold in Charlottesville, Virginia during October 2008.  The average sales price was $290,599, with an average list price of $306,401 and a median price of $249,900.  They had been on the market for an average of 68 days and sold for an average of 94.84% of the list price.

To compare further we should examine the home sales in November of 2007.
23 Charlottesville homes sold in November of 2007.  The average sales price was $347,506, with an average list price of $347,060 and a median of $277,000.  The homes were on the market for an average of 105 days and sold for an average of 100.13% of the list price.

To put the real estate market in further perspective lets compare sales of the year to date with last year.
In 2007 from January 1 - December 1, 355 homes sold; in the same period in 2008, 320 Charlottesville homes sold.  This represents a decline of  -9.9%.

What can we tell from these numbers?  For the year over all, Charlottesville home sales have held their own compared to the surrounding Albemarle County.  Homes are staying on the market longer.  Sellers need to price their homes agressively and make sure that the property is in the best condition possible.  With the large amount of inventory on the maket it is important to do everything possible to ensure that your home is the one that will sell.  It is also important to hire a REALTOR with a significant internet prescence, since over 85% of buyers begin their home search on line.

For buyers the current market offers a wonderful opportunity.  Home prices are the lowest that they have been in 4 years, there is a wide selection to choose from, interest rates at this time are low, and many sellers are ready to negotiate.  This is the time to find your dream home at a great price!

Figures are from the local mls and while deemed correct are not guaranteed.

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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 on Central Virginia homes, farms, events and real estate visit my website Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes.

 

 

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