Louisa County Virginia Market Report - November 2008

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

This post will focus on the sales of single family detached homes in Louisa County Virginia during November 2008.home sold

6 Louisa County homes were under contingent contracts in November 2008.  The average list price was $288,203, with a median of $267,400 and an average of 93 days on market.

6 homes had contracts pending.  The average list price was $305,419 and the median was $219,408 with an average of 119 days on market.

In Louisa 8 homes sold in November of 2008.  The average sale price was $295,021.  The homes had an average list price of $307,025 and a median of $234,865.  The average DOM was 166 and the homes sold for an average of 96.09% of the list price.

As of December 1 there were 276 homes actively listed on the Louisa County real estate market.  The average list price is $343,817 and the median is $240,975.  The homes have been on the market for an average of 186 days.

Lets compare these figures with October 2008 sales.

In October 2008, 9 Louisa County homes were under contingent contracts.  The average list price was $319,516 and the median was $152,500.  The average days on market was 85.

6 homes had contracts pending.  The average list price was $171,480 and the median was $150,971 with an average of 129 days on market.

In October 2008, 18 homes sold in Louisa County.  The average sale price was $264,441 and the homes had been listed for an average price of $261,732.  The median was $242,000 and the average days on market was 79.  The homes sold for an average of 101% of the list price.

To further compare lets look at the home sales from a year ago.

In November of 2007, 14 homes sold in Louisa County.  The average sales price was $324,326 and the homes were listed at an average price of $321,487.  The median was $317,000 with an average DOM of 120 days.  The homes sold for an average of 100.88% of the list price.

For further comparison lets compare the year to date sales between this year and last.

In 2007 during the period from January 1 - December 1, 183 homes sold in Louisa County; during the same period in 2008, 172 Louisa County homes sold.  This represents a decline in sales of -6.0%

What can we tell from these figures?  One ray of hope for Louisa County is the fact that while home sales are slow this represents the smallest decline in sales in the Central Virginia area.

There is still a great deal of inventory on the market and homes are selling for less than they were last year.  Sellers will need to price their homes aggressively and make sure that they are in the best condition possible to capture the attention of buyers in this market.  Also since 85% of buyers are starting their home search online it is important to hire a Realto with a strong internet presence.

Buyers have a lot to choose from, prices are low, and interest rates so far have remained low.  With the long time that homes are remaining on the market many sellers are ready to negotiate.  This is the perfect time to find a great home at a great price.

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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.

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

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