Orange County Virginia - November Market Report

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

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

2 Orange County homes had contingent contracts during November 2008.  The average list price was $1,955,500.  The homes have been on the market for an average of 221 days.

3 homes had contracts pending.  The average list price was $1,326,300 and the median was $164,900.  The homes were on the market for an average of 152 days.

In November 2008, 7 homes sold in Orange County.  The average sale price was $217,071, with an average list price of $241,921 and a median of $173,000.  The homes were on the market for an average of 154 days and sold for an average of 89.73% of the list price.

On December 1, 2008, 126 homes were actively listed in Orange County.  The average  list price is $430,999 and the median is $269,900.  The homes have been on the market for an average of 198 days.

Lets see how this compares with the figures from October 2008.

In October 4 homes had contingent contracts in Orange County.  The average list price was $298,663 and the median was $182,825.

6 homes had contracts pending.  The average list price was $256,283 and the median is $182,000.  The homes were on the market for an average of 326 days.

5 Orange County homes sold in October 2008.  The average sale price was $244,100, with an average list price of $263,918 and a median of $215,000.  The average DOM was 247 and the homes sold for an average of 92.49% of the list price.

For further comparison we will look at the sales from last year.  In November 2007, 7 homes sold in Orange County.  The average sale price was $237,332, with an average list price of $248,300, and a median of $231,452.  The average DOM was 98 and the homes sold for an average of 95.58% of the list price.

Lets compare the sales for this year to date with the sales from the same time period last year.  In 2007 from January 1 - December 1, 107 Orange County homes sold.  This year during the same time frame only 75 homes sold.  This represents a decline of -29.9%.

As you can see sales are down from last year, homes are selling for a lower percentage of the list price and there is a lot of inventory on the market.  In combination with the current low interest rates, this makes it a very good time to buy. 

If you do need to sell your home, it is important to make sure that it is the one that buyers will want to see.  In addition to pricing the home agressively, it is important to make sure that the home is in the best condition possible both inside and out.  Also with over 85% of buyers starting their home search on line you need to make sure to hire an agent with a strong internet presence.

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

Pam you have done a nice job explaining what is going on in the Orange County market. Hopefully 09 will bring more sales your way.

Dec 10, 2008 01:25 PM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

Thank you Bill.  I have begun to see more activity personally.  Hopefull we will also see an increase in the market as a whole.

Dec 19, 2008 06:15 AM #2
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