This report will examine the sales of single family detatched homes in the city of Charlottesville, Virginia during January of 2009.
14 Charlottesville homes had contingent contracts in January of 2009. The average list price was $335,393 and the median was $246,000. The homes were on the market for an average of 86 days.
6 homes had contracts pending. The average list price was $273,667 and the median was $292,000, with an average DOM of 120.
In January 2009, 7 homes sold in Charlottesville, Virginia. The average sale price was $237,857, with an average list price of $256,514, a median of $205,000 and an average days on market of 116. The homes sold for an average of 92.73% of the list price.
Currently there are 174 homes actively listed on the Charlottesville real estate market. The average list price is $358,742 and the median is $286,000. The homes have been on the market for an average of 162 days.
Lets compare the figures for January with the December sales activity.
In December 2008, 10 Charlottesville homes had contingent contracts. The homes were listed for an average price of $341,160 and a median of $289,450, with an average DOM of 99.
6 Charlottesville homes had contracts pending. The average list price was $312,050 and the median was $239,450 with an average days on market of 99.
11 homes sold in Charlottesville, Virginia in December of 2008. The average sale price was $395,674. The homes were listed at an average price of $440,577 and the median was $290,500. The homes were on the market for an average of 180 days and sold for an average of 89.81% of the list price.
How does this activity compare with the sales from a year ago?
In January 2008, 20 Charlottesville homes sold for an average sale price of $388,282. The homes were listed at an average price of $399,917 and had a median price of $296,125. They were on the market for an average of 80 days and sold for an average of 97.09% of the list price.
What can we deduce from these figures? Comparing the contingent and pending numbers from December and January, you can see that there was a slight increase in activity in January. These are traditionally slow months in our area real estate market, but as you can see compared with the sales from a year ago we are looking at a decrease in sales from a year ago. Also consumers are more comfortable paying less for a home than they were a year ago. Remember the lower median price numbers does not mean that the homes have dropped this much in value but rather it tells us what price range home that the majority of customers are comfortable buying at this time. We still need to see a significant reduction in inventory before we will see a return to a balanced market.
If you would like more information about the area real estate market or to discuss what your particular home might sell for in the current market, I would be happy to talk with you.
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.
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Visit my website Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville, Virginia homes, horse farms, events and real estate.