This Albemarle County real estate market report will cover the sales of detatched homes in Albemarle County Virginia during February 2009. I am frequently asked "how is the real estate market?" In order to see what is happening with local home sales we must examine the available data.
In February 2009, 40 Albemarle County homes had contingent contracts. The average list price was $558,775, with a median of $374,450 and an average days on market of 114.
8 homes had contracts pending. The average list price was $611,545 and the median was $560,000. The homes were on the market for an average of 66 days.
22 homes were sold on the Albemarle County real estate market during February 2009. The homes sold for an average of $518,535. They had been listed at an average price of $560,423, with a median of $336,000, and were on the market for an average of 166 days. The homes sold for an average of 92.53%.
Lets look at the Albemarle County home sales from January of 2009 to get a sense of where we are going.
In January 2009, 30 Albemarle County homes were under contingent contracts. The average list price was $500,047 and the median was $328,500. The average DOM was 178.
21 homes had contracts pending. The average list price was $508,582 and the median was $339,900 with an average of 141 days on the market.
During January 2009, the Albemarle County real estate market had 21 homes with contracts that closed. They sold for an average price of $465,395 and had been listed for an average price of $484,882. The median was $359,900. The homes had been on the market for an average of 123 days and sold for an average of 95.98% of the list price.
There are currently 599 homes actively listed for sale in the Albemarle County real estate market. The average list price is $969,021 with a median of $449,000. The homes have been on the market for an average of 178 days.
If we compare Albemarle County home sales for the period running from 1/1/2008 - 3/2/2008 with the same period in 2009, we see that there has been a major drop in sales during the first two months of 2009. During the first two months of 2008, 77 Albemarle County homes sold. During the first two months of this year only 43 homes sold in Albemarle County. This represents a drop in sales for this year to date in the Albemarle County Virginia real estate market of -44.2%. Homes priced between $250,000 and $349,999 accounted for 35% of the sales so far in 2009. The rest of the price ranges each had between 1 and 3 sales.
What does this mean for you the consumer? If you are selling an Albemarle County home the $250,000-$350,000 price range is seeing the most activitiy. This appears to be the price range that the greatest number of onsumers are comfortable buying in. With the large number of homes that are actively listed on the Albemarle real estate market it is essential that your home be priced aggressively and that it be in perfect condition if you hope to attract a contract.
If you are buying a home in Albemarle County, you are definately "in the catbird seat". There are many homes for sale for you to choose from and some of thoses homes have been on the market for a long time. Sellers may be ready to be negotiable regarding price or conditions. Interest rates are still at historic lows and if you are a first time homebuyer you may be eligible to take advantage of the First Time Buyers Tax Credit for a home closing before December 1, 2009.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 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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Copyright © 2009 by Pam Dent, all rights reserved, "Albemarle County Real Estate Market Report - February 2009".