Charlottesville Virginia Real Estate Market Report - February 2009

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

This Charlottesville Virginia real estate market report will focus on the sales of single family detatched homes in the city of Charlottesville during February 2009.A sold Charlottesville home

In February 20 Charlottesville homes had contingent contracts.  The average list price was $225,680 and the median was $234,650, with an average DOM of 114.

10 homes had contracts pending.  They were listed at an average price of $243,418 and had a median price of $234,900.  The homes had been on the market for an average of 147 days.

In February 2009, 11 homes sold on the Charlottesville Virginia real estate market.  The average sale price was $337,944.  The homes were listed for an average price of $345,026 and the median was $330,000.  Their average DOM was 127 and they sold for an average of 97.95% of the list price.

Lets compare the February sales with the figures from January.

In January 2009, 14 homes in Charlottesville VA had contingent contracts.  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.

9 Charlottesville homes had contracts pending.  The average list price was $370,767, with a median of $269,900 and an average DOM of 98.

7 homes sold on the Charlottesville real estate market during January 2009.  The homes sold for an average price of $237,857.  They were listed for an average of $256,514 and the median was $205,000.  The homes were on the market for an average of 116 days and sold for 92.73% of the list price.

Currently there are 184 homes actively listed on the Charlottesville Virginia real estate market.  The average list price is $375,351 with a median of $299,900.  They have been on the market for an average of 158 days.

For comparison purposes lets look at the home sales during the period of 1/1/2008-3/2/2008 and compare them with the same period this year.
During the first two months of 2008, 44 homes sold in the Charlottesville real estate market.  However during the first two months of 2009, only 18 Charlottesville homes sold.  This represents a decline in sales of -59%.  The three price ranges that saw the most sales in the first two months of 2009 were $150,000-$199,999, $200,000-$249,999, and $350,000-$399,999, each with 4 sales.

If you are selling a Charlottesville home, it is essential that your home is priced properly.  One of the first things that buyers in this market are looking at is price.  It is important to get the advice of a Realtor who knows the local market to advise you on how to price your home in this highly competitive market.  It is also crucial that your home be presented in the best possible condition.  The three main things that a buyer looks for are location, price and condition.  You can't do anything about your home's location, but you can make sure that your home is priced correctly and that it is in optimum condition.

If you are buying a Charlottesville home, you will have a lot of choices in this market.  In addition, prices are lower overall than they have been in the past and interest rates are at an all time low.  Also if you are a first time homebuyer you can take advantage of the First Time Homebuyer Tax Credit.  This could add up to the perfect opportunity for you to get the right home at the best price.

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

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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.

 

View all of the Charlottesville Virginia homes for sale.

 

View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate. 

 

Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville Virginia Real Estate Report - February 2009".

 

 

 

 

 

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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Pam,  That is a substantial drop in the number of homes sold in 2009 compared to 2008.  I assume the drop in prices will bring an increase in activity.  Good report,  Karen

Mar 04, 2009 06:11 AM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

Karen - The numbers are pretty dramatic.  Activity is starting to pick up.  Hopefull it will keep on and we will have a good spring.

Mar 22, 2009 01:26 PM #2
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