The beginning of a new year is an appropriate time to assess what happened in the local real estate market over the past year. In this post we will compare the sales of single family detached homes in Albemarle County, Virginia during 2008 as a whole and compare those sales with the sales in 2007.
In 2007 in Albemarle County 866 homes sold for an average sale price of $494,924. The average list price was $514,964 and the homes sold for an average of 96.11% of the list price. In 2007 there was an average of 10.83 months of inventory on the market.
In 2008 in Albemarle County 657 homes sold. The average sale price was $522,491 and the average list price was $556,417. The homes sold for an average of 93.90% of the list price and the average DOM was 121.3. There was an average of 14.67 months of inventory on the market.
This represents a decline in sales of 24.14% from 2007. In addition you can see that homes are staying on the market longer and are also selling for a lower percentage of the list price. However, unlike what we would expect the average sale and list prices have gone up.
If you would like more information on the local real estate market and insite on how this might affect your home, either call or email me and I would be happy to speak with you.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, [email protected], 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.