In our local area, there were 557 homes sold in the first quarter of 2008, which was down 210 from the first quarter of 2007. Specifically, Albemarle County was down by 40%. Charlottesville down by 7.1%. Fluvanna down by 26.4%. Greene County down by 27.5%. Louisa down by 14.3% and Nelson County down by 35.6%. This is the lowest number of sales reported in the local MLS since the first quarter of 2000.
The median sales price in Albemarle County had a significant increase during this 1st quarter of 2008. Surprise, Surprise! Since sales were off by 40%, it is amazing the median price went up by $51,600. There are three factors that explain the increase: (1) condo sales decreased significantly; (2) the higher end of the market is less affected by mortgage market issues and (3) Other counties offer more house for the money.
Home prices vary from house to house and street to street, but the numbers in the first quarter may indicate prices are stabilizing. The market is changing very quickly and the best way to sell a property to price is right from the beginning.
Overall the entire median price rose $10,186 (+3.9%). Fluvanna (-10.1%), Greene (-22.2%) the median declined. But Albemarle was up 17.9%; Charlottesville up by 12%, Louisa up by 3.6% and Nelson up by 15.2% for the first quarter.
THERE ARE TOO MANY HOMES ON THE MARKET RIGHT NOW! This surplus of inventory will keep prices low as sellers are forced to offer "good deals" in this competitive market place. The more homes we have on the market, the more pressure there is on sellers to keep prices down. We do not expect homes prices in the area to increase in the near future.
There are currently 3,673 homes on the market. Compare this to 3,100 at this time last year. The median price of these homes for sale is $319,000 and the average days on the market (DOM) is 147 days. There are 663 homes for sale under $200,000 which means it is a great time for first-time buyers. There are 576 homes currently on the market priced at $1million plus with an average DOM of 200.
So the conclusion that has been drawn is that IT IS A GREAT TIME TO BE A BUYER! There are extraordinary opportunities available if you are looking to move or invest and can plan to hold the property at least 3 to 5 years.
If you are a seller and your property has been on the market for some time - it is time to face reality. If you want to sell in this market, you will need to offer a better combination of location, amenities, and pricing than the 500 other sellers with whom you are competing for buyers. Since you can't change location and amenities, it is the price that you can change. You may have to sell low - BUT YOU WILL ALSO BE ABLE TO BUY LOW.
Whether you are looking for a horse/cattle farm, an estate property, a maintenance free house - attached or detached, a townhome, or a condo -- Charlottesville and our surrounding counties have it all.
Location Characteristics: Albemarle County is centrally located in Virginia, 110 miles southwest of Washington,D.C.; 70 miles west of Richmond; 115 miles northeast of Roanoke. Albemarle County surrounds the City of Charlottesville, which has been cited as one of America's 100 best retirement towns, citing the Univeristy of Virginia, the Blue Ridge Mountains and the city's historic Downtown Mall among local attractions. Charlottesville has gained repeated recognition as one of Money Magazine's "Best Places in America". The climate (four seasons) is terrific. The topography, the environment, the charm, make this a most desirable area.
About Betty Thomas & D. B. Sandridge:
Betty entered the exciting world of real estate in 2001. She is a full-time realtor and serves on the Charlottesville Area Association of Realtors Membership Committee.
Having spent most of her life as a resident of Albemarle County, Betty is married, has two children and two granddaughters (whom she loves to spoil). She enjoys working in her greenhouse, gardening, and spending time with her family and friends.
Prior to becoming a realtor, Betty and her husband owned and operated a business in Charlottesville for over 18 years. As a small business owner, she was involved in sales, customer service and financial oversight of the business. She also spent 3 years in sales and marketing of contract office furniture. While in this position, she traveled throughout central Virginia doing layout and design of offices.
With her background in sales, business ownership/management and her attention to detail, she will look out for your best interest -- whether buying or selling. It is her desire to have happy and satisfied customers.
In 2002, Betty teamed up with a co-Realtor, D. B. Sandridge. Together their mission is to provide you with outstanding customer service. They work as a team to provide you with knowledge of the market and trends in the industry. They keep abreast of change in development and zoning issues, disclosures, agency and fair housing laws. They stay with you throughout the buying and/or selling process. As a team, they bring years of real estate experience and knowledge of the area to their clients. They take time to listen to each client so that your needs and goals are met. They work hard so you don't have to . . . They deal with the many other parties involved, such as attorneys/closing companies, lenders, sellers, buyers, home inspectors, surveyors, pest control companies, etc. so that your tansaction is completed in a smooth and professional manner.
What our clients say about us:
"Betty . . . I'm sure you spent far more time, mileage and effort than the commission warranted and we shall be forever grateful."
"D.B. is an asset to your company and we will be recommending him to anyone who is looking for a realtor."
"The Team That Gets Results"
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
