This article was sent out by Dave Phillips, the CEO of the Charlottesville Association of Realtors in the newsletter this week:
This probably will not shock most of you, but sales in August took a significant
dip. The 304 sales reported to the MLS in August were the fewest since 1998.
Until August, the local market was soft, but doing well by historic measures. We
had been tracking along with the 2004 numbers which were the third highest in
local history. For the year, we are 620 sales behind last year (down 19.2%). As
bad as that sounds, we are still on course to have the 4th highest sales year
ever.
The main concern in the market seems to be the negative press
about the mortgage crisis. While our area is not part of the crisis, we are
feeling the effects of this national problem.
Speaking of NBC 29, check out their new HomePlace section of the web site. CAAR Real Estate Weekly has recently entered into a partnership with NBC 29 to link our two powerful websites together and share content.
The Charlottesville/Central Virginia housing market is different than the national market. We have buyers who are wise, and are looking to find a well-priced home. We are seeing competitively priced properties. In fact, I've got a Forest Lake family home priced at assessed value, $359,700. I have not seen prices this low in 27 years of doing business.
Earlier this week I compared July 2007 & August 2007 housing stats for real estate transactions by county in our area.Louisa County had a huge 138% increase in the number of houses sold, and 44% increase in average days on market from July to August.
Other significant changes from July 2007 to August 2007...
Greene County had a 33% increase in average days on market, and a 41% increase in the median selling price.
Orange County had a 33% decrease in number of houses sold, and a 45% decrease in average days on market.
Fluvanna County had a 31% decrease in average days on market.
Nelson County had a 33% increase in number of houses sold.
The city of Charlottesville had a 35% increase in number of houses sold, and a 37% increase in average days on the market.
Click this link to view the July 2007 housing stats, so you can compare:
http://move2va.blogspot.com/2007/08/housing-stats-for-july-2007-major.html
Here are the August 2007 housing stats. They show current values in central Virginia:
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Greene County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 19
Average Selling Price: $310,121
Average Days on the Market: 96
Number of Houses on the Market: 207
Median Selling Price: $349,000
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Orange County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 6
Average Selling Price: $216,483
Average Days on the Market: 73
Number of Houses on the Market: 179
Median Selling Price: $234,000
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Louisa County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 19
Average Selling Price: $224,304
Average Days on the Market: 183
Number of Houses on the Market: 273
Median Selling Price: $225,657
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Fluvanna County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 49
Average Selling Price: $272,859
Average Days on the Market: 74
Number of Houses on the Market: 351
Median Selling Price: $255,000
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Nelson County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 20
Average Selling Price: $390,710
Average Days on the Market: 85
Number of Houses on the Market: 313
Median Selling Price: $362,000
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Albemarle County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 147
Average Selling Price: $439,299
Average Days on the Market: 82
Number of Houses on the Market: 1,003
Median Selling Price: $296,400
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City of Charlottesville County, Virginia Housing Statistics, August 2007:
Number of Houses Sold: 93
Average Selling Price: $269,751
Average Days on the Market: 67
Number of Houses on the Market: 396
Median Selling Price: $245,000
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For more information on trends in our area, email me at kehoe@move2va.com or call me 24/7 at 1-800-818-7629.
Karen
www.move2va.com
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