Archive for October, 2009
2009 3rd Quarter Real Estate Market Report for Fluvanna County and Lake Monticello
October 22nd, 2009 categories: Communities, Fluvanna County, Lake Monticello, Market Statistics and Information, Quarterly Reports
Now that the first 9 months of 2009 are behind us, it is time to take a look at where the Charlottesville area real estate market stands. In the latest edition of our quarterly reports, there are some interesting facts worth noting:
1) For the entire Charlottesville area, 3rd Quarter sales numbers in 2009 were very close to the same as in 2008.
2) Compared to 2008, Lake Monticello has seen the median home price drop 15% in 2009
3) There have been 40% fewer waterfront home sales in Lake Monticello in 2009, but the average sold price is higher.
As with all of our quarterly reports, the data included covers number of sales, sales by month, sales by price range, and average days on market, along with a whole host of other information that will help you get a more complete picture of the current state of the Lake Monticello and Fluvanna real estate market.
For those of you who aren’t big on numbers, and just want to know what conclusions we drew from the data, take this from the report:
Now that we have made it through the 3rd quarter, it does appear that 2009 might be the year that we see the bleeding stop. In the area overall, numbers in the 3rd quarter were very close to the numbers seen in 2008. This just might indicate that we are reaching a more stable point in the market.
It is important to note that a “recovery” DOES NOT mean that we should expect to see increasing sales numbers or appreciation going forward. Right now, “recovery” simply means that numbers will stop trending downward. Everything suggests that both sales numbers and median price will be lower in 2009 compared to 2008. The encouraging thing is to note that the numbers have been doing better over the last few months. It won’t be until the end of year when we can see if numbers continue to hold and the downward trend is ended. We certainly don’t expect the trend to be reversed in any significant way. Buyers and sellers, both, would do well to adjust themselves to the reality of the current market, and expect it to remain this way for the foreseeable future.
As we head into the final quarter of 2009, one factor to keep in mind is the expiration of the first-time homebuyer tax credit. If the expiration is going to have a negative impact on sales, it should be evident in comparing November/December numbers to 2008. The impact of the tax credit thus far is difficult to gauge without knowing what happens when it goes away.
Feel free to thumb your way through the report using the view below. If you think it is valuable, and want to share it with others please do so by clicking on the
You can also download the 2009 3rd Quarter Real Estate Market Report for Fluvanna County and Lake Monticello
2009 3rd Quarter Real Estate Market Report for Fluvanna County and Lake Monticello
| Discussion: Comments
