Archive for the 'First Time Buyers' Category
Charlottesville area real estate sales drop 50% in July
August 2nd, 2010 categories: Albemarle County, Charlottesville, Communities, First Time Buyers, Fluvanna County, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Monthly Statistics, Recent Statistics
You might remember that much of the focus for our midyear market report, released last month, was the effect of the homebuyer tax credit on real estate sales in the Charlottesville area in 2010.
In the conclusion of that report, we said:
“Now that the credit is expiring, the effect of the tax credit has now been absorbed into the market. The July sales numbers will be critical, as that is traditionally a time of high sales numbers, at it is usually the peak of the Spring Market. Without the tax credit to spur demand, however, it remains to be seen how this will impact July sales.
If July sales are close to the 2009 numbers, that would be an encouraging sign that the market is stabilizing. If those numbers are drastically lower than 2009, then it would signal that the impact of the tax credit was even greater than we might have expected it to be.”
Well, now that July has come and gone, without a tax credit to bolster sales, it is time to take a look at just how the Charlottesville area real estate market fared.
July sales by area 2010 vs. 2009
AREA July 2010 Sales July 2009 Sales
Albemarle 84 171
Charlottesville 22 68
Fluvanna 20 22
Greene 8 20
Nelson 14 15
TOTAL 148 296
Impact of tax credit was enormous
The monthly sales stats paint a very clear picture– the effect of the tax credit on the Charlottesville area real estate market was ENORMOUS.
Here are some things that jump out at us, when we look at these numbers:
- Sales in the entire Charlottesville area dropped 50% in July
- Charlottesville was the loss leader– a whopping 68% fewer July sales
- Fluvanna saw only a small dip in sales, relative to the other areas.
Unfortunately, for people in Charlottesville and Albemarle, it looks like the expiration of the tax credit hit those markets the hardest. Fluvanna was able to tread water, which given the performance of the other areas, is something very positive.
What does the rest of 2010 hold?
It is obvious that the tax credit increased demand for homes significantly. Now that the credit is gone, we will see what the true market demand is. So far, signs are not encouraging.
Historically, July is the peak of the market and August begins the slowdown as we move into fall and winter. With the peak of the market basically chopped off with the expiration of the tax credit, most of the areas are going to be left hoping that the natural, existing demand will be enough to sustain the market and return at least flat sales numbers in August.
For reference, there were 216 sales in the Charlottesville area in the month of August 2009. In order to reach that mark again, demand in the area is going to have to do a dramatic turn around.
One thing is for sure, no matter what happens with the sales over the next month, you can count on us to provide you with the up-to-date, accurate, truthful stats and analysis that you need to better understand the market and make informed decisions.
If you have any questions about any of these stats, please don’t hesitate to leave a comment on this post, or contact us.
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2010 Midyear real estate statistics for the Charlottesville Area
July 21st, 2010 categories: Albemarle County, Charlottesville, Communities, First Time Buyers, Fluvanna County, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Quarterly Reports
- Sales increased 22% in the Charlottesville Area, and 29% in Fluvanna County
- The median home price in Lake Monticello for the 1st Quarter was $200,000
- An examination of the effect of the Homebuyer Tax Credit on sales numbers
To view the report, simply go here. You can also just scroll down and read the report right here in this post.
Feel free to download, print, or share the report with others. If you have any problems viewing the report please let us know, and we’ll send you a copy of the report, or we can even print one for you.
2010 Midyear Real Estate Market Report for Lake Monticello and Fluvanna County
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Lake Monticello Owners’ Association (LMOA) is on Facebook!
May 25th, 2010 categories: Communities, First Time Buyers, For Buyers, For Sellers, Fun Stuff, Info, Lake Monticello
The Lake Monticello Owners’ Association (LMOA) just launched an official Facebook page! To “like” the page, go here.
The LMOA has been working hard to find more ways to communicate with residents about things going on within the association, as it knows that this information is extremely important, and sharing it is crucial to getting members more involved.
While there are other Facebook pages out there that use the “Lake Monticello” name, this is the OFFICIAL page of the LMOA.
Currently the page is only used for communication and announcements from LMOA. We were very pleased to see that Facebook users can leave comments and questions on wall posts. Obviously, LMOA will moderate any comments, but we hope that Lake Monticello residents will use the page as a way to find out more information about what is going on in the community, ask questions, and meet new people.
So, if you are a Lake Monticello resident, or just interested in what is going on with the LMOA, then head over to the LMOA Facebook page, and click “like.”
And while your at it, don’t forget to visit the Strong Team Facebook page, too!
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2010 1st Quarter Lake Monticello and Fluvanna County Real Estate Market Analysis
April 15th, 2010 categories: Albemarle County, Charlottesville, Communities, First Time Buyers, Fluvanna County, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Quarterly Reports
Below is our first quarterly market report of 2010. As with all of our quarterly market reports, we take a look at the Charlottesville area real estate market, and specifically at real estate in Lake Monticello and Fluvanna County.
Here are some highlights from the report:
- Sales increased 11% in the Charlottesville Area, and 13% in Fluvanna County
- The median home price in Lake Monticello for the 1st Quarter was $184,400
- See the impact the harsh winter had on sales numbers
To view the report, simply use the viewer below, or go here. Feel free to download, print, or share the report with others.
Our clients and newsletter subscribers always have access to these reports first, so if you would like to receive a personal copy of our future reports, along with other valuable info, please sign up for our email newsletter at StrongTeamNewsletter.com.
If you have any questions about the report or any of the statistics, please let us know.
2010 1st Quarter Lake Monticello and Fluvanna County Real Estate Market Analysis
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Get a Personal Copy of our 1st Quarter Charlottesville Area Market Report
April 13th, 2010 categories: Albemarle County, Charlottesville, Communities, First Time Buyers, Fluvanna County, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Quarterly Reports
Now that the first quarter of 2010 is behind us, it is time to take a look at the Charlottesville area real estate market statistics, and see how things are going so far. This is something that we do every quarter, and have done for the last year. We’ll be releasing the report first to our clients and subscribers to our Strong Team Newsletter.
In the report, we’ll look at the real estate market in the entire Charlottesville area, and pay special attention to the markets in Fluvanna County and Lake Monticello.
In the report, you’ll find out:
- The average days on market for homes sold in the Charlottesville area
- Median home price of homes sold in the Charlottesville area
- Sales statistics by price range
- MUCH MUCH MORE!
If you would like a personal copy of the report, all you have to do is sign up for the Strong Team Newsletter by going here, or using the box in the left sidebar. In addition to our quarterly market reports, you’ll get plenty of information and things you want to know about the Charlottesville area.
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