Sales double in Fluvanna and Lake Monticello in November
December 10th, 2009 categories: Communities, First Time Buyers, Fluvanna County, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Monthly Statistics, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
November was a very good month for the real estate market in Fluvanna and Lake Monticello, and we’ve got the numbers to prove it. In 2008, November was quite slow month, with only 6 sales in Lake Monticello, and 12 sales in all of Fluvanna County (including Lake Monticello).
November 2009 saw sales more than double. Lake Monticello totaled 15 sales in November 2009, and Fluvanna County (including Lake Monticello) saw 26 total sales.
Let’s take a look at the numbers:
November 2008 Lake Monticello Real Estate Sales
November 2009 Lake Monticello Real Estate Sales
November 2008 Fluvanna Real Estate Sales (including LM)
November 2009 Fluvanna Real Estate Sales (including LM)
What does it all mean?
This is definitely a good sign for the real estate market in Lake Monticello and Fluvanna. Any monthly increase in sales is a good thing, especially given the downward trend over the most recent months.
There is no way to say for sure what lead to this sharp rise in sales. One possible reason is that the first-time home buyer tax credit was originally due to expire at the end of November. This means that those who wanted to take advantage of the credit needed to make sure that their homes closed before November 30th. It would be reasonable to expect that the push for November closings would lead to the increase in sales. While it is reasonable, and perhaps even probable, there is no way to be sure. As we told you in November, the tax credit was eventually extended and expanded.
How can I use this information?
The one thing that people should take away from this information is that buyers are, in fact, in the market. This fact is an encouraging sign. Whether or not the November increase is a signal of a turn in the market remains to be seen. If we see numbers fall back to more traditional levels in December and January, it might mean that the November spike was due to what people thought would be the expiring tax credit.
In January, we’ll be releasing our year-end market report. You’ll want to be on the look out for that, as it will cover the sales statistics for the entire year of 2009, and compare them to 2008. Only then will we be able to see how the market fared in 2009.
