An accurate picture of 2010 Lake Monticello waterfront home sales
July 27th, 2010 categories: Communities, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Waterfront Updates
We hope that you had a chance to take a look at our 2010 Midyear Market Report for Fluvanna and Lake Monticello last week.
As always, part of that report focused on waterfront home sales at Lake Monticello. We are always working with waterfront buyers and sellers, and it is a unique subset of the overall Lake Monticello real estate market.
One of the challenges when we provide the statistics for our market reports is the limitations of the data that our MLS provides. All of the data that we use for our market reports comes from the Charlottesville Area Association of REALTORS MLS, because it is the most comprehensive source of real estate sales data available to us.
Getting a more complete look at Lake Monticello home pricing
Although the MLS data comprehensive, it has computational limitations. One such limitation is the way in which it calculates the difference between the list price and the sales price of a property. When we ask the MLS for that statistic, the number that it gives us is a reflection of the percentage difference between the sales price of the home and the list price at the time the home went under contract.
This is usually just fine. Sometimes, however, we want to dive deeper into the stats and find out the relationship between the sales price of the home and the list price of the home when it first came on the market. This is valuable because it gives us a much more complete look at how accurately homes are being priced.
The only way to calculate this statistic is to manually look at the price changes for each individual sold property and compare the original list price to the final sold price. Obviously, this would be difficult to do for the entire Lake Monticello real estate market, but it is relatively easy to do for the subset of waterfront homes.
A more accurate look at Days on Market
Another statistic with limitations is the Days on Market (DOM). DOM is computed from the time a property is listed, until it goes under contract. The issue with this stat is that it is fairly easy to manipulate, since the MLS attaches the statistic to an MLS number, and not to a property address. That means that if a property is listed for 6 months, withdrawn for a week, re-listed, and then sells in 30 days, the DOM for the property will be 30 days, and not 210. Obviously, that isn’t what we want to see.
Again, the only way to get a truly accurate DOM is to manually search the history of each individual sold property. Once again, this would be difficult for all of Lake Monticello, but relatively easy for the waterfront market.
Accurate stats for the pricing and DOM of waterfront homes sold at Lake Monticello in 2010
We did all the hard work for you, and took a deeper look at the pricing data and true DOM for the waterfront homes that have sold at Lake Monticello in 2010. We went through each individual property’s pricing data and history, and this is what we found:
- There have been 8 sales of waterfront homes as of 6/30/2010
- The average true DOM for the 8 properties was 97 days
- The average difference between sales price and original list price was 8.75%
For comparison, the simple calculations that the MLS originally provided was a DOM of 43 days, and a sales price vs. list price difference of 5.7%
Clearly, there is a significant difference between what the MLS is reporting and reality. That is precisely why we wanted to provide these statistics. It is important to us that you have the most accurate real estate market information possible.
More to Come. . .
We’ll be doing more of these “deep dives” into the real estate sales statistics in the future. We know this is the type of information that is valuable, and we also know it is the type of information that is hard to find.
If you have a particular statistic that you would like us to find, please let us know.
If you have any questions about these stats, never hesitate to contact us. If you would like to stay up-to-date on all the happenings in the Lake Monticello waterfront market, we invite you to join our Lake Monticello Waterfront Email Club.
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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 Waterfront Market Update: May 2010
June 16th, 2010 categories: Communities, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Waterfront Updates
The Summer is just around the corner here, and that means that the beginning of the Spring market is already behind us. This is typically the time of year when we see sales pick up, and that includes the Lake Monticello waterfront homes market. This post is part of our monthly waterfront market updates. Let’s take a look at what happened to the Lake Monticello waterfront homes market in May*:
- The waterfront town home that was for sale at Marina Point went under contract. At the time of the contract, the home was listed for $365,000.
- One waterfront home sold in May: 13 Wedge Terrace sold for $685,000. We are proud to say that this was our listing. It was an exceptional home, and was under contract in two weeks.
Current Waterfront Stats
Here are the stats for the Lake Monticello waterfront market, as it stands today:
- There are 24 waterfront homes on the market at Lake Monticello
- The homes range in price from $326,500 to $799,000
- The median price is $467,400. The average price is $478,971. The average price per sq. ft. is $186.11.
Through May 2010, 4 waterfront homes have sold at Lake Monticello. Through the same time frame last year, 3 waterfront homes were sold, so Lake Monticello is a bit ahead of the 2009 pace. This should continue, given the fact that there were no waterfront home sales in Lake Monticello in June of 2009. There will probably be a few in June of 2010.
At the end of June, we’ll be releasing our Mid-Year Market Report for Fluvanna and Lake Monticello, so we’ll be able to take another detailed look at the market then. If you’d like a copy of the report, be sure to sign up for our email newsletter.
If you have any questions about the waterfront market, or would like any additional information, let us know. If you are interested in learning more about the waterfront market at Lake Monticello, then we encourage you to sign up for our Lake Monticello Waterfront Email Club. We send exclusive updates about the market and new listings to anyone who becomes a member.
*All of the data was gathered from the Charlottesville Area Association of REALTORS MLS. The data is believed to be accurate, but is not guaranteed
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You know it’s summer in the Charlottesville area when. . .
June 5th, 2010 categories: Albemarle County, Communities, Fluvanna County, Fun Stuff, Lake Monticello, Why Charlottesville?
The first cut of hay signals the beginning of Summer in Fluvanna
For most people, the unofficial start of Summer is Memorial Day. Not for me.
I’ve been living in Fluvanna County for over 20 years now, since I was 9. My family moved here from Long Island, NY. We moved to Virginia during the summer. I can still remember that one of the first things that I noticed about Virginia were the giant, circular hay bales. As a nine-year old, I had never seen such large and round hay bales. All the hay bales I had ever seen were much smaller and square. These bales are all the product of the first cut of hay.
The first cut of hay usually takes place in May/June. Farmers all around the county get out the tractors and the threshers and the balers and get up that first cut of hay that has been growing since Spring. After a few weeks, the fields that were once filled with waist-high grass, blowing in the breeze, become the home to dozens of giant, circular hay bales.
It has always seemed like something of a magical time to me. It is a time for the community to come together as neighbors help each other cut their fields. It is a time to enjoy the natural, rural beauty of our area. It is a time to welcome the coming Summer and all the warmth and vitality that it brings.
Getting up that first cut of hay coincides with another event that will always signal the
The corn is growing in Fluvanna
arrival of Summer– the planting of the cornfields. There are many cornfields around the Charlottesville area, and this time of year, the corn is just beginning to really get growing.
There is an old saying around here about corn– “knee-high by the 4th of July.” Some of the fields might already be that high, but that just means that we’ll get to enjoy their delicious bounty at local farmers markets that much more.
It’s somehow comforting to be able to mark the seasons with such agricultural occurrences. You might old-fashioned; you might call it nostalgic. You might even call it crazy.
I just call it home.
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Lake Monticello Celebrates Memorial Day Weekend 2010
June 3rd, 2010 categories: Communities, Events, Lake Monticello, Why Charlottesville?, video posts
If you live at Lake Monticello or visited the community this past Memorial Day weekend, then you know just how busy the community was. People were out and about enjoying the beautiful weather by boating, tubing, water skiing, and tanning at the beaches.
Of course, one of the favorite ways Lake Monticello residents and their guests were able to enjoy Memorial Day weekend was by cooling off at the pool. This past weekend may have been the unofficial start of summer, but it was the official opening of the Lake Monticello pool. Daniel from the team went down to the clubhouse to record a video showing you just how much fun folks were having at the pool this weekend:
If you’ve got questions about the Lake Monticello community, or the real estate here, just let us know. We’re always happy to help!
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