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
| Discussion: Comments
Lake Monticello Sales Stats for May 2010
June 1st, 2010 categories: Communities, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Monthly Statistics, Neighborhood Statistics
With the Memorial Day Weekend now behind us, and summer unofficially here, it is time to take a look at how the Lake Monticello real estate market fared in May of 2010.
We’ll share the Lake Monticello sales stats for May of 2010, and compare them to May of 2009. Let’s take a look. . .
Lake Monticello Real Estate Sales– May 2010
- There were 14 homes sold in Lake Monticello
The average sales price was $235,357
The median sales price was $184,500
Lake Monticello Real Estate Sales– May 2009
- There were 10 homes sold in Lake Monticello
The average sales price was $245,750
The median sales price was $216,000
Lake Monticello Real Estate Sales– May analysis
The good news is that there were 4 more sales in May 2010 than in May 2009. It is possible that some of this increase is due to the federal homebuyer tax credits that were extended through April of 2010. The 4 homes represent a 40% increase in year-over-year sales for May.
As expected, the median and average price were both down compared to last year. The falling of the median home price is something we have been experiencing for quite a while now, and it appears that the trend is continuing in 2010. The lower average price was due to the fact that more than half of the homes sold in May were under $200,000. This could be evidence that May sales were spurred by the expiring tax credits, but there is no way to know for sure. Certainly, the majority of sales in Lake Monticello have been in the lower price ranges, and there is no reason to expect that to change this year.
If you have any questions about any of our Lake Monticello real estate stats, or any questions about the community, just let us know. We’re happy to help however we can!
*All of the statistics shared come directly from the Charlottesville Area Association of REALTORS MLS. The stats are believed to be accurate, but cannot be guaranteed.*
| Discussion: Comments
Lake Monticello Real Estate Market Stats for April 2010
May 3rd, 2010 categories: Communities, Lake Monticello, Market Statistics and Information, Monthly Statistics, Neighborhood Statistics
It is time for another monthly market update for Lake Monticello. We’ve already looked at the entire 1st Quarter of 2010. Now it’s time to take a look at April, which is typically the first month in the real estate selling season.*
- There were 13 homes sold in Lake Monticello in April, 2010. Lake Monticello had 18 sales in April 2009.
- The average sales price in April 2010 was $248,600. The average sales price in April 2009 was $208,336.
- The median sales price in April 2010 was $185,000. The median sales price in April 2009 was $190,500.
What does this mean?
The stats for April are a bit mixed. There were less sales, but the average price was higher, while the median remained almost unchanged. The fact that sales were a bit behind 2009 isn’t terribly surprising, considering that the market was still feeling the lingering effects of the harsh winter.
It will be interesting to see what happens with May sales stats in Lake Monticello. In 2009, May was an unusually bad month, with only 10 sales. As of right now, there are currently 39 homes under contract in Lake Monticello. Obviously, all of those homes won’t be closing in May, but Lake Monticello can equal last year’s may stats if only 25% of those homes under contract close in May. Unfortunately, we don’t have any way to see how many homes were under ntract in the beginning of May 2009 to compare with.
So, while April stats were a bit behind 2009, things are looking up for May.
As always, we’ll be keeping a close eye on the market, and you can always check back here to get updates.
We also encourage you to sign up for our Strong Team Newsletter, if you would like more information about the real estate market here.
*These stats come directly from the Charlottesville Association Area of REALTORS MLS, and are believed to be accurate, but are not guaranteed.
| Discussion: Comments
February Sales of Lake Monticello Real Estate
March 9th, 2010 categories: First Time Buyers, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Monthly Statistics, News
It’s time to take a look at the February sale stats for Lake Monticello Real Estate. . .
Luckily, things are warming up and Spring is just around the corner. In looking at the February stats for Lake Monticello, it looks as if the snow and the tough winter put quite a freeze on the market.
Lake Monticello sees only 3 sales in February
- February was a tough month for Lake Monticello real estate sales. A total of only 3 homes sold in the month of February, 2010. This is half as many as the number of homes sold (6) in February of 2009.
- The highest price of the February sales was $199,500. The lowest was $153,000. The average of the 3 homes was $174,833.
Lake Monticello ahead of 2009 pace
Through February, there have been 13 sales in Lake Monticello in 2010. This number is much better than the 9 sales that Lake Monticello saw during the first two months of 2009. Despite the low number of February sales, the 2010 Lake Monticello real estate market is ahead of last year’s pace, so far.
February sales market analysis
Below is an analysis of the February 2010 sales in Lake Monticello. The analysis gives you information on each of the homes sold, and cumulative data for all of them. As always, if you have any questions at all, please don’t hesitate to contact us. We’re happy to help however we can!
February 2010 Lake Monticello Real Estate Sales Analysis
All of the statistics and data provided come from the Charlottesville Area Association of REALTORS MLS. The information provided is believed to be accurate, but is not guaranteed.
| Discussion: Comments
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.
| Discussion: Comments
