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 That means that if a property is listed for 6 months, withdrawn for a week, re-listed, and then sells in 30 days, the DOM for the property will be 30 days, and not 210.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 Real Estate Update– April 2010
May 4th, 2010 categories: Communities, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Uncategorized, Waterfront Updates
Yesterday, we took a look at the April sales stats for the Lake Monticello real estate market. Today, we are going to take a closer look at a more specific subset of that market– the waterfront homes.
Here is where the Lake Monticello waterfront market stands after April*:
- There are 25 waterfront homes currently listed. The average price of the active listings is $498,084.
- 3 waterfront homes went under contract in April. The average listing price of these homes was $585,667.
- 2 waterfront homes sold in April. The average sales price of these homes was $497,500. They sold for 94.5% of their listing prices.
For some historical perspective, let’s take a look at April 2009. Unfortunately, there is no way to see how many waterfront listings were on the market in April of 2009, we do know that 1 waterfront home sold in Lake Monticello in that month. It sold for $406,750.
Comparing the waterfront market of 2010 to 2009 shows us that through April of 2010, 3 waterfront homes have sold. This number matches the 3 waterfront homes that sold through the same time frame of 2009.
Remember, you can always count on us to provide you the stats you need to stay on top of the waterfront market at Lake Monticello. If you would like to receive personal updates on the waterfront market delivered to your email inbox, we encourage you to become a member of our Lake Monticello Waterfront Email Club.
*Waterfront stats refer only to properties on the Main Lake. All stats provided come directly from the Charlottesville Area Association of REALTORS MLS. They are believed to be accurate, but are not guaranteed.
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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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