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 That means that if a property is listed for 6 months, withdrawn for a week, re-listed, and then sells in 30 days, the DOM for the property will be 30 days, and not 210.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.
| Discussion: Comments
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
| Discussion: Comments
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 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.
| Discussion: Comments
