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 That means that if a property is listed for 6 months, withdrawn for a week, re-listed, and then sells in 30 days, the DOM for the property will be 30 days, and not 210.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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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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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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Keeping up with the Lake Monticello Waterfront Market
April 24th, 2010 categories: Communities, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Waterfront Updates
Enjoy the Lake Monticello waterfront life!
As we all know, the real estate market is always changing. New listings are coming on the market, while other listings are going under contract. The Lake Monticello Waterfront Market is no different.
Being able to keep up with the changes in the waterfront market is critical if your goal is to buy a waterfront home at Lake Monticello. If you are thinking of selling your waterfront home, it is equally as important to know how the market is changing.
It has always been easy for REALTORS to keep up with the market, because we have access to the MLS and can instantly see changes. What you may not know is that it is easier than ever for you to keep up with the market, too. We now have the technology to be able to keep you updated on the changes to the Lake Monticello waterfront market on a daily basis.
Below, you will find the 5 most recent Lake Monticello waterfront listings to come on the market. The newest listing is at the top of the list. Clicking on the link for any listing will bring you to the details page for that listing, where you can view all of the property details, photos, descriptions, and even the pricing history for each listing. All of this information is updated on a daily basis.
Showing properties
1 - 5 of 20.
See more
Lake Monticello Waterfront Homes For Sale.
(all data current as of
7/29/2010)
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$650,000 : 7 Bolling Cir, PALMYRA3 beds, 4 full bathsSize: 4,800 sq ftListed with BHG REAL ESTATE III - CROSSROADS
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$449,900 : 34 Jefferson Dr (fluvanna), PALMYRA3 beds, 3 full, 1 part bathsSize: 2,868 sq ftListed with AKARION REALTY - FLUVANNA
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$585,000 : 17 Shortwood Cir, PALMYRA3 beds, 2 full, 1 part bathsSize: 2,714 sq ftListed with CENTURY 21 Monticello Properties
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$525,000 : 10 Landslide Ct, PALMYRA3 beds, 3 full bathsSize: 3,294 sq ftListed with STRONG TEAM REALTORS
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$499,900 : 29 Amethyst Rd (fluvanna), PALMYRA4 beds, 3 full, 1 part bathsSize: 3,300 sq ftListed with MONTICELLO COUNTRY REALTORS
Listing information deemed reliable but not guaranteed. Read full disclaimer.
If you would like to look at a list of all the waterfront homes currently on the market at Lake Monticello, CLICK HERE.
Please feel free to bookmark this page and check it out to see the changes in the waterfront market at Lake Monticello.
If you would like to receive personal email updates with new waterfront listings as they become available, let us know, and we will happily set that up for you. Also, if you would like to receive additional information about the waterfront market via email, we invite you to sign up to join our Lake Monticello Waterfront Email Club.
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Lake Monticello Waterfront Market Update 2/23/2010
February 23rd, 2010 categories: Communities, For Buyers, For Sellers, Lake Monticello, Market Statistics and Information, Waterfront Updates
The prime selling season is beginning to heat up in the Lake Monticello real estate market. That means that the prime selling season for waterfront homes is coming, as well. We wanted to update you on what activity there has been in the Lake Monticello waterfront market so far in 2010, and what the market for waterfront homes looks like right now. . .
DISCLAIMER: The following information is from the Charlottesville Area Association of Realtors MLS. We believe it is accurate, but it can’t be guaranteed.
Waterfront listings currently on the market (main lake, as of 2/23/2010):
- 18 active listings
- Lowest price is $345,000, highest price is $945,000
- Average price is $474,933
- Median price is $464,900
Waterfront listings sold in 2010:
- One waterfront listing has sold so far in 2010.
- The home was a 4200 sq. ft., 6 bedroom, 3 bathroom home, built in 1984.
- It was listed for $525,000 and sold for $507,000 (96.5%).
Waterfront listings under contract in 2010:
- One waterfont home has gone under contract in 2010
- The home is a 3100 sq. ft., 4 bedroom, 3 bathroom home, built in 1995.
- When it went under contract, the home was listed at $515,000
- The home was on the market for 253 total days, and began at at list price of $549,000
This information gives you an up-to-date picture of what the waterfront market is like right now, as we head into the selling season. There are sure to be more waterfront homes coming on the market at Lake Monticello, and activity should pick up over the next few months.
If you have any questions about this information, or would like to know more about waterfront homes at Lake Monticello, please feel free to contact us. We are happy to help however we can. If you want to see for yourself why people are attracted to the waterfront lifestyle that Lake Monticello offers, please take a look at our video tour of Lake Monticello.
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