Ever heard the phrase ‘numbers don’t lie?’ Well, they don’t…but you sometimes have to look a little deeper to make sure you understand what they are telling you.
This past week in the Albemarle County real estate world is a perfect example of that. From 5/24-5/30, 25 homes went under contract in Albemarle County at an average price of $412,562. Sounds high, doesn’t it. Well, this week 37 homes went under contract at an average price of $918,966. Yes, $918,966!
However, digging a little deeper, you’ll find that there was a $3,200,000 and a $9,995,000 that went under contract. (Both of which were in the Keswick area). Along with a few other big sales (in terms of dollar value), those will definitely skew the average.
Other than that, it was a pretty ho-hum week. New listings, Under Contracts, and Solds were all up week-over-week in Albemarle County. New listings and Under Contracts were down in Charlottesville City, but Solds were up from 9 to 14.
Overall, in the Charlottesville real estate MSA, new listings were up from 73 to 99. Under Contracts (55 vs 51) and Solds (56 vs. 53) were down a tad, but nothing considerable.
Charlottesville and Albemarle Real Estate Report 5/31/09-6/6/09
Albemarle County Home Sales
New To Market: 47
Average Price: $359,365
Median Price: $317,000
Avg $/SF: $186.78
Under Contract: 37
Average Price: $918,966
Median Price: $359,000
Avg $/SF: $244.73
Avg. DOM: 200
Sold: 40
Average Price: $342,778
Median Price: $305,000
Avg $/SF: $165.34
Avg. DOM: 87
Withdrawn/Expired: 35
Price Reductions: 56
Charlottesville Home Sales
New To Market: 13
Average Price: $303,723
Median Price: $270,000
Avg $/SF: $194.14
Under Contract: 7
Average Price: $234,714
Median Price: $215,900
Avg $/SF: $198.06
Avg. DOM: 101
Sold: 14
Average Price: $357,257
Median Price: $317,250
Avg $/SF: $193.77
Avg. DOM: 112
Withdrawn/Expired: 7
Price Reductions: 9
Charlottesville MSA Home Sales
New To Market: 99
Average Price: $354,323
Median Price: $295,000
Avg $/SF: $178.67
Under Contract: 51
Average Price: $735,499
Median Price: $314,500
Avg $/SF: $212.94
Avg. DOM: 189
Sold: 53
Average Price: $312,347
Median Price: $281,440
Avg $/SF: $158.17
Avg. DOM: 109
Withdrawn/Expired: 96
Price Reductions: 119
*Charlottesville MSA includes Albemarle County, Charlottesville City, Fluvanna, Greene, Louisa, and Nelson