Charlottesville Luxury Homes - Oct. 2013 Million Dollar Market Report

Million Dollar Market Report

October 2013

A report on the

Luxury Homes & Estates and farms & RANCH market for the Greater Charlottesville Area,

compiled by the experts at Charlottesville choice homes

Covers the following Market Areas: City of Charlottesville, Albemarle County, Fluvanna County, Nelson County, Louisa County, Greene County.

Number of Sales October had an average number of sales in the Million Dollar Market Range. 5 Properties sold in October, just at the monthly average for the year of 5.3 per month and above the 2012 average of 4.5 per month. This brings the total number of sales for the year to 54. This is 9 more than year to date. In 2007 the number of sales year to date was 50 and 2006 was 63.

2

7

5

3

11

3

6

5

6

5 5.30

0

2

4

6

8

10

12

Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 YTD Average

Number of Sales Per Month

Number of Sales Per Month

CharlottesvilleChoiceHomes.com 434-922-0011

Average sales price October showed an average sales price for the 5 sales of $1,563,000, This amount was right at the year to date average of $1,503,161. In 2012 the average sale price was $1,892,679, so 2013 is seeing some downward pressure on pricing.

$1,182,500

$1,201,429

$1,675,000

$1,779,167

$1,413,091

$1,908,333

$1,384,312

$1,222,918

$2,021,458

$1,563,000

$1,503,161

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

$2,200,000


Average Sales Price for the Month

Average Sales Price for the Month


Price per Square foot The October Cost per Square Footage settled back down to $325.50—in line with the year to date average of $329.94. In 2012 the amount was $395.94, again reflecting the downward pressure on prices in the million dollar range.

$278.85

$287.89

$420.08

$357.34

$289.04

$363.23

$399.90

$237.87

$381.78

$325.30 $329.94

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00


$ per Square Foot

$ per Square Foot


High / Low / Median In October 2013—The highest price sold was 3,000,000 and the lowest was 1,065,000.

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000


High / Low / Median Sales Price

Highest Priced Lowest Priced Median


Days on Market The days on market average for the properties that sold in October was 71, below the year to date average of 130. In 2012 the average was 228.

49

169

206 205

185176

22

150

48

71

130

0

50

100

150

200

250


Days on Market

Days on Market


Current listings Currently, there are 158 homes listed for sale at a price point above $1,000,000. 17 were listed/relisted for sale in September 2013. The 165 homes have an average list price of $2,596,141 compared to the average sold price of $1,503,161 for the year. They have been on the market an average of 323 days and the highest priced listing is $13,995,000. Here is a breakdown of the locations of the current listings: Albemarle County = 127, City of Charlottesville = 5, Fluvanna County = 2, Greene County = 6, Louisa County = 6 and Nelson County = 12.

Under contract / pending There are 21 homes under contract / pending sale in the million dollar market. These homes have an average list price of $1,969,011 or $326.66 per square foot. This is above the average sold price for the year. The highest list price of the group is $8,950,000.


For more information contact:

CharlottesvilleChoiceHomes.com

434-922-0011

Brokerage: Keller Williams Realty Charlottesville 3510 Remson Ct. 3rd Floor Charlottesville, VA 22901

Each office is independently owned and operated.

Report includes sales and information reported in the Charlottesville Area Association of Realtors MLS—compiled 10/3/2013. Days on Market stats may vary as specific properties may have been relisted multiple times. Information reflects the data reported as part of the sold listing.


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Charlottesville Luxury Homes - Oct. 2013 Million Dollar Market Report