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.

Number of Sales Per Month
12
11
10

8
7
6

6
5

6
5

5

5.30

4
3
2

3

2

0
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

434-922-0011

CharlottesvilleChoiceHomes.com

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.

Average Sales Price for the Month
$2,200,000

$2,021,458

$2,000,000
$1,908,333
$1,800,000

$1,779,167
$1,675,000

$1,600,000

$1,563,000
$1,413,091

$1,400,000

$1,200,000

$1,503,161
$1,384,312
$1,222,918

$1,201,429
$1,182,500

$1,000,000
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

Average Sale s Price for the Month

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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.

$ per Square Foot
$450.00

$420.08
$399.90

$400.00

$381.78
$363.23

$357.34

$350.00

$325.30

$329.94

$300.00
$289.04

$287.89
$278.85
$250.00

$237.87

$200.00
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

$ per Square Foot

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High / Low / Median

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

High / Low / Median Sales Price
$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0
Jan‐13

Feb‐13

Mar‐13

Apr‐13

May‐13

Jun‐13

Highest Priced

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Jul‐13

Lowest Priced

Aug‐13

Sep‐13

Oct‐13

Nov‐13

Dec‐13

YTD
Average

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.

Days on Market
250

206

200

205
185

169

176

150

150
130

100
71
50

49

48
22

0
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

Days on Market

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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.

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For more information contact:
434-922-0011

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.

Brokerage: Keller Williams Realty Charlottesville
3510 Remson Ct. 3rd Floor Charlottesville, VA 22901
Each office is independently owned and operated.

434-922-0011


Charlottesville Luxury Homes - Oct. 2013 Million Dollar Market Report

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Charlottesville Luxury Homes - Oct. 2013 Million Dollar Market Report