Charlottesville Farms Real Estate Market Report – April 2012

Charlottesville Farms Real Estate Market Report – April 2012

This Charlottesville Farms Real Estate Market Report will look at the sales of farms and minifarms in Albemarle County during April 2012.  In addition we will compare the Albemarle County sales with the sales in the Central Virginia market area as a whole (Albemarle, Fluvanna, Louisa, Greene, Nelson).  For the purpose of this report we will be looking at parcels with a residence of at least 15 acres.

Albemarle County – April 2011 Average list price $2,368,100
Albemarle County – April 2012 Average list price $3,081,666

Albemarle County – April 2011 Average sale price $2,312,250
Albemarle County – April 2012 Average sale price $2,416,000

Albemarle County – April 2011 Median sold price $735,000
Albemarle County – April 2012 Median sold price $1,200,000

Lets compare these figures to the region as a whole: 

Central Virginia – April 2011 Average list price $1,310,944
Central Virginia – April 2012 Average list price $2,005,980

Central Virginia – April 2011 Average sale price $1,262,222
Central Virginia – April 2012 Average sale price $1,584,100

Central Virginia – April 2011 Median sold price $415,000
Central Virginia – April 2012 Median sold price $526,000 

Now lets put these figures into perspective.  In April 2012, 3 Albemarle County farms sold for an average of 78.39% of the list price.  Compared with 4 sales of Albemarle County farms in April 2011 for 97.64% of the list price.  In the region as a whole 9 farms sold in April 2011 for an average of 96.28% of list and 5 farms sold in April 2012 for an average of 78.96% of list price.  During the first 4 months of 2011, 22 Central Virginia farms sold compared with 28 in 2012.  In Albemarle County there were 10 farm sales in the beginning of 2011, and 11 farm sales in 2012.

For the region as a whole the median sold price over the past 12 months is $526,000 as compaed with $635,000 for the previous 12 months.  In Albemarle County for the past 12 months we see a median sold price of $750,000 as compared with the median sold price of $1,100,000 for the 12 months before.  One positive number that we are seeing is that inventory is down from the previous year.

Albemarle County Farm Sales and Inventory Graph

Central Virginia Farm Sales and Inventory Graph

Overall while we are seeing a pick up in sales of residential property this year, particularly in Albemarle County the sales of property with acreage is lagging behind.  Part of this can be attributed to the higher prices that are usually associated with this kind of property.

If you would like more information on the market for farms and country properies in Albemarle County and Central Virginia, give me a call.  I would be happy to answer your questions.  Also I would love to show you the many beautiful Virginia farms that are available for sale in our area. 

Copyright 2012 by Pam Dent, all rights reserved, “Charlottesville Farms Real Estate Market Report“.