Wednesday, July 15, 2009

Price Reductions...Everywhere

The real estate website Trulia reports that sellers have cut $27.1 Billion off their asking prices. As the slow Spring selling season draws to a close, price reductions are proliferating in this area.

Below are just a few recent price reductions pulled from Trulia. You may search the area's properties, if listed on Trulia, by "Price Reduction" by selecting this in the menu on the left side of your screen. A local search may be conducted at RealCentralVA. The IDX function will give info on pricing history--but only if the MLS # has not been changed during a re-listing.

NOTE price per square foot. The CAAR mid-year report indicated: Average price of unsold homes is $203 compared to $143 for homes that have sold in the first 6 months of 2009.

705 Ingleside Lane MLS 466638 Reduced $250K, $1,645,000. $274 sq. ft.
Off Garth near Farmington.

3250 Barracks Road MLS 462661 Reduced $100K to $795K . $154 sq.ft.

1711 Solomon Road MLS 466301 Reduced $25,100 to $339K. $104 sq ft.
County close to City amenities.

620 Mockingbird Way
MLS 462104 Reduced 30K to $249K, $171 sq. ft.

130 Observatory Ave MLS 465398 $395K from $449K (more than 1 reduction). $149 sq ft. Near Scott Stadium.

708 page st MLS 459841 $137.5K from $174,9K. $80 sq.ft $80. Sales are stalled and prices are dropping in the 10th & Page Street neighborhood; it never became the next Belmont.

1607 Farm Brook Place
MLS 463913. Five price changes since April...started at $339K now down to $279K. $119 sq.ft.

Related Reading:
Homesellers Cut $27.1 Billion Off Listing Prices - Housing Wire
Housing Woes: Price Reductions Are Proliferating - Time
Median Home Prices Charlottesville MLS
Graphs: Declining RE Sales
CAAR's Mid-Year Market Report


CoachingByPeter said...

If a good real estate agent can help grease the wheels and get your offer in front of a lender, you can get an answer more quickly, and potentially close more deals.

Property Updates said...

Contracts fell thru: 806 Graves in Belmont, 724 Nalle in Fifeville.

MLS 463140 806 Graves $360,000 2 beds, no closets.

MLS 467750 724 Nalle, $232,000, redone bungalow near hospital in gentrifying area


Last year 1408 Hampton was part of CAAR's "Affordable Again" program at $189,000 for 750 sq ft.

This year its even more affordable at $169,900. MLS 467711

MLS 467616 - $249,000, brick Cape with 250 Bypass instead of front yard. Listing says: "good value."

Real C'ville - The Bubble Blog said...

724 Nalle actually is a new listing. It closed on 6/29 and was almost instantly relisted for a few grand more.