Thursday, October 8, 2009

1503 Oxford Road, Charlottesville: Price Reduced $100K to $475K

1503 Oxford Road in Charlottesville is a new listing has been relisted with a new Realtor/Broker, and has had a price change from $569,900 in April to $475,000 in October 2009.  (See images, below.)

1503 Oxford last sold in 1986 for $131K.  It is appraised at $375K.
3 bedrooms, 2.5 baths, 1536 sq feet plus 700sq ft apartment.

About 100 properties' listings expired at the beginning of September; about 50 expired at the beginning of October; a number of these properties are showing up, or will show up, as Relistings.

A buyer's agent will show his/her client all the recent listings for a particular property.

What relisting does, though, no matter what the reason for it, is change statistics.  Say this house sells in 45 days for $405,000.  If the 45 days, instead of the +/- 250 days on the market, will be used to calculate "Average Days on Market."  This wouldn't be accurate.

The theoretical selling price of $405 is 71% of $569, but would be 85% of $475K.  Depending upon which price is used as "list price" drastically changes the calculation of "percentage difference in sales v. listing" price data that appear on all local real estate sales updates provided by professional agents.  And it's an important figure for both buyers and sellers when listing or making an offer.

There are currently +/- 203 single family homes for sale in the City of Charlottesville.  +/- 29 properties available in the City have asking prices of $390-499K.

April's listing for 1503 Oxford.  Click for larger image in new window.

October's listing.  Click for larger image in new window.

Images courtesy of /copyright CAAR.

Related reading:
Dismal Q3 2009 Sales, And Prices Keep Falling
10 Reasong There Aren's More "Move-Up Buyers" in This Area  
Snapshot: These Listings Indicate Lack of Move-Up Buyers


not anonymous said...

i seem to remember this was for sale summer 2008 but don't have the details therefore Days on Market even longer technically

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

Not A, there isn't a MLS listing for this from last year. Maybe it was FSBO?