Note the asterisk.
My wife sent me an image she saw the other day that showed that the average sold single family home price in Albemarle County in July 2020 was $643K, asking me if that could possibly be accurate. My first thought was, “god, I hope not.”
So I ran the search in the Charlottesville MLS.
Sold. Single Family. Albemarle County. July 2020.
Yep. There it is. $643K for a single family home in Albemarle County in July 2020.
But that number didn’t feel right.
Sort by sold price, highest first. Ok. One sold for over $7M. One for $4.5M. One for $2.8M. Let’s do this again, removing the three that sold for over $2 Million.
$559K. That seems more inline with what I felt. But let’s go a bit more refined, and remove the ones over $1 million.
$481,733 feels more in line with the market I’m seeing in the Albemarle market.
I’ve written for years about the importance of evaluating your micro-market
Whether you are a buyer or a seller, question everything and evaluate your micro market. The headlines are the shiny, grabby-things. What matters is what your market is.
To make the point, let’s look at single family homes in Albemarle sold in July 2020 vs July 2019. (I’m writing this as I do the look at the data; I hope I’m right)
- In July 2020, 53 single family homes sold in Albemarle County. Average sold price was $484,648. Because I was curious, the average square feet was 2966, and 8 of the solds were new construction.
- July 2019, 66 single family homes sold. Average sold price was $496,222. Square feet: 2962. New construction: 18.
Moral of the story? Question everything, and make sure you are seeing the best and most relevant to you information.