This Charlottesville VA real estate market report will cover the sales of condominiums in Charlottesville VA and Albemarle County during September 2009.

During September 11 condos sold on the Charlottesville real estate market.  They sold for an average price of $224,177 and had been on the market for an average of 83 days.  The condos sold for an average of 91.85% of the list price.

In August of 2009, 17 Charlottesville condominiums sold for an average price of $196,941.  They were on the market for an average of 115 days and sold for an average of 94.30% of the list price.

In July there were 24 Charlottesville condos that had contracts that sold with an average sale price of $192,434 and an average DOM of 64 days.  They sold for an average of 92.26% of the list price.

Today 10/11/2009 there are 218 Charlottesville VA condominiums for sale.  They are listed for an average price of $239,790, with a median of $192,200 and have been on the market for an average of 203 days so far.

During the time period of 1/1/2009-10/2/2009, 113 condos sold on the Charlottesville VA real estate market.  This represents a decline in sales of -41.1% for the year to date.

Condominiums have been the hardest hit segment of the local real estate market.  With the $8,000 First Time Homebuyers Tax Credit one would think that condos sales would have been doing well.  After all condos often represent an affordable option.  Unfortunately it is almost impossible to obtain financing for condos in many projects.  The lenders are reluctant to lend money for condo purchases, particularly if the condo is in a project that where the units are either largely investor owned or if the majority of the units are student occupied.  Some of the condo sales that we have seen in the Charlottesville real estate market have been to investors who are able to present a cash contract.

The above figures are from the local mls and while they are deemed correct are not guaranteed.

Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.  Email Pam Dent.

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Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville VA Real Estate Market Report Condominiums - September 2009".