This Charlottesville VA real estate market report examines the sales of condominiums in Charlottesville Virginia and Albemarle County during May 2010.
May 2009 average list price $164,866.
May 2010 average list price $152,862.
May 2009 average sale price $148,177.
May 2010 average sale price $153,893.
May 2009 median sold price $130,000.
May 2010 median sold price $153,000.
May 2009 %sold/list 89.87%.
May 2010 %sold/list 100.67%.
Last year from 1/1/2009-5/31/2009, 36 condos sold on the Charlottesville-Albemarle real estate market. This year during the same time period 63 condominiiums sold. this is an increas in sales of 75%.
The increase in condo sales can largely be attributed to investors with cash jumping into the local condo market and buying up the foreclosures that have come on the market. As a result of the tightening of the financing regulations on condos it has been hard for many buyers to obtain financing for a condominium purchase. If you are looking for a condominium to purchase, you will want to ask your Realtor to check on which condo projects are FHA approved.
The above figures are from the mls and while they are presumed to be correct are not guaranteed.
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