Charlottesville, Virginia/Albemarle County Condos and Townhomes Market Report

By
Real Estate Agent with Gayle Harvey Real Estate, Inc.

This post is continuing our examination of real estate activity in the Charlottesville, Virginia area.  In order to make our comparisons as accurate as possible, we need to compare similar types of homes.  This post will look at sales of condos and townhomes in Charlottesville, Virginia and the surrounding Albemarle County.

In October 2008, 10 Charlottesville - Albemarle condos and townhouses were under contingent contract.  The average list price was $228,460 and the median was $237,400 with an average of 87 days on market.

3 condos and townhomes had contracts pending.  They had an average list price of $358,283 and a median of $325,000 with an average of 202 days on the market.

In October of 2008, 7 condos and townhouses sold in Charlottesville, Virginia and Albemarle County.  They sold for an average sales price of $270,686, and were listed for an average price of $279,093.  The median was $251,900 and they were on the market for an average of 153 days.  These homes sold for an average of 96.99% of the list price.

On November 1, 2008, there were 276 condos and townhomes actively listed in Charlottesville, Virginia and Albemarle County.  The average list price was $256,378, median $227,450, average days on market 182.

To see where we are headed it is useful to consider where we have been.  Let's examine the figures from September of this year.

In September 2008, 12 Charlottesville-Albemarle townhomes and condos were under contingent contracts at an average list price of $280,529 and a median of $213,000.  They had been on the market for an average of 116 days.

8 townhomes and condos had contracts pending in September.  They had been listed for an average price of $360,586 and the median was $217,950, average days on market = 251.

In Charlottesville/Albemarle in September of 2008, 28 condos and townhomes sold.  The sales price averaged $275,822 with an average list price of $294,259, and a median of $219,500.  The average days on market was 141 and they sold for an average of 93.73% of the list price.

Compare the above figures with October 2007 sales figures.  In October of last year 36 townhomes and condos sold in Charlottesville, Virginia and Albemarle County.  The average sales price was $304,330 and they had been listed for an average price of $311,048 with a median of $271,389.  They were on the market for 104 days on average and sold for an average of 97.84% of the list price.

Finally lets compare the figures for this year to date with the same time period last year.  In 2008 from January 1-October 31, 470 condos and townhomes sold in Charlottesville-Albemarle, compared with 735 that sold in the same time period in 2007.  This represents a 36.1% decline in sales.

The above figures are from the mls, and while they are deemed accurate, they are not guaranteed.

As you can tell from these figures, if you are selling a Charlottesville, Virginia condo or townhome you need to make sure that your home is the one that buyers want to buy.  In order to do this it is important that your home is priced aggressively and is in the best condition possible.  It is also important to hire a real estate agent who has a strong internet presence, since 85% of homebuyers are starting their search online.  If you are considering a purchase of a Charlottesville or Albemarle County home, it is the perfect time to buy!  There are a lot of homes to choose from, interest rates are still low, and many sellers are ready to be negotiable.

____________________________________________________________________________________________________

Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at  434 960-0161 , pam@JumpintoGreenerPastures.com, to list your property for sale or 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, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

For more information on Charlottesville, Virginia and Albemarle County events and real estate visit my othe blog Charlottesville Horse Farms and Country Homes.

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Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Pam as usual an excellent market report for the condo and townhome market in Albemarle.

Nov 02, 2008 02:56 PM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

Bill - Since I view you as a market report expert, I see this as high praise.  Thank you.

Nov 04, 2008 12:07 PM #2
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