Albemarle County Condos and Townhomes - Nov. 2008 Market Report

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

This post will focus on the sale of condos and townhomes in Albemarle County, Virginia during the month of November 2008.sold sign

16 Albemarle condos and townhomes had contracts pending during November 2008.  The average list price was $219,881, with a median of $204,450 and an average days on market of 116.

1 condo or townhome had a contract pending during November.  It was listed at $322,334 and was on the market for 0 days.

9 condos and townhomes had contracts that closed during November in Albemarle County.  The average sale price was $258,167, with an average list price of $267,172, a median of $227,000 and had been on the market for an average of 111 days.  The homes sold for an average of 96.63% of the list price.

As of December 1, 254 condos and townhomes are listed on the Albemarle County real estate market.  The average list price is $264,627, with a median of $230,370, and the homes have been on the market for 195 days on average.

Lets compare the figures from November with October sales.

In October 2008, 10 Albemarle townhomes and condos had contingent contracts.  The average list price was $228,460 and the median was $237,400.  The homes were on the market for an average of 87 days.

11 homes had contracts pending.  The average list price was $287,064 and the median was $259,00 with an average DOM of 107.

10 Albemarle condos and townhomes sold during October 2008.  The average sale price was $263,157.  They were listed at an average price of $267,854 and the median was $255,450.  The homes were on the market for an average of 115 days and sold for an average of 98.25% of the list price.

To further compare we will examine the figures from last year.

In November 2007, 33 Albemarle County townhomes and condos sold.  The average sale price was $$366,156, with an average list price of $370,769, and a median of $240,000.  The homes were on the market for an average of 69 days and sold for an average of 98.76% of the sale price.

The last group of figures that we will look at are those for the year to date.

In the period from January 1 - December 1 in 2007, 191 condos and townhomes sold in Albemarle County.  In the same time frame this year 161 Albemarle condos and townhomes sold.  This represents a decline of -15.7%.

As you can see from these figures, home sales continue to remain low.  There is a lot of inventory listed and homes are staying on the market for a long time.  This translates into the perfect time to buy.  The selection is large, interest rates are low, prices are down, and many sellers are ready to negotiate.  You may just find your dream home at an exceptional price.

For sellers the picture is not so rosy.  With all of the competition, your home will need to be in excellent condition and most importantly must be priced agressively.  In addition with 85% of home buyers beginning their search online it is necessary to hire a Realtor who has a strong internet presence.

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

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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.

 Visit my website  Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes for more information on Central Virginia homes, farms, events and real estate.

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