Charlottesville Condos and Townhomes - Nov. 2008 Market Report

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

This post will focus on the examination of sales of condos and townhomes in Charlottesville, Virginia during November 2008.sold sign

4 Charlottesville condos and townhomes sold during November 2008.  The average list price was $398,650, with a median of $347,400 and an average days on market of 261.

3 condos and townhomes had pending contracts.  The average list price was $253,323 and the median is $347,400.  The homes were on the market for an average of 308 days.

In November 2008, 4 Charlottesville townhomes and condos sold.  The average sales price was $329,400, with an average list price of $347,198, and a median of $243,800.  The homes were on the market for an average of 122 days and sold for an average of 94.87% of the list price.

As of December 1, 117 condos and townhomes are actively listed on the Charlottesville real estate market.  The average list price is $288,690 and the median is $253,000.  The homes have been on the market for an average of 190 days.

To compare lets look at the home sales from October of this year.

11 Chalrottesville townhomes and condos had contingent contracts in October 2008.  The average list price was $229,759, with a median of $214,900. The homes were on the market for an average of 163 days.

6 homes had contracts pending.  They had an average list price of $222,310, a median of $249,990 and an average days on market of 223.

In October 2008, 12 condos and townhomes sold.  The average sales price was $225,580.  The homes had an average list price of $235,973 and a median of $230,715.  The homes were on the market for an average of 121 days and sold for an average of 95.60% of the list price.

Lets also look at the figures from last year.

In November 2007, 20 condos and townhomes sold in Charlottesville.  The average sales price was $235,027, with an average list price of $227,208 and a median of $227,450.  The homes were on the market for an average of 101 days and sold for an average of 103.44% of the list price.

Finally we will compare last year's "year to date sales" with sales from the same period this year.

In 2007 from January 1 - December 1, 239 condos and townhomes sold in Charlottesville.  During the same time frame in 2008, 201 Charlottesville condos and townhomes sold.  This represents a decline of 
-15.9%.

These figures are from the local mls and while they are deemed correct 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 Charlottesville homes, farms, events and real estate.

 

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

Pam the condo market in Charlottesville sounds a lot like the market up here in Mass. Lets hope 09 is a better year with the continued drop in interest rates.

Dec 05, 2008 01:43 AM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

Bill - I think most markets around the country are like this.  I hope the low interest rates will bring some buyers back into the market.

Dec 07, 2008 12:48 PM #2
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