This report will examine the sales of Charlottesville, Virginia condos and townhomes during January of 2009.
2 Charlottesville condos and townhomes had contingent contracts in January 2009. The average list price was $287,400. The homes were on the market for an average of 217 days.
2 homes had contracts pending. The average list price was $287,400. The homes had an average DOM of 213.
In January 2009, 2 Charlottesville condos and townhomes sold. Their average sale price was $193,805 and they had been listed for an average price of $224,900. The homes had been on the market for an average of 130 days and sold for an average of 86.17% of the list price.
Today, February 5, there are 125 condos and townhomes actively listed for sale on the Charlottesville real estate market. The average list price is $282,990 and the median is $237,500, with an average DOM of 196.
Lets look at the December 2008 sales figures for comparison.
In December 2008, 4 Charlottesville condos and townhomes had contingent contracts. The average list price was $270,925 with a median of $274,900. The homes had been on the market for an average of 154 days.
There were not any condos or townhomes with contracts pending in Charlottesville during December.
11 Charlottesville, Virginia condos and townhomes had contracts that closed during December 2008. The homes sold for an average of $251,647. They had been listed for an average price of $273,209 and the median was $197,000. They were on the market for an average of 100 days and sold for an average of 92.11% of the list price.
We should also check the home sales from a year ago.
In January 2008, 10 condos and townhomes sold in Charlottesville, Virginia. The average sale price was $415,763, with an average list price of $423,623 and a median of $283,750. They were on the market for an average of 178 days and sold for an average of 98.14% of the list price.
As you can see the current real estate market is extremely slow. In addition homes are selling for a lower percentage of the list price than they were a year ago. We can also see that the median sold price is down in December and January. This tells us that the buyers that are buying are comfortable paying less for a home. Remember the median price tells us what a buyer is willing to pay it does not tell us whether the home's value is going up or down. We will have to see a considerable reduction in the amount of inventory on the market before we will see a return to a balanced market.
Figures are from the local mls and are deemed correct but not guaranteed.
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.