This Charlottesville VA Real Estate Market Report Condominiums will examine the sales of condos in Charlottesville VA and Albemarle County during August 2009.
In August 17 Charlottesville condominiums had contracts that closed. The average sale price was $196,941 with an average list price of $208,856. The condos were on the market for an average of 115 days and sold for an average of 94.30% of the list price.
24 Charlottesville-Albemarle condos sold in July for an average price of $192,434. They had been listed for an average price of $208,572, spent an average of 64 days on the market, and sold for an average of 92.26% of the list price.
27 condominiums sold in the month of June. The average sale price was $175,004, with an average list price of $187,822, and an average DOM of 133. They sold for an average of 93.18% of the list price.
Today September 6, 2009 there are 214 Charlottesville VA condominiums for sale. They are listed at an average price of $242,566, with a median of $192,200. They have been on the market for an average of 192 days so far.
To further understand the Charlottesville VA real estate market for condominiums we should consider the year to date sales as compared with last years. From 1/1/2008-9/1/2008, 168 Chalrottesville condos sold, during the same time frame this year only 100 condos sold in Charlottesville. This represents a decline in sales of -40.5%.
As you can see the August sale were lower than the two early summer months. This is not unusual for the Charlottesville real estate market, particularly regarding condos. A great many of our condos sell to graduate students or residents at the hospital who need to have their housing secure by the end of the summer. Overall, both locally and nationally condo sales have gotten much ome difficult due to the unavailability of financing for this product. In addition we have seen quite a few investor owned condos come onto the market as foreclosures which makes it hard to sell the condos that are for sale at a regular price. Unfortunately, a condominium is often an affordable option for a first time homebuyer, but with the difficulty of obtaining financing for a condo purchase this is often not possible.
Figures are from the mls and while they are deemed correct are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 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, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
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Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville VA Real Estate Market Report Condominiums - August 2009".