This market report will cover sales of condos and townhomes in Charlottesville, Virginia during December of 2008.
In December 2008, 4 Charlottesville condos and town homes had contingent contracts. The average list price was $270,925 and the median was $274,900.
There were not any Charlottesville condos or townhouses with pending contracts.
10 Charlottesville condos and townhomes had contracts that closed in December 2008. The average sale price was $250,210, with an average list price of $$275,370 and a median of $193,500. The homes were on the market for an average of 87 days and sold for an average of 90.86% of the list price.
There are currently 113 condos and townhomes actively listed for sale in Charlottesville, Virginia. The average list price is $289,787 with a median of $249,900. The homes have been on the market for an average of 209 days.
To compare lets look at the figures from November of 2008.
In November 2008, 4 Charlottesville condos and townhouses had contingent contracts. The average list price was %398,650 with a median of $347,400 and an average DOM of 261 days.
3 homes had contracts pending. The average list price was $253,323 and the median was $252,400. The average DOM was 308.
8 Charlottesville condos and townhouses had contracts that closed in November 2008. The average sale price was $311,049 with an average list ptice of $302,969 and a median of $278,339. The homes were on the market for an average of 101 days and sold for an average of 102.5 of the list price.
For further comparison we can examine the figures from December 2007.
In December 2007, 18 condos and townhomes sold in Charlottesville, Virginia. The average sale price was $379,660, with an average list price of $381,548 and a median of $329,900. The homes have been on the market for an average of 152 days and sold for 99.5% of the list price.
We can also compare the sales figures from the past two years.
In 2007, 257 condos and townhomes sold in Charlottesville, Virginia. The average sale price was $246,831 and the homes were listed for an average of $249,667. The homes were on the market for an average of 79.1 days and sold for an average of 98.86% of the list price. During the year there was an average of 10.17 months on inventory on the market.
In 2008, 215 Charlottesville condos and townhouses sold. The average sale price was $267,347 and the average list price was $278,461. The homes were on the market for an average of 118.9 days and sold for an average of 96.01% of the list price. During the year there was an average of 11.33 months of inventory on the market. These numbers represent a decline in sales of condos and townhomes of -16.35% during 2008.
These figures are courtesy of the local mls and while deemed correct are not guaranteed.
As you look at these figures remember that the decline in median prices does not necessarily represent a corresponding decline in the value of homes, but rather it tells us how much buyers are willing to spend in the present market. If you would like more information on the real estate market and how it mgiht impact your personal home, contact me; I would be happy to discuss it with you.
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, events and real estate.
