As we are considering the activity in the Charlottesville, Virginia real estate market, we should look at what happened in the area condo market over the past month. This market report will focus on sales of condos and attached homes in the Charlottesville, Virginia and Albemarle County real estate market.
In September, 2008, 20 Charlottesville and Albemarle County condos and town homes were under contingent contract. The average list price was $294,098 and the median was $219,450. They had been on the market for an average of 172 days.
12 condos and attached homes had contracts pending with an average list price of $309,264 and a median of $234,945. The average days on market was 279.
In September 2008, 46 Charlottesville area town homes and condos sold. The average sales price was $244,452. They had an average list price of $261,127, a median of $205,000 and had been on the market for an average of 85 days. They sold for an average of 93.61% of the list price.
Lets also look at the figures for August 2008. In August 2008, 52 Albemarle County and Charlottesville condos and townhomes sold. They had an average sales price of $215,137 and had been listed at an average price of $226,740. The median was $188,250 and they had been on the market for an average of 74 days. The homes sold for an average of 94.88% of the list price.
To compare lets look at the home sales from a year ago. In September of 2008, 55 Charlottesville and Albemarle County condos and townhomes sold. The average sales price was $267,533, with an average list price of $268,573, and a median of $234,000. The homes were on the market for an average of 98 days and sold for an average of 99.61% of the list price.
At this time there are 403 condos and townhouses actively listed on the market in Charlottesville and Albemarle County. The average list price is $269,106, the median $230,800 and they have been on the market for an average of 169 days.
What can we deduce from these figures? Number one, there is a lot of inventory on the market. This translates into alot of choices for buyers. If you are a seller it is important to make sure that your home is in perfect condition to ensure that your home will "out shine" all of the other homes in the same price range. Buyers are looking for a deal in this market and the homes that are selling are priced agressively. Many properties that have been on the market for a long time may have had significant price reductions. As you can see condos and townhomes sold in September 2008 for an average of 6% less than they did in 2007. There are opportunities right now to find the perfect home at a great price.
If you are selling a home it is crucial in this market to make sure that your home is priced properly. I would be happy to do a cma on your home and discuss with you what your home could bring in today's market. Also since 85% of all buyers are starting their home search on line it is important to choose an agent who has a strong internet presence.
Figures obtained from the mls and while deemed accurate are 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.
Visit my website Jump into Greener Pastures or read my blogs Charlottesville Real Estate Talk and Charlottesville Horse Farms and Country Homes.
