We are spending the first posts of this month observing what has been going on in the Charlottesville, Virginia real estate market. An impotant segment to look at is the sales of Charlottesville, Virginia townhomes and condominiums.
In August of 2008, 11 Charlottesville townhomes and condos had contingent contracts. The average list price was $175,841 and the median is $179,900, with an average time on market of 204 days.
2 condos and townhomes had pending contracts with an average list price of $280.923. They have been on the market for an average of 110 days.
In August 2008, 17 townhomes and condos sold in Charlottesville, Virginia. The average sales price was $189,265 and the average list price was $203,032. The median price was $169,500, and the average days on market was 69. These homes sold for an average of 93.22% of the sales price.
There are currently 140 townhouses and condos actively listed in the Charlottesville real estate market. The average list price is $300,022 and the median is $259,900. They have been on the market an average of 163 days.
In July 2008, 31 Charlottesville condos and townhomes sold at an average price of $264,841. The average list price was $281,194, the median was $243,000 and the average days on market was 171. The homes sold for an average of 94.18% of the sales price.
Compare the above sales with August of 2007. At that time 27 Charlottesville, Virginia condos and townhomes sold with an average sales price of $244,167, an average list price of $244,869 and a median of $242,000. They sold on average for 99.71% of the list price.
What can we conclude from these figures? Two things stand out right away. One is the fact there is still a lot of inventory on the market compared to the present rate of sales. The second thing that is apparent is that homes in August of 2007 were selling for almost full price, whereas in August of 2008 Charlottesville townhomes and condos sold for almost 7% less than the listing price.
How does this translate for you, the consumer? If you are considering buying a condo or townhome in Charlottesville, Virginia, now is a great time to buy. The large inventory means that you have a lot to choose from. Interest rates are still low and sellers are increasingly willing to negotiate either over price or consessions or both. The current market presents the perfect opportunity to get a great deal. Contact me and I will help you find the perfect Charlottesville townhome or condominium to suit your particular wants and needs.
If you are selling, the most important thing is to make sure that your home is priced right the first time. Homes that are priced competively are still selling. I would be happy to do a free CMA of your home to give you an idea of what it might bring in today's market. The other important factors to consider are the location and the condition of your home. I would be happy to go over with you strategies that we could use to ensure that your home is the one that sells.
Figures courtesy of the CAAR mls and are believed accurate but not guaranteed.
Search all of the Charlottesville homes that are currently on the market.
Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
434 960-0161
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