The following is the report of sales of condos and townhomes in the Charlottesville, Virginia real estate market for the month of July 2008.

There were 16 contingent contracts on condos and attached homes in July.  The average list price was $198,668 and the median price was $177,450.  The homes were on the market for an average of 108 days.

There was one pending contract in July and the home was listed at $289,000 and had been on the market for 520 days.

In the month of July 29 condos and townhomes sold.  The average list price was $279,694 and the average sold price was $263,038; the median price was $217,500.  The homes had been on the market for an average of 175 days.  The homes sold for an average of 94.04% of the list price.

There are currently 136 condos and townhomes actively listed in the Charlottesville, Virginia real estate market.  The average list price is $310,131 and the median is $281,414.  They have been on the market an average of 154 days.

Compare these figures with 18 condos and townhomes sold in the city of Charlottesville in June, 2008 with a sale price of 96.69% of the list price.

Information from CAAR MLS, deemed correct but not guaranteed.

Click here to search all of the townhomes and condos currently on the market in Charlottesville.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, VA
434 960-0161
Jump into Greener Pastures
Charlottesville Horse Farms and Country Homes

The following is the July real estate market report for sales of condos and attached homes in Albemarle County, Virginia.

In July 24 condos and attached homes were under contingent contract with an average list price of $221,967 and a median price of $199,687.  The homes were on the market an average of 102 days.

7 homes were under a pending contract at an average list price of $222,864 and a median price of $214,948 and were on the market an average of 89 days.

In July the market saw 34 sales of condos and attached homes .  These homes had an average list price of $231,836 and an average sold price of $223,036.  The median price was $213,450 and the average days on market was 80.  The sale price to list price ratio was 96.20%.

There are 319 condos and townhomes actively on the market at this time with an average list price of $259,692 and a median price of $229,950.

To compare 51 condos and attached homes sold in June in Albemarle County with an average sales price to list price ratio of 97.87%.

As you can see from these figures, it is still a very good time to buy in Albemarle County.

Information from CAAR MLS, deened correct but not guaranteed.

Click here to search all of the condos and townhomes on the market in Albemarle County.

Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, Virginia
434 960-0161
Jump into Greener Pastures
Charlottesville Horse Farms and Country Homes

The last few years saw a burst of construction of condos and attached homes in Albemarle County.  This construction has currently slowed.  However with the relatively high prices of detached homes in the Charlottesvville area, condos and attached homes remain an affordable option in the county real estate market.

In this report I have grouped condos and attached homes together.

In June there were 48 contingent contracts on listings priced from $127,500-995,000.

42 homes had contracts pending ranging in price from $98,500-918,840.

43 condos and attached homes sold in June in Albemarle County with an average price of $218,923 and a median price of $204,400.  The average days on market was 114.

There are 331 homes actively on the market listed between $104,900-1,199,000.

At the June rate of sales there is 7.69 months of inventory on the market.  As you can see with the large inventory to choose from it is a very good time to buy.

For more information on the area real estate market contact:

Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, VA
434 960-0161
www.JumpintoGreenerPastures.com
www.CharlottesvilleHorseFarmsandCountryHomes.com
www.Charlottesvillevirginiablogpage.com

Information is from the mls and is deemed accurate but not guaranteed.

Condo and attached home projects have increased in popularity in the Charlottesville, Virginia area in the last couple of years.  As the prices for detached homes skyrocketed in 200-2005 more people began looking at condos as an affordable alternative.  Also the University of Virginia, and the hospital bringing in students, and residents added another segment of the population who needed housing.

For the purpose of this real estate market report I have grouped attached homes and condos together.

In June there were 44 contingent contracts ranging in price from $85,000-864,000.

36 homes have pending contracts and are priced from $149,900-579,900.

In Charlottesville 15 homes sold with an average price of $291,828 and a median price of $263,275 and an average days on market of 117.

There are currently 123 active listings, priced from $103,900-$895,000.

At the June rate of sales there is approximately 8.2 months of inventory on the market.  This is definately still a buyers market.

For more information on the Charlottesville condo market please contact:

Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, VA
434 960-0161
www.JumpintoGreenerPastures.com
www.CharlottesvilleHorseFarmsandCountryHomes.com

Information is from the mls and deemed accurate but not guaranteed.

Housing constitutes a major cost included in a college education.  Previously the choices were to either live in a dorm or rent.  Now we are seeing an increasing number of parents who have decided that it makes sense to buy a condo for their college age children and rent out bedrooms to their child's friends to help pay the mortgage.  Then when the student finishes school the parents either sell the unit or keep it as a rental. 

The parents consider this as an investment rather than just shelling out money for rent with no return.  This option is especially popular with grad students.  The growing phenomena has fueled condominium construction and condo conversion in the Charlottesville, Albemarle area of Virginia over the past few years.

We are also seeing amenities in these condo projects that are geared toward the student market.  For instance the Eagles Landing project on the east end of Charlottesville has the following amenities to entice students and young professionals:  a free shuttle to the  University of Virginia grounds and to Piedmont Virginia Community College, a pool, volleyball and basketball, fitness facilities, a clubhouse with a computer lab, gameroom, and study and conference rooms.  Another difference in these units is the fact that all of the bedrooms are the same size with no master and a built in computer desk in each room.

I think that this is a growing market in our college town that will continue to play a role in local real estate sales.

Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, Virginia
434 960-0161
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com