Its the first of the month and time to assess the current trends in the Albemarle County real estate market. This report will look at what has been going on in sales of Albemarle County condos and townhomes.
In August of 2008, 18 Albemarle County condos and townhomes were under contingent contract at an average list price of $274,256, and a median of $229,900. They were on the market for an average of 124 days.
2 homes were under pending contract. The average list price was $348,425 with an average of 80 days on market.
22 Albemarle County condominiums and townhouses sold in August of 2008, The average sales price was $200,486 and they were listed for an average price of $210,165. The median was $183,750. The homes were on the market for an average of 104 days and sold for an average of 95.39% of the list price.
There are currently 302 condos and townhomes actively listed in Albemarle County, Virginia. The average list price is $251,309, the median is $229,000 and the average days on market is 163,
In July 2008, 29 Albemarle condos and townhomes sold at an average sales price of $220,313. The average list price was $230,216 and the median was $212,900. The average days on market was 85 and these homes sold for an average of 95.70% of the list price.
Compare these figures with the sales of Albemarle townhomes and condos in August of 2007. The average sales price was $224,365 and they had been listed at an average price of $225,949. The median price is $211,000, with an average of 67 days on market. The homes sold for an average of 99.30% 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 Albemarle townhomes and condos sold for almost 5% less than the listing price.
How does this translate for you, the consumer? If you are considering buying a condo or townhome in Albemarle County, 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 offers the opportunity to get a great deal. Contact me and I will help you find the perfect Albemarle County 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. Other important factors to consider are the location and the condition of your home. Contact me and we can go over 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 Albemarle County 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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