A glut of condos in Charlottesville

There’s no two ways to look at it. Typically I refrain from negative sentiments regarding the market, choosing to present pure facts. However, it’s hard to look at these numbers any other way.

First – generally, new condo developments are not subject to the impact of the surge in inventory caused by the condo conversions. I’d show this data, but not a high enough percentage of Realtors mark their properties as “new” for me to be able to trust the output. Garbage in, Garbage out.

In Charlottesville/Albemarle, consider these numbers –

There are currently 223 active condos on the market.
There are 136 condos under contract.
167 condos have sold so far this year.

138 condos are currently on the market under $225k.
131 condos under $225k have sold this year.

*191 condos in Charlottesville/Albemarle have expired or have been withdrawn from the market this year; I assume that most of these have been re-listed.

Charlottesville Condos 2004

Charlottesville Condos 2005

Charlottesville Condos 2006

Charlottesville_Condos_2007

Breaking the numbers down further by each individual development shows the situation even more dramatically. If I were to tell the sellers in these developments that everything is “fine;” I’d look like either a liar or a fool.

Why some Charlottesville condos are risky
Are condos a good investment?

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About Jim Duncan

A Charlottesville Realtor who tries to stay on the bleeding/cutting/functional edge of technology and real estate trends. I have been selling real estate for the past 10 years, lived in C'Ville for twenty+ and am married to one of few Charlottesville natives left.
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