Yes, CONDENSATION is a Scrabble word!

Letter values in Scrabble US: C 3, O 1, N 1, D 2, E 1, N 1, S 1, A 1, T 1, I 1, O 1, N 1.

Is it a valid word?

CONDENSATION is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

(psychoanalysis) an unconscious process whereby two ideas or images combine into a single symbol; especially in dreams
the process of changing from a gaseous to a liquid or solid state
atmospheric moisture that has condensed because of cold
the process or result of becoming smaller or pressed together
a shortened version of a written work
the act of increasing the density of something