The condensation-evaporation process has been analyzed in detail form the point of view of droplet dynamics, i.e., shape of the distribution function, number of droplets, their size and their evolution with time. The theoretical study of the process is centered on the Lifshitz-Slyozov (LS) equations that are here generalized to take into account such characteristics as the precipitation, the volume distribution of the droplets, the time dependences of the droplet number and the average droplet volume. It has been shown, among other things that after a rather short time, the distribution function, in a small volume domain, can be approximated by a series. It has also been shown that the inverse number of droplets, the average droplet volume, and the dimensionless supersaturation (dimensionless critical radius) become linear functions of time in agreement with the LS asymptotic solution. Over the entire volume domain, the distribution function approaches the asymptotic solution only at large times.