Condo Sales in Alexandria, VA – Market Update May 2016
May was a busy month for Alexandria condo sales. The number of condos sold increased as compared to April. The median sale price also saw a healthy increase. Days on the market slightly inched up but, still remain very low.
Let’s check in….
May 2016 Condo Sales in Alexandria
•Number of Sales: 201 (increase from 175 in April)
•Highest Priced Sale: $2,325,000
•Lowest Priced Sale: $105,000
•Median Sales Price: $295,000 (increase from $260,000)
•Median Days on Market: 20 (increase from 13)
•Median Sale to List Price Ratio: 97.06% (decrease from 97.86%)
How Does May 2015 compare to May 2016?
There were 25 more condos sold this May than last year. The median sale price was higher this May by $5,000. Days on the market remained consistent 17 in 2015 and 20 in 2016. The median sale to list price ratio also remained consistent 2015 – 97.61% vs. 2016– 97.06%.
What Does This Mean For Condo Sales In Alexandria?
The condo segment of the Alexandria real estate market remains a seller’s market for May. There is currently less than 3 months of available inventory. This isn’t bad news for buyers, interest rates remain low and inventory isn’t depleted to the point that bidding wars are occurring on every property. Buyers do need to be prepared to act quickly though. Getting pre-approved and hiring an agent who has full time availability to be flexible with touring and a proven successful track record is a must. Sellers need to keep in mind that while the market is leaning in your favor the necessity to properly prepare your Alexandria condo for sale remains imperative. Condos that are receiving multiple offers and going under contract quickly all have similar characteristics. They show well, are priced according to the market, and are easy for agents to schedule a tour for their buyers.
If you would like more information on condos in Alexandria we always available for questions. We are well versed in the Alexandria real estate market and stand ready to assist buyers and sellers.
Buyers: To browse homes for sale in Alexandria please visit the link. If you see a property that interests you contact us to find out how to start your home search. We can guide you through each step of your purchase and achieve you a successful transaction.
Sellers: We are experienced in the Alexandria Real Estate market and welcome the opportunity to learn about your home. Contact us to setup up an in home consultation to discuss preparing your condo for sale and marketing strategies.