Condo Sales in Alexandria, VA – Market Update July 2016
Condo sales in Alexandria saw decrease from June to July, but not by a large amount and the sale to list price ratio remains strong.
Let’s check in….
July 2016 Condo Sales in Alexandria
•Number of Sales: 170 (decrease from 196 in June)
•Highest Priced Sale: $875,000
•Lowest Priced Sale: $90,000
•Median Sales Price: $260,000 (no change from June)
•Median Days on Market: 24 (increase from 19)
•Median Sale to List Price Ratio: 96.85% (decrease from 97.02%)
How Does July 2015 compare to July 2016?
There were 3 more condos sold last July than this year. The median sale price was lower last July but, not by much, just a difference of $2,000. Days on the market remained consistent 22 in 2015 and 24 in 2016. The median sale to list price ratio also remained consistent 2015 – 96.76% vs. 2016– 96.85%.
What Does This Mean For Condo Sales In Alexandria?
The condo segment of the Alexandria market remains shifted towards sellers but, it's bad news for buyers. Inventory levels have increased and in turn buyers are enjoying having more condos to choose from while taking advantage of the incredible interest rates right now. Seller's should understand that while the market is shifted in your favor that doesn't decrease the importance of properly preparing your Alexandria condo for sale. Condos that are going under contract quickly show well, are priced according to the market, and are easy for agents to schedule a tour for their buyers. Selecting a local agent that can help you prepare your condo for sale, correctly price it, and guide you through negotiations is imperative to achieve the maximum sale price and best terms.
If you would like more information on condos in Alexandria we are always available for questions. We are well versed in the Alexandria real estate market and stand ready to assist buyers and sellers. Contact us for a free strategy session today!
Buyers: To browse homes for sale in Alexandria please visit the link. If you see a property that you'd like to tour or have questions about don't hesitate to reach out to us. We welcome the opportunity to assist you with your next home purchase.
Sellers: We are experienced in the Alexandria Real Estate market and our marketing has a proven successful track record. Contact us to tell us about your home and your selling goals. We'd love to meet for a no obligation consultation and show you how we can promptly take your home from listed to sold.