Condo Sales in Alexandria, VA – Market Update November 2016
Condo sales in Alexandria increased from October to November. Median sales price decreased and days on the market decreased. Median sale to list price ratio saw a slight increase.
Let’s review the numbers…
November 2016 Condo Sales in Alexandria
•Number of Sales: 130 (increase from 121 in October)
•Highest Priced Sale: $1,707,000
•Lowest Priced Sale: $81,500
•Median Sales Price: $270,000 (decrease from $278,000 in October)
•Median Days on Market: 24 (decrease from 28 in October)
•Median Sale to List Price Ratio: 97.00% (increase from 96.67%)
How Does November 2015 compare to November 2016?
There were 29 more condos sold this November as compared to last year. The median sale price was lower last November by $40,000. Days on the market were lower this year by 9 and the median sale to list price ratio remained consistent 2015 – 96.31% vs. 2016– 97.00%.
What Does This Mean For Condo Sales In Alexandria?
Condo sales in Alexandria saw a nice surge during the month of November. The market is strong right now and the comparison to 2015 shows just how active things have been. Many buyers and sellers that were on the fence during the election are entering the market now that it’s over. The condo segment of the Alexandria market remains a seller’s market. There are currently 281 condos for sale in Alexandria. Down from 344 condos at this time last month. From an inventory standpoint the market is leaning towards sellers but, buyers shouldn’t be discouraged as there’s not a shortage to the point that bidding wars are happening all the time. They do happen but, not as frequently as the Spring market. Interest rates have increased but, are still at historic lows and buyers can take advantage of them while they’re still in the low 4% range. Sellers who are concerned about listing during the winter months should really consider going on the market. Not only is it a seller’s market, there are many buyers in the market right now who want to go under contract in order to lock in their rate before they continue to rise. Take advantage to the market conditions leaning in your favor, winter isn’t a bad time to sell and the numbers for Alexandria condo sales show us it’s a very active market right now. Coming soon marketing, the right pricing, and making sure it’s easy for agents to show are all important factors to consider. Work with an agent who has a proven successful track record and the right marketing to set your condo apart from the competition.
If you would like more information on buying or selling a condo in Alexandria or just have questions about the market give us a call. We are here to help.