Condo Sales in Alexandria, VA – Market Update December 2016
Condo sales in Alexandria remained strong in December with an increase in the number of condos sold as compared to November. Median sale price saw a slight decrease but, at less than $2,000 it wasn’t substantial. Days on the market inched up a bit but, continue to remain low.
Let’s review the numbers…
December 2016 Condo Sales in Alexandria
•Number of Sales: 159 (increase from 130 in November)
•Highest Priced Sale: $2,910,000
•Lowest Priced Sale: $105,730
•Median Sales Price: $268,015 (decrease from $270,000 in November)
•Median Days on Market: 31 (increase from 24 in November)
•Median Sale to List Price Ratio: 95.77% (decrease from 97.00%)
How Does December 2015 compare to December 2016?
There were 8 more condos sold this December as compared to last year. The median sale price was higher last December by $7,985. Days on the market were lower this year by 9 and the median sale to list price ratio remained consistent 2015 – 95.72% vs. 2016– 95.77%.
What Does This Mean For Condo Sales In Alexandria?
The condo market in Alexandria remains swayed towards sellers from an absorption rate standpoint but, buyers shouldn’t be discouraged. Inventory isn’t depleted to the point that multiple offers are happening all the time and there are plenty of condos to select from. Sellers need to keep in mind that properly preparing your condo for the market and pricing it correctly remain a necessity. Working with a local agent who has a proven sales record and who can guide you from the preparation stage all the way through closing is important. There are so many details that go into successfully selling a home and it’s not something you should take lightly. You only get one chance to make a positive and lasting first impression. Buyers are actively seeking their next home and many desire to locate a property now in order to lock their interest rate due to the predictions that they will continue to rise. There are currently 266 condos for sale in Alexandria. Down from 281 condos at this time last month.
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.