Condo Sales in Alexandria, VA – Market Update March 2017
March 2017 Condo Sales in Alexandria
•Number of Sales: 170 (decrease from 111 in February)
•Highest Priced Sale: $900,000
•Lowest Priced Sale: $95,000
•Median Sales Price: $265,426 (increase from $263,784 in February)
•Median Days on Market: 13 (decrease from 22 in February)
•Median Sale to List Price Ratio: 97.68% (increase from 96.32%)
How Does March 2016 compare to March 2017?
Comparing the same time period last year gives us the opportunity to see if the market has improved or declined – March 2017 shows the market has improved from where it was in 2016. There were 16 more condos sold this March as compared to last year. The median sale price was higher this year by $15,376. Days on the market were lower this year by 15 days and the median sale to list price ratio was slightly stronger 2016 – 96.71% vs. 2017 – 97.68%.
What Does This Mean For Condo Sales In Alexandria?
There are currently 296 condos for sale, an increase from 276 at this time last month. While inventory supply still remains low seeing a few more condos enter the market is good news for buyers. With that said, the Alexandria condo market continues to experience a seller’s market. If you’ve been contemplating listing your condo for sale it remains an excellent time to do so. Preparing your home for sale takes time and planning for proper execution. Consult with an agent in advance to start the process so that all of the details are in place to be ready to list. Pricing remains a key factor for a successful sale, rely on your agent to review market data with you and determine a price that represents the current fair market value for your home. Work with your agent to showcase all your home has to offer – it’s about creating an experience for buyers that allows them to see how wonderful it is to live in your home. They need to be able to connect on an emotional level and see themselves living there.
If you want to buy a condo in Alexandria it’s important to be prepared. By that we mean have your pre-approval or better yet, a TBD pre-approval (contact us and we can explain the difference). Buying is a big decision and one that comes with a lot of questions. We are always happy to answer questions and welcome the opportunity to help. If you decide now is the right time for you to purchase your next home you’ll want to work with a full time agent who has the availability to cater to your schedule and show homes quickly when they come on the market. The current market conditions make it imperative see homes as they become available because they are going under contract quickly. Enlist the expertise of an agent that has experience in competitive markets and who understands how to navigate multiple offer situations.