Condo Sales in Alexandria, VA – Market Update May 2017
May 2017 Condo Sales in Alexandria
•Number of Sales: 218 (increase from 188 in April)
•Highest Priced Sale: $981,530
•Lowest Priced Sale: $105,000
•Median Sales Price: $280,500 (decrease from $285,509 in April)
•Median Days on Market: 11 (decrease from 13 in April)
•Median Sale to List Price Ratio: 98.07% (increase from 97.93% in April)
How Does May 2016 compare to May 2017?
Comparing the same time period last year gives us the opportunity to see whether or not the market has strengthened or weakened and gives us an idea of what direction prices are heading in. There were 10 more condos sold this May as compared to last year. The median sale price was higher last year by $15,500. Days on the market were lower this year by 8 and the median sale to list price ratio was just a bit stronger this year 2016 – 97.20% vs. 2017 – 98.07%.
What Does This Mean For Condo Sales In Alexandria?
There are currently 338 condos for sale, a decrease from 364 at this time last month. At first glance the condo market doesn’t look at strong as last year in terms of sale price but, it takes digging a bit deeper to truly understand the current market trends. One bedroom inventory is plentiful right now and in turn has been taking a bit longer to sell whereas two and three bedroom condos are still moving very quickly. The data has been impacted somewhat by one bedroom condos – longer days on the market often translates to not selling for list or close to list price. Overall the Alexandria condo market is still experiencing a seller's market. Days on the market remain low and sale to list price ratio remains high.
Contact us, we are always happy to answer your questions and welcome the opportunity to help with your sale or purchase.