Condo Sales in Alexandria, VA – Market Update September 2017
Condo sales in Alexandria slowed in September as compared to August. The second month in a row that sales have slowed. This isn’t uncommon for this time of year though. Let’s review the numbers and then dig deeper into the story behind them.
September 2017 Condo Sales in Alexandria
•Number of Sales: 149 (decrease from 173 in August)
•Highest Priced Sale: $2,050,000
•Lowest Priced Sale: $85,000
•Median Sales Price: $277,000 (decrease from $284,215 in August)
•Median Days on Market: 22 (increase from 15 in August)
•Median Sale to List Price Ratio: 97.75% (decrease from 98.00% in August)
How Does September 2016 Compare to September 2017?
There were 24 more condos sold last September. The median sale price was higher this year by $14,000 and days on the market were lower this year by 3. The median sale to list price ratio was just a bit stronger this year 2016 – 97.03% vs. 2017 – 97.75%.
Current Condo Inventory in Alexandria
There are 389 condos for sale in Alexandria, an increase of just 3 from the same time frame last month. The consistent inventory level but, fewer condos sold in September is important. We have seen fewer condos sold in both August and September which is good news for buyers. The market is still moving quickly but, not as quickly as we’ve seen during the spring and summer.
Is it a Buyers or a Seller’s Market?
Although we’ve seen sales decrease in the last 2 months the condo segment of the Alexandria real estate market remains a seller’s market. Days on the market have increased but, at 22 are still low. Sellers continue to see a strong sale to list price ratio as well. With fewer sales taking place and inventory levels remaining consistent buyers still have to be prepared to make an offer promptly; have your pre-approval in hand and work with an agent that is able to take you to tour condos in a timely manner. If you’re considering selling your Alexandria condo it’s important to work with an agent who has a full understanding of the current market conditions. It always remains important to properly prepare your condo for the market, price it correctly, and be flexible with showings. As we enter the fall market it’s key to be aware that not as many sales are taking place and in turn you really want to go the extra mile to make sure your condo shines and sells for top dollar in the shortest time possible.
Whether you’re buying or selling a condo in Alexandria we stand ready to assist. Contact us to get answers too your questions or to request more information. We look forward to helping you!
To receive a free estimate on what your condo is worth in the current market visit our home value tool. www.northernvalocalmarketvalues.com