Alexandria Condo Market Update April 2018
The numbers are in for condo sales in Alexandria for April 2018. Find out what sold, how long condos are staying on the market, and how much sellers are having to negotiate.
April 2018 Condo Sales in Alexandria
•Number of Sales: 173 (decrease from 181 in March)
•Highest Priced Sale: $1,975,000
•Lowest Priced Sale: $87,000
•Median Sales Price: $263,000 (increase from $255,000 in March)
•Median Days on Market: 9 (decrease from 13 in March)
•Median Sale to List Price Ratio: 98.54% (increase from 97.59% in March)
How Does April 2017 Compare to April 2018?
The number of condos sold saw very little change, higher last year by 16 units. Median sale price decreased this year by $19,000. Days on the market were higher last year by 4 days which is a minimal change and the median sale to list price ratio remained consistent 2017 – 98.54% vs. 2018 – 97.78%.
Current Condo Inventory in Alexandria
There are 280 condos for sale in Alexandria, a slight increase from this time last month by 42 condos. There continues to be low inventory in Alexandria. The condo segment of the Alexandria real estate market remains a seller’s market. Homes that are selling quickly in Alexandria have similar characteristics – they are reasonably updated, they show well, and they are convenient for buyer agents to bring their clients for a tour. Pricing is and always will be a key detail to selling a home quickly for top dollar. If you’re considering selling now is an excellent time to do so. With that said, it does not mean you can overprice your home. Supply isn’t keeping up with demand but, that doesn’t mean buyers won’t spot an overpriced home and eliminate it from their search. Planning ahead and teaming up with a local real estate agent that’s an expert in your area to properly execute a successful sale remains imperative. The details of preparing your home for sale, properly pricing it, and launching the right marketing plan will take you from listed to sold in the shortest time possible for the highest sale price possible.
If you’re buying a home the current market conditions show you need to be prepared to act quickly. Days on the market continue to be very low and condos that are properly priced and show well move promptly. Get pre-approved and team up with an agent that’s a local expert in Alexandria. Being able to both tour homes and make offers quickly will set the stage for a successful home purchase.
To receive a free estimate of what your condo is worth in the current market visit our free home value tool.
If you’re buying or selling a condo in Alexandria and have questions reach out to us and let’s connect. We welcome the opportunity to answer your questions and learn about your real estate goals.