Condo Sales in Alexandria, VA – Market Update June 2016
Condo sales in Alexandria saw a slight decrease in the number of properties sold from May to June. The median sale price also decreased while days on the market remained virtually the same along with median sale to list price ratio.
Let’s check in….
June 2016 Condo Sales in Alexandria
•Number of Sales: 196 (decrease from 201 in May)
•Highest Priced Sale: $1,150,000
•Lowest Priced Sale: $95,000
•Median Sales Price: $260,000 (decrease from $295,000)
•Median Days on Market: 19 (decrease from 20)
•Median Sale to List Price Ratio: 97.02% (decrease from 97.06%)
How Does June 2015 compare to June 2016?
There were 12 more condos sold this June than last year. The median sale price was higher last June by $20,680. Days on the market remained consistent 21 in 2015 and 19 in 2016. The median sale to list price ratio also remained consistent 2015 – 97.00% vs. 2016 – 97.02%.
What Does This Mean For Condo Sales In Alexandria?
The numbers don’t tell the entire story for June condo sales in Alexandria. 9 distressed sales (short sales or bank owned homes) closed in the month of June and in turn impacted the median sale price. Without the distressed sales factored in the median sale price decreased by $5,000 as compared to May. It remains a seller’s market with less than 3 months of available inventory. Buyers continue to take advantage of low interest rates. Getting pre-approved and hiring an agent that has full time availability to be flexible with touring is a must as many condos are moving quickly. Sellers need to keep in mind that while the market is busy and there are lots of buyers actively seeking a condo in Alexandria the necessity to properly prepare your Alexandria condo for sale remains imperative. Condos that are receiving multiple offers and going under contract quickly all have similar characteristics. They show well, are priced according to the market, and are easy for agents to schedule a tour for their buyers.
If you would like more information on condos in Alexandria we are always available for questions. We are well versed in the Alexandria real estate market and stand ready to assist buyers and sellers.
Buyers: To browse homes for sale in Alexandria please visit the link. If you see a property that interests you contact us to find out how to start your home search. We can guide you through each step of your home purchase.
Sellers: We are experienced in the Alexandria Real Estate market and welcome the opportunity to learn about your home. Contact us to setup up an in home consultation to discuss preparing your condo for sale and marketing strategies.