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Alexandria Virginia Condo Sales Market Update August 2016

Alexandria Virginia Condo Sales – Market Update August 2016

Let’s check in….

August 2016 Condo Sales in Alexandria

•Number of Sales: 185 (increase from 170 in July)

•Highest Priced Sale: $1,000,000

•Lowest Priced Sale: $86,000

•Median Sales Price: $265,000 (increase from $260,000 in July)

•Median Days on Market: 28 (increase from 24 in July)

•Median Sale to List Price Ratio: 96.85% (decrease from 97.02%)

How Does August 2015 compare to August 2016?

There were 23 more condos sold this August as compared to last year. The median sale price was lower this August by $20,575. Days on the market remained consistent 24 in 2015 and 28 in 2016. The median sale to list price ratio also remained consistent as well, 2015 – 97.00% vs. 2016– 96.85%.

What Does This Mean For Condo Sales In Alexandria?

The condo market in Alexandria remains a seller’s market, August was very strong this year and saw a lot of activity. Buyers are still enjoying low interest rates and while it’s a seller’s market inventory has increased as compared to June and July which gives them a nice selection of condos to pick from. Seller's still need to understand that while the market is shifted in your favor that doesn't decrease the importance of properly preparing your Alexandria condo for sale. Condos that are 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. Selecting a local agent that can help you from start to finish is imperative for a successful and smooth sale.

If you would like more information on Alexandria condos don’t hesitate to contact us with questions. We’d love to learn more about your real estate needs. Contact us for a free strategy session today!

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