Condo Sales in Alexandria, VA – Market Update September 2016
Condo sales in Alexandria saw a decrease in the number of sales from August to September. Median sales price also saw a decrease but, it was very minimal - $2,000. Days on the market were a little bit lower and sellers saw a slightly higher sale to list price.
Let’s check in….
September 2016 Condo Sales in Alexandria
•Number of Sales: 169 (decrease from 185 in August)
•Highest Priced Sale: $900,000
•Lowest Priced Sale: $80,000
•Median Sales Price: $263,000 (decrease from $265,000 in August)
•Median Days on Market: 25 (decrease from 28 in August)
•Median Sale to List Price Ratio: 97.03% (increase from 96.85%)
How Does September 2015 compare to September 2016?
There were 17 more condos sold this September as compared to last year. The median sale price was lower this September by $2,000. Days on the market remained consistent 27 in 2015 and 25 in 2016. The median sale to list price ratio also remained consistent 2015 – 96.40% vs. 2016– 97.03%.
What Does This Mean For Condo Sales In Alexandria?
The condo market in Alexandria remains a seller’s market but, it’s not as strong of a seller’s market as it was in August which is good news for buyers. The current market conditions are good for both buyers and sellers. While it’s still swayed towards sellers buyers are taking advantage of more inventory than we saw over the summer and favorable interest rates. Seller's, be mindful that while the market is swayed towards you, more inventory means more competition from other condos 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. From preparing your condo to go on the market to properly marketing it to the right buyers and negotiating you the best price and terms possible selecting the right agent is imperative for a successful 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 goals. We offer a Guaranteed Sale Program and a free no obligation strategy session.