Condos For Sale in Alexandria, VA - Market Update October 2016
Condo sales in Alexandria saw a decrease in the number of sales from September to October. Median sales price increased and days on the market saw very little change.
Let’s check in….
October 2016 Condo Sales in Alexandria
•Number of Sales: 121 (decrease from 169 in September)
•Highest Priced Sale: $1,000,000
•Lowest Priced Sale: $95,000
•Median Sales Price: $278,000 (increase from $263,000 in September)
•Median Days on Market: 28 (increase from 25 in September)
•Median Sale to List Price Ratio: 96.67% (decrease from 97.03%)
How Does October 2015 Compare To October 2016?
There were 8 more condos sold this October as compared to last year. The median sale price was lower this October by $9,000. Days on the market saw no changed as compared to last year. The median sale to list price ratio also remained consistent 2015 – 96.63% vs. 2016– 96.67%.
What Does This Mean For Condo Sales in Alexandria?
The seasonal slowdown has started to make an impact on the number of condos sold in Alexandria however, median sale price and sale to list price ratio remain strong. The condo segment of the Alexandria market remains a seller’s market. There are currently 344 condos for sale in Alexandria. From an inventory standpoint the market is swayed towards sellers but, buyers should know that while the market isn’t inundated with inventory it’s not depleted to the point that bidding wars are happening regularly. Buyers can also continue to take advantage of low interest rates which increases buying power. Sellers, its good news that the condo market in Alexandria is a seller’s market but, that doesn’t reduce the importance of proper preparation before putting your condo on the market. Coming soon marketing, the right pricing, and making sure it’s easy for agents to show are all important factors to consider. You only get one chance to make a first impression and when it comes to getting the highest price in the shortest time possible the right first impression is imperative.
If you would like more information on buying or selling a condo in Alexandria we welcome the opportunity to answer all your questions.