Alexandria Virginia Condo Sales – Market Update January 2017
Condo sales in Alexandria saw a decrease in the number of condos sold from December through January. Median sale price remained consistent changing by less than $5,000. Median days on the market and median sale to list price ratio also remained consistent.
Let’s review the numbers…
January 2017 Condo Sales in Alexandria
•Number of Sales: 120 (decrease from 159 in December)
•Highest Priced Sale: $1,019,000
•Lowest Priced Sale: $107,500
•Median Sales Price: $263,750 (decrease from $268,015 in December)
•Median Days on Market: 29 (decrease from 31 in December)
•Median Sale to List Price Ratio: 96.97% (increase from 95.77%)
How Does January 2016 compare to January 2017?
There were 40 more condos sold this year in January as compared to last year. The median sale price was higher this January by $35,500. Days on the market were lower this year by 19. The median sale to list price ratio remained consistent; 2016 – 96.19% vs. 2017 – 96.97%. It’s important to note that we experienced a blizzard dumping over two feet of snow on the area in January 2016; statistics were in turn impacted by the monster storm due to the inability to tour homes in addition to closings being delayed. Sales were still strong in January 2017 but, we wanted to point out that the difference in the amount of condos sold was impacted for the storm in 2016.
What Does This Mean For Condo Sales In Alexandria?
Inventory or a lack there of remains a big factor in the Alexandria condo market. There are currently 255 condos for sale, a decrease from 266 at this time last month. It is a prime time to list your Alexandria condo for sale. The spring market is starting early this year and the supply just isn’t keeping up with the demand. All of this being great news for sellers. Preparing your condo for sale, pricing it according to the market, and insuring it’s easy for agents to show to their buyers remain important factors for a successful sale. Hire an agent who has a proven successful track record who can guide you through each detail of your home sale.
If you want to buy a condo in Alexandria it’s not all bad news for you. Interest rates are increasing but, there is still time to lock in while they remain historically low. With low supply comes the necessity to work with an agent who has full time availability to show homes at times that work well for you. Condos are moving quickly and delaying on a tour could mean the property is already under contract. Seek an agent that has experience in competitive markets and who understands facing multiple offer situations.
If you would like more information on buying or selling a condo in Alexandria or just have questions about the market reach out to us for answers.