Let’s start with the numbers and then go over the story behind them.
February 2017 Condo Sales in Alexandria
•Number of Sales: 111 (decrease from 122 in January)
•Highest Priced Sale: $1,090,000
•Lowest Priced Sale: $90,000
•Median Sales Price: $263,784 (increase from $263,750 in January)
•Median Days on Market: 22 (decrease from 29 in January)
•Median Sale to List Price Ratio: 97.32% (increase from 96.97%)
How Does February 2016 compare to February 2017?
There were 31 more condos sold this February as compared to last year. The median sale price was higher this year by $35,534. Days on the market were lower this year by 21 and the median sale to list price ratio remained fairly consistent 2016 – 96.19% vs. 2017 – 97.32%. Reviewing the previous years sales shows how much the market has improved or gone done – in this case the market has only gotten stronger since February 2016.
What Does This Mean For Condo Sales In Alexandria?
Inventory or in the current market low inventory remains a big factor in Alexandria. There are currently 276 condos for sale, an increase from 255 at this time last month – this is good news. While it’s not a large influx of inventory there are a few more choices for buyers to consider at this time than there were last month. With that said, if you’re considering listing your home the market conditions are excellent for sellers right now. Despite the recent blast of cold weather the spring market is showing no signs of slowing down. Preparing your home for sale takes time and planning. Consult with an agent you trust now to start the process so that all of the details are in place to be ready to list. Pricing remains a key factor for a successful sale, rely on your agent to review market data with you and determine a price that represents the current fair market value for your home. Work with your agent to showcase all your home has to offer – it’s about creating an experience for buyers that allows them to see how wonderful it is to live in your home. They need to be able to connect on an emotional level and see themselves living there.
If you want to buy a condo in Alexandria it’s not all bad news for you. Interest rates are increasing but, are still extremely low as compared to what they have been in the past. Purchasing a condo now will enable you to lock in while they’re still low, rates are predicted to continue to rise but, what shouldn’t be the driving factor behind a home purchase. Buying is a big decision and one that requires careful thought and planning. If you decide now is the right time for you to purchase your next home you’ll want to work with a full time agent who has the availability to cater to your schedule and show homes quickly when they come on the market. Properties are moving quickly right now and waiting days to take a tour can mean you miss out on the opportunity to tour and/or make an offer. Enlist the expertise of an agent that has experience in competitive markets and who understands how to navigate 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. We look forward to helping you.