Condo Sales in Alexandria, VA – Market Update June 2017
June 2017 Condo Sales in Alexandria
•Number of Sales: 216 (decrease from 218 in May)
•Highest Priced Sale: $1,599,000
•Lowest Priced Sale: $100,000
•Median Sales Price: $269,875 (decrease from $280,500 in June)
•Median Days on Market: 13 (increase from 11 in May)
•Median Sale to List Price Ratio: 97.77% (decrease from 98.07% in May)
How Does June 2016 Compare to June 2017?
There were 15 more condos sold this June as compared to last year. The median sale price was higher this year by $9,875 and days on the market were lower this year by 6. The median sale to list price ratio was just a bit stronger this year 2016 – 97.00% vs. 2017 – 97.77%.
Is It A Buyers or a Seller’s Market?
There are currently 336 condos for sale and the absorption rate is 2.06 months. These statistics tell us that the condo market in Alexandria remains a seller’s market. Hypothetically if no new listings came on in slightly over two months there would be no condos for sale in Alexandria. This is great news if you’re a seller. If you’re a buyer it tells us that you need to be prepared to act quickly when you find a condo you want to make an offer on. Have your pre-approval in hand and work with an agent that can coordinate with your schedule in order to tour condos in a timely manner. Waiting days to see a new listing can mean it’s already under contract.
Contact us to start your home search or to ask us any questions you have. We look forward to helping you.
To find out what your Alexandria condo is worth visit www.northernvalocalmarketvalues.com to receive a free estimate within minutes.