Condo Sales in Alexandria, Virginia Market Update October 2017
Condo sales in Alexandria slowed in September but, picked back up in October. More condos sold in Alexandria during October and median days on market slightly decreased as compared to September.
October 2017 Condo Sales in Alexandria
•Number of Sales: 159 (increase from 149 in September)
•Highest Priced Sale: $2,050,000
•Lowest Priced Sale: $85,000
•Median Sales Price: $273,500 (decrease from $277,000 in September)
•Median Days on Market: 17 (decrease from 22 in September)
•Median Sale to List Price Ratio: 97.62% (decrease from 97.75% in September)
How Does October 2016 Compare to October 2017?
There were 25 more condos sold this October. The median sale price was higher this year by $1,275 and days on the market were lower this year by 10. The median sale to list price ratio varied just slightly 2016 – 96.70% vs. 2017 – 97.62%.
Current Condo Inventory in Alexandria
There are 389 condos for sale in Alexandria, a decrease of 62 the same timeframe last month. Low inventory continues to be a trend in Alexandria. Sales slowed in September but, picked back up in October which isn’t unusual to see. While the fall season isn’t as busy as spring and summer it’s important to know the market is still moving at a brisk pace and inventory remains low.
Is it a Buyers or a Seller’s Market?
The condo market in Alexandria remains a seller’s market. Days on the market continue to be low and as a buyer it’s important to be prepared to make an offer quickly. Fall and winter are traditionally associated with a slow real estate market but, that’s a blanket assumption and real estate is local – hyper local. It’s been a record setting year in the DMV and the real estate market is strong! Seek an agent that can promptly show you homes and who has an understanding of the local market.
If you’re considering selling your Alexandria condo the market is in your favor. Low inventory, low days on the market, and strong sale to list price ratios all point to the current seller’s market we’re experiencing. Collaborate with an agent who you trust and who has a proven successful track record. It takes careful attention to detail and proper planning to achieve a top dollar sale. From preparing your condo for sale to professional negotiation, who you hire matters. You only get once chance to make a lasting impression for potential buyers, make sure it’s a good one!
Whether you’re buying or selling a condo in Alexandria we stand ready to assist. Contact us to get answers to your questions or to request more information. We look forward to helping you!
To receive a free estimate on what your condo is worth in the current market visit our free home value tool.