Alexandria Condos Housing Market Update February 2018
Condo sales in Alexandria saw an increase in median sale price from January. Less condos sold but, that doesn't mean the market isn't strong. Days on the market are low and sellers are enjoying a strong sale to list price ratio.
February 2018 Condo Sales in Alexandria
•Number of Sales: 118 (decrease from 131 in January)
•Highest Priced Sale: $1,755,000
•Lowest Priced Sale: $106,000
•Median Sales Price: $268,000 (increase from $245,000 in January)
•Median Days on Market: 22 (decrease from 37 in January)
•Median Sale to List Price Ratio: 97.43% (increase from 95.97% in January)
How Does February 2017 Compare to February 2018?
The number of condos sold saw very little change, higher this year by only six units. Median sale price increased by slightly under $5,000 in 2018. Days on the market saw no change and the median sale to list price ratio also remained consistent 2017 – 97.32% vs. 2018 – 97.43%.
Current Condo Inventory in Alexandria
There are 222 condos for sale in Alexandria, no change from inventory levels at this time last month. There continues to be low inventory in Alexandria. New inventory that comes on the market and goes under contract quickly have similar characteristics – priced correctly, reasonably updated, shows well, and has convenient showing instructions. Although inventory is low that doesn’t mean buyers don’t resist overpriced condos, they 100% do. Buyers are savvy and know when a property isn’t priced correctly.
Is it a Buyers or a Seller’s Market?
The market is still favoring sellers. Rising interest rates and rising home prices have buyers out actively seeking their next home. Interest rates make the biggest impact on buying power and buyers are looking to secure their next home and lock in their interest rate before rates rise again. Rates are predicted to hit 5% by the end of 2018. Whether or not that will happen we can’t honestly say but, they have already increased multiple times this year and it’s something to monitor if you are considering buying a home this year.
Thinking of selling? There really has never been a better time to do so. Record-setting median sale prices and record low inventory makes the market very favorable for sellers. The median sale price in the DMV was up 2.6% as compared to February 2017 which translates to over $10,000. This is the 17th consecutive month of year over year price increases. This doesn’t mean you can overprice your home though. We’ve been witnessing many homes go on the market that are priced too high and in turn, they continue to sit on the market. You only get one chance to make a first impression and you want it to be the best one possible. That means proper pricing, proper staging, and the right marketing plan.
If you’re buying or selling a condo in Alexandria and have questions reach out to us and let’s connect. We welcome the opportunity to learn about your real estate goals.