Condos In Alexandria - Market Update May 2018
May and April looked very similar for condo sales in Alexandria. More condos sold in May as compared to April and the median sale price saw a slight increase. Days on the market and sale to list price ratio remained the same. Condos continue to move quickly and sellers are enjoying an over 99% sale to list price ratio.
May 2018 Condo Sales in Alexandria
•Number of Sales: 186 (increase from 173 in April)
•Highest Priced Sale: $2,600,000
•Lowest Priced Sale: $87,000
•Median Sales Price: $278,750 (increase from $263,000 in April)
•Median Days on Market: 10 (increase from 9 in April)
•Median Sale to List Price Ratio: 98.42% (increase from 98.54% in April)
How Does May 2017 Compare to May 2018?
222 condos sold in May 2017 – an interesting stat to consider because of the low inventory we are experiencing this year. Aside from that, the market was very similar this time last year. Median sale price saw very little change, a decrease of $1,750 this year. Days on the market saw no change and the median sale to list price ratio remained consistent, 98.05% in 2017.
Previous Sales - 6 Month Comparison
Current Condo Inventory in Alexandria
There are 311 condos for sale in Alexandria, the second month in a row inventory has increased. It’s not plentiful but, any increase is welcome news to buyers. While the condo segment of the Alexandria real estate market remains a seller’s market the time to buy is now. Interest rates continue to creep up along with home prices and waiting to buy equates to spending more. If you are thinking of selling your Alexandria condo it’s important to know what makes a home sell quickly. The homes that move quickly all have similar characteristics – they are reasonably updated, they show well, and they are convenient for buyer agents to bring their clients for a tour. Pre-marketing your Alexandria condo is a must, it builds buyer attention before it ever goes on the market. Having buyers waiting to tour your condo the day it goes active sets the stage for a successful sale. Pricing is and always will be a key detail to selling a home quickly for top dollar. If you’re considering selling now is an excellent time to do so. With that said, it does not mean you can overprice your home. Do not be the overpriced property that sits on the market turning into what we like to call stale bread. Planning ahead and teaming up with a local real estate agent that’s an expert in your area to properly execute a successful sale remains imperative. The details of preparing your home for sale, properly pricing it, and launching the right marketing plan will take you from listed to sold in the shortest time possible for the highest sale price possible.
If you’re buying a home the current market be prepared. By that we mean to have your pre-approval in hand, work with an agent that has full-time availability to show you properties as soon as they become available and don’t delay in making an offer. Days on the market continue to be very low and condos that are properly priced and show well move quickly. Taking a couple days to think about it can me you miss the opportunity to ever make an offer.
To receive a free estimate on what your condo is worth in the current market visit our free home value tool.
If you’re buying or selling a condo in Alexandria and have questions reach out to us and let’s connect.