Condo Sales in Alexandria, VA – Market Update February 2016
Sales picked back up again in February after low numbers in January. More condos were sold and the median sale price saw a healthy yet controlled increase. Days on the market inched up and sale to list price ratio saw very little change. Now that the worst of Winter is behind us I expect statistics to start to show that the current market is very strong, the increase in buyers has been substantial and sellers are currently seeing low days on the market when their condo is properly prepared for sale.
February 2016 Condo Sales in Alexandria
•Number of Sales: 97 (increase from 79 in January)
•Highest Priced Sale: $1,360,000
•Lowest Priced Sale: $102,000
•Median Sales Price: $234,740 (increase from $224,000)
•Median Days on Market: 50 (increase from 46)
•Median Sale to List Price Ratio: 95.02% (decrease from 96.31%)
How Does February 2015 compare to February 2016?
There were 11 more condos sold this February than last year. The median sale price was higher last February by $28,260. Days on the market showed no change and the median sale to list price ratio remained consistent 2015 – 96.17% vs. 2016– 95.02%.
What Does This Mean For Condo Sales In Alexandria?
The condo market in Alexandria remains a stable market for the second month in a row. While sales increased from January to February the absorption rate remains at 4 months showing that the market is stable. Rates are incredible right now and the Spring market has really taken off. The increased activity will be reflected in March sales as things really got rolling the middle of February. Buyers are actively seeking their next home and sellers that started preparations early to be able to list in February are seeing low days on the market. A stable market is great for buyers and sellers alike – it’s a level playing field. Buyers are wise to start their home search now while inventory levels are higher than they will be in a couple months. Sellers need to be mindful that proper preparation for a sale remains imperative. Homes that are going under contract quickly all have similar characteristics – they show well, are priced according to the market, and are convenient for agents to bring their buyers for a tour. Hiring a local agent that is a professional marketer and negotiator is the right decision in order to obtain the highest sale price in the shortest time possible.
If you would like more information on condos in Alexandria I am always available for questions. I am well versed in the Alexandria real estate market and stand ready to assist buyers and sellers.
Buyers: To browse homes for sale in Alexandria please visit the link. If you see a property that interests you contact me for more information or to find out how to start your home search. I would love to learn more about your home buying goals.
Sellers: I am experienced in the Alexandria Real Estate market and welcome the opportunity to learn about your home. Contact me to setup up an in home consultation to discuss sale preparation and marketing strategies.