Condo Sales in Alexandria, VA – Market Update March 2016
Condo sales in Alexandria saw another increase during the month of March. More condos were sold and the median sale price saw a strong increase. Days on the market decreased and the sale to list price ratio saw very little change. The Spring market is off to a strong start in Alexandria. Buyers are enjoying low interest rates and sellers are enjoying low days on the market and in some cases multiple offers.
Let’s check in….
March 2016 Condo Sales in Alexandria
•Number of Sales: 153 (increase from 97 in February)
•Highest Priced Sale: $1,158,960
•Lowest Priced Sale: $92,925
•Median Sales Price: $251,100 (increase from $234,740)
•Median Days on Market: 28 (decrease from 50)
•Median Sale to List Price Ratio: 96.72% (increase from 95.02%)
How Does March 2015 compare to March 2016?
There were 6 more condos sold this March than last year. The median sale price was higher last March by $19,530. Days on the market remained consistent 23 in 2015 and 28 in 2016. The median sale to list price ratio also remained consistent 2015 – 97.04% vs. 2016– 96.72%.
What Does This Mean For Condo Sales In Alexandria?
The condo market in Alexandria shifted from a stable market in February to a seller’s market in March. There is currently less than 3 months of inventory available. Buyers are still enjoying amazing interest rates and actively seeking their next home. Buyers need to be prepared to act quickly when the right home comes along, being pre-approved and having a full time agent that can be available to show you homes promptly when they enter the market are two must have factors in the current market conditions. Sellers who have properly prepared their home for sale and priced it according to the market are experiencing low days on the market and multiple offer situations aren’t uncommon. Sellers need to be mindful that proper preparation for a sale remains imperative. The market is very busy right now and there are a lot of buyers looking for their next home but, that doesn’t mean it’s time to forgo proper preparation. 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 to find out how to start your home search or to arrange a tour. I would love to learn more about your home buying goals and help you achieve them.
Sellers: I have a proven successful track record 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.