Condos In Kingstowne | Market Update August 2018
Kingstowne is a planned community of over 5,300 homes but, because many locals consider 22315 the Kingstowne area that’s what we will be focusing on for the parameters of this market report.
August 2018 Condo Sales in Kingstowne
•Number of Sales: 7
•Highest Priced Sale: $343,900
•Lowest Priced Sale: $193,000
•Median Sales Price: $299,000
•Median Days on Market: 6
•Median Sale to List Price Ratio: 99.69%
How Does August 2017 Compare to August 2018?
12 condos sold in August 2017 with a median sale price of $288,450. Days on the market were higher, coming in at 11 and the median sale to list price ratio was 98.63%. Lack of inventory plays a factor in fewer condos being sold this year. The median sale price is an indicator of what the market has been experiencing this year with a healthy increase of 3.6%.
Kingstowne Condo Inventory
There are currently 15 condos for sale in Kingstowne. They range from a 1 bedroom, 1 bath with 742 square feet priced at $233,750 up to a 2 bedroom, 2 bath with 1,314 square feet priced at $354,997. There are also new construction condos for sale at The Crest Of Alexandria, a 55+ community located off Telegraph Road. Only a few condos remain and a late fall delivery is expected.
The inventory for Kingstowne condos remains low. Kingstowne as a whole is experiencing low inventory, you can read more about it in our neighborhood market update for August 2018. Condos that are properly priced, have a reasonable amount of updates, and show well are moving quickly. At the same time, even though inventory is low buyers are spotting an overpriced property quickly. If you are considering selling your Kingstowne condo do not try to chase the market and overprice it. Buyers just aren’t going for properties that are even remotely overpriced. As a seller, if your condo is priced correctly the market will react in your favor. When your options are creating demand for your property vs. becoming stale bread always opt to have demand!
If you’re looking to buy a condo in Kingstowne it’s important to understand that inventory remains low. When a new listing comes on the market if it shows well and is priced correctly it’s going to move quickly. It’s very likely that it will sell quickly and go for at or even above list price. Don’t delay in making an offer and rely on your agent for advice on how to negotiate and make your offer stand out to the seller. Each neighborhood within Kingstowne experiences different market conditions and its imperative to understand them before you decide on the terms of your offer.
To receive a free estimate on what your Kingstowne condo is worth in the current market visit our free home value tool.
If you’re buying or selling a condo in Kingstowne and would like to work with an experienced agent reach out to us and let’s talk! We’re always happy to answer questions.