Condo Sales in Alexandria, Virginia – Market Update July 2017
Alexandria saw strong sales for condos again during the month of July. Sellers are enjoying low days on the market with high sale to list price ratios. Let’s check in on the statistics first and then the story behind them.
July 2017 Condo Sales in Alexandria
•Number of Sales: 199 (decrease from 216 in June)
•Highest Priced Sale: $990,000
•Lowest Priced Sale: $97,000
•Median Sales Price: $285,000 (increase from $269,875 in June)
•Median Days on Market: 16 (increase from 13 in June)
•Median Sale to List Price Ratio: 98.00% (decrease from 97.77% in June)
How Does July 2016 Compare to July 2017?
There were 24 more condos sold this July as compared to last year. The median sale price was higher this year by $15,000 and days on the market were lower this year by 7. The median sale to list price ratio was just a bit stronger this year 2016 – 96.82% vs. 2017 – 98.00%.
Is It A Buyers or a Seller’s Market?
There are currently 346 condos for sale and it remains a seller’s market for condos in Alexandria. This July was slightly stronger than last July and days on the market continue to be low. As a seller this is good news but, it’s important to remember that even though it’s a seller’s market the need to properly prepare your condo for sale and price it according to the market remains imperative for a successful sale. As a buyer in the current market be prepared to make an offer when you find the right condo. By that we mean, have your pre-approval in hand and know exactly what you’re looking for. Work with an agent that has full time availability to coordinate with your schedule and tour properties with you promptly. Delaying even a day can mean that the condo you wanted to make an offer on is already under contract.
Contact us to start your home search or to ask us any questions you have. Whether you're just starting to consider purchasing a home or a ready to start touring we look forward to learning about your home buying goals and helping you achieve them.
To find out what your Alexandria condo is worth visit www.northernvalocalmarketvalues.com to receive a free estimate.