Condo Sales in Alexandria, VA – Market Update August 2017
Alexandria condo sales have been strong all year and August was no exception. Let's take a look at the numbers and then review the story behind them.
August 2017 Condo Sales in Alexandria
•Number of Sales: 173 (decrease from 199 in July)
•Highest Priced Sale: $1,165,000
•Lowest Priced Sale: $112,500
•Median Sales Price: $284,215 (decrease from $285,000 in July)
•Median Days on Market: 15 (increase from 16 in July)
•Median Sale to List Price Ratio: 97.75% (decrease from 98.00% in July)
How Does August 2016 Compare to August 2017?
There were 15 more condos sold last August. The median sale price was higher this year by $19,215 and days on the market were lower this year by 1. The median sale to list price ratio was just a bit stronger this year 2016 – 96.83% vs. 2017 – 97.75%.
Current Condo Inventory in Alexandria
There are 379 condos for sale in Alexandria, an increase of 30 from the same timeframe last month. The condos range from a 1 bedroom, 1 bathroom priced at $99,900 up to a 3 bedroom, 2.5 bath priced at $2,800,000.
Is It A Buyers or a Seller’s Market?
The condo segment of the Alexandria real estate market remains a seller’s market. Sales remain strong and days on the market are still very low. Historically August is a slower month due to many buyers being on vacation and preparing for back to school. While we saw a decrease in the number of condos sold it was very small and median sale price remained consistent. Condos that are selling quickly have similar characteristics. They show well, are priced correctly, and are accommodating for showings. As a buyer in the current market it’s important to be prepared to act promptly when you find the one. Waiting days to make an offer can mean the perfect condo for you is already under contract. Have your pre-approval in place and work with an agent that can accommodate showings that work well for your schedule.
If you're considering purchasing a home in Alexandria contact us to start your search or to ask us any questions you have. We look forward to helping you.
To receive a free estimate on what your condo is worth in the current market visit our home value tool.