Condo Sales in Alexandria, VA – Market Update October 2015
The number of condos sold in Alexandria decreased in October which is normal for this time of year. The median sale price increased by over $18,000 and the days on the market remained about the same. Sellers continued to see just over 96% for the sale to list price ratio.
October 2015 Condo Sales in Alexandria
•Number of Sales: 129 (decrease from 149 in September)
•Highest Priced Sale: $755,000
•Lowest Priced Sale: $95,000
•Median Sales Price: $284,650 (increase from $266,000)
•Median Days on Market: 28 (increase from 26)
•Median Sale to List Price Ratio: 96.63% (increase from 96.40%)
How Does October 2014 compare to October 2015?
There were 12 more condos sold last October than this year and the median sale price was higher last year by $10.350. Days on the market were a little lower last year but, remained fairly consistent – 22 in 2014 and 28 in 2015. Median sale to list price ratio also remained consistent 2014 – 96.77% vs. 2015 – 96.63%.
What Does This Mean For Condo Sales In Alexandria?
The condo market in Alexandria shifted to a buyer’s market in October. With interest rates remaining low and an increase in inventory now is a great time to purchase a condo in Alexandria. It’s not bad news for seller’s either – the days on the market remain fairly low and the sale to list price ratio is remains strong. With increased inventory and the shift to a buyer’s market sellers do need to be extremely mindful that they only get one shot to make a first impression. It needs to be a good one! Hire the right agent that knows your neighborhood and who can help you prepare your condo for sale. Condos that are going under contract quickly and selling for the highest price have three things in common: they show well, are properly priced according to the market, and are easy for agents to show to their buyers.
Buyers: To browse homes for sale in Alexandria please visit the link or contact me to have a custom listing alert setup that will automatically notify you when new properties enter the market. I welcome the opportunity to learn about your search for a new home and am always available to answer questions.
Sellers: If you are considering selling your Alexandria condo I want to be your agent. Contact me to a free market analysis or to learn more about my guaranteed sale program. I would love to learn more about your home and earn your trust and business.