Condos For Sale In Alexandria | Market Update July 2018
July 2018 Condo Sales in Alexandria
•Number of Sales: 200 (decrease from 212 in June)
•Highest Priced Sale: $1,998,500
•Lowest Priced Sale: $97,000
•Median Sales Price: $280,975 (increase from $272,543 in June)
•Median Days on Market: 16 (increase from 14 in June)
•Median Sale to List Price Ratio: 97.87% (decrease from 97.88% in June)
How Does July 2017 Compare to July 2018?
199 condos sold in June 2017 with a median sale price of $285,000. Days on the market saw no change and the median sale to list price ratio remained consistent, 98.02% in 2017.
Current Condo Inventory in Alexandria
There are 294 condos for sale in Alexandria, the second month in a row that inventory has slightly decreased. The market has slowed since spring but, it remains a seller’s market. There seems to be an ongoing buzz about the market slowing and that translating to it crashing. That’s just not the case. The demand that occurred in the spring was not something that could or even should be sustained. Real estate ebbs and flows and this is typically a time of year where it slows as compared to spring. Buyers are still buying and inventory is still low but, sellers do need to be aware that it’s not the feeding frenzy we saw in the spring. Buyers are looking for value and sellers who overprice their homes are going to sit on the market. Buyers are quick to spot an overpriced home and the market will react. Think like a buyer when you’re preparing your home for the market. Homes that sell quickly have similar characteristics; they show well, are reasonably updated, and are priced according to the market.
If you’re buying a home the current market you still need to be prepared to act quickly. Median days on the market of 16 is very low. If a property comes on the market that shows well and is priced correctly it’s still very likely you won’t be the only interested buyer. Being pre-approved and able to make an offer promptly remains important. Sellers still aren’t having to negotiate with buyers by that much, that, of course, doesn’t apply to every property but, with an almost 98% sale to list price ratio it’s clear many sellers are getting very close to list price.
If you’re a seller in Alexandria working with an agent that conducts pre-marketing activities is a great way to have buyers waiting to take a tour before your home officially goes active. The more interested parties, the higher the demand. Pricing will always be imperative, regardless of the current market conditions. Do not be the home that’s overpriced and sits on the market turning into what we like to call stale bread. No one pays top dollar for stale bread! The details of preparing your home for sale, properly pricing it, and launching the right marketing plan will take you from listed to sold in the shortest time possible for the highest sale price possible.
To receive a free estimate on what your condo is worth in the current market visit our free home value tool.
If you’re buying or selling a condo in Alexandria and have questions reach out to us and let’s connect. We’re always happy to answer questions!