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2018 Mid Year Report for the Palazzo at Park Center
2018 Mid Year Report
Palazzo at Park Center
Alexandria, VA 22311
The real estate market started off with a bang this year and stayed that way for the first six months of 2018, as 20 units reached the settlement table and another 8 are under contract and set to settle in the month of July.  At this sales pace, the complex will easily eclipse the most recent high water mark of 31 units settled in 2016.  As mortgage rates finally started to creep upward at the end of last year, buyers that had been sitting on the fence motivated to spring into action, which is evident in the sales numbers.  Of the 20 units that have sold, 11 of them received the offer in seven days or less, which shows the desirability of the complex. 
The overall low inventory across all price points under $1M continue in Northern VA, particularly under the $500K price point where there is just 1 month of inventory.  The traditionally slower summer months will probably stay more active than normal as potential buyers look to avoid higher mortgage rates from waiting until the Fall market arrives after Labor Day.  As an owner in the community since 2010, I can attest to ... more

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