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Market Report for YTD October 2019 for the Palazzo at Park Center
 
Market Report for YTD October 2019
Palazzo at Park Center
Alexandria, VA 22311
 
The real estate market for the Palazzo at Park Center has been hot, hot, hot so far in 2019 with higher average sales prices and much smaller seller subsidies across the board; though this is in part due to the lower number of units for sale versus last year.   Through the end of October, a total of 26 units in the Palazzo at Park Center reached the settlement table, as opposed to 42 condos in 2018, with 3 more units currently under contract.  More importantly, there aren't any units available for purchase in the community at this writing.
The continuation of low mortgage rates, at present they are the lowest in the past year, allow buyers to pay more purchasing power and the lack of inventory concentrates more buyers bidding on units that do come on the market.  This leads to higher prices.
 
 
To illustrate how little inventory is out there consider this.  Below the $500K price point in Northern VA there are 60% fewer available listings versus last year and for the same price range there is just 0.7 months of inventory right now.  For the close in neighborhoods of Arlingtion and ... more

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