Condo Sales in Alexandria, VA – Market Update July 2015
The number of condos sold in Alexandria decreased in July, down by 12 as compared to June. Median days on the market remained about the same, going up by just one. The median sale price also decreased in July. For the first time in four months the condo segment of the Alexandria market has shifted from a seller's market to a stable market. Less multiple offer scenarios resulted in July due to buyers having more condos to choose from. Sellers need to be mindful that condos that are going under contract quickly have three common characteristics; they are properly prepared for sale and show well, agents can easily schedule a tour for their buyers, and the condo is priced correctly.
July 2015 Condo Sales in Alexandria
•Number of Sales: 168 (decrease from 182 in June)
•Highest Priced Sale: $702,500
•Lowest Priced Sale: $108,000
•Median Sales Price: $259,450 (decrease from $281,000)
•Median Days on Market: 22 (increase from 21)
•Median Sale to List Price Ratio: 96.75% (decrease from 96.99%)
How Does July 2014 compare to July 2015?
There were 7 more condos sold this July than in 2014 and the median sale price was higher last July by $20,450. Days on the market remained about the same 16 in 2014 vs. 22 this year. Median sale to list price ratio remained consistent 2014 – 97.82% vs. 2015 – 96.75%.
What Does This Mean For Condo Sales In Alexandria?
The condo market in Alexandria is stable and that’s good news for buyers and sellers. An increase in inventory has given buyers more options and in turn there are less bidding wars. Sellers who properly prepare their condo for sale and price it according to the market are still enjoying going under contract quickly and seeing a strong sale to list price ratio. Buyers still need to be prepared to make an offer when they find the right condo. This means being pre-approved and having an agent working on your behalf that can competently guide you on what to offer. Days on the market still remain low and there are plenty of buyers on the search for their next condo. The bottom line is it’s a great time for buyers and sellers in the condo segment of the Alexandria market but, as always it takes the expertise of a local agent to be successful.
Buyers: Whether you’re not sure where to start your home search or are ready to go out and tour I am ready to help. 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.
Sellers: If you are considering selling your Alexandria home I want to be your agent. I live, work, and play in Alexandria and have a proven successful track record representing sellers. Contact me to find out how my marketing and expertise will help your home go from listed to sold. I welcome the opportunity to earn your trust and business.
703-431-3755 or firstname.lastname@example.org