2017 Annual Sales Report for the
Palazzo at Park Center, Alexandria VA
Now that the New Year has arrived, it is time to take a look at the 2017 Annual Sale Report for the Palazzo at Park Center in Alexandria, VA. For the year, a total of 27 units reached the settlement table, which is just above the rolling 5 year average of 26 units. The average sales price for all models were up from 2016, except for the 1bed/1bath Florence model, with the 2bed/1bath Venice model having the greatest increase in average sales price at 6%. On another positive note, there were only 2 distressed sales in 2017 which is down from the previous year.
For the new year, the lack of inventory across Northern Virginia will likely remain the big story; which sellers will enjoy and buyers will have to navigate. Under the $500,000 price point, there currently is less than 1.5 months of active inventory available, though this should move up as it starts to warm up and the Spring market begins. If a move is in your future, you should consider putting your condo on the market sooner than later... as buyers are moving agressively to get something under contract before mortgage rates drift any higher than they already have.
The Palazzo at Park Center was built in 2000 as an apartment complex and then converted into condominiums in 2005. The community is comprised of four 4 story buildings that contain 392 individual units, a separate clubhouse, outdoor pool, and 2 parking garages located beneath buildings #2 and #4; with all condo buildings having direct elevator access to the garages. Located just 1 traffic light from I-395 at the King St exit, the location offers quick access to the Pentagon, DC, Old Town Alexandria, and Pentagon Metro station. Due to it's close-in location, garage parking, amenities, and low condo fees the Palazzo at Park Center is considered a very desirable property to call home.
Below are previous version of the Annual Sales Report for the Palazzo at Park Center, to better show trends within the community and provide historical data. If you should have any questions about any of the Annual Sales Reports, please free to contact me and I am sure that I can provide the proper explanation.
For additional information about Alexandria City, please use the following links:
- Tourism Department ~ www.visitalexandriava.com
- City of Alexandria government, please follow this link ~ www.alexandriava.gov
- Alexandria Public School System, please follow this link ~ www.acps.k12.va.us
... here is the 2016 Annual Sales Report
... here is the 2015 Annual Sales Report
... here is the 2014 Annual Sales Report
... here is the 2013 Annual Sales Report