Looking for Alexandria condos for sale? This blog post provides access to all of the condo listings currently for sale in the City of Alexandria, as well as an analysis of what’s been happening in the market over the past month.
All of the sales data in this article comes from the MRIS, the local multiple listing service that Northern Virginia real estate agents use.
Alexandria Condos – Is it a Buyer’s Market or a Seller’s Market?
This analysis takes a look at sales from February 2017:
• New Condo listings in February 2017: 158
• Closed sales for condos: 69
• Average sale price: $328,976
• Average list price: $335,690
• Sales price to list price ratio: 98%
• Average days on the market: 67
• Number of sales pending in February 2017: 111
• Absorption rate: In February 2017, the condo market in this area had 2.29 months of inventory. In a balanced market, you’ll see an absorption rate of around 5 to 7 months of inventory. When you see less than 5 months of inventory on the market, this points toward a seller’s market, while an excess of 7 months of inventory indicates a buyer’s market.
As you can tell from the absorption rate, Alexandria condo sales were in a seller’s market in February. The contract ratio was 0.79 in February, which was a decrease from 0.86 in January, but an increase from February 2016, when the contract ratio was 0.75 for condo sales.
When the contract ratio increases, this demonstrates market movement toward sellers, while a decreasing contract ratio points to a shift toward buyers.
Schedule Viewings for Alexandria Condos for Sale!
Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com to schedule a time to see one of the properties currently for sale in this area. I sell a lot of properties in Alexandria, so I’m very familiar with the various communities. It’s important to work with an agent who understands the specific differences between condo purchases and home purchases.
Thinking of Selling Your Alexandria Condo?
Contact me to request an in-depth property valuation. This will give you a good idea of what your property could sell for in this busy pre-spring market. There’s a reason why you found this article online while doing research on the condo market. It’s important to hire an agent who’s experienced with internet marketing – this gives your property a lot more exposure to buyers when you use our services.
Check out our last market update to get an idea of what’s been happening in the market since then: Alexandria Condos – January 2017 Market Update