- Condos currently for sale: 87
- Closed sales for condos in October 2013: 26
- Average sale price: $469,496
- Average list price: $488,042
- Sales price to list price ratio: 96.2%
- Average days on the market: 61
- Number of sales currently pending: 31
- Old Town and Clover Absorption rate for condos: 3.35 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
Currently Listed Old Town VA and Clover Condos for Sale
This condo market report analyzes sales of condos in Old Town and Clover, two communities in Alexandria, Virginia, 22314. Old town and Clover condo sales are currently in a mild seller’s market, as you can see from the inventory of 3.35 months as of today, November 12th. The average number of days on the market for condos in Old Town and Clover jumped from 45 days in September to 61 days in October. This average can be affected by fluctuations in demand, but it can also be affected by sellers pricing their homes more or less competitively. In this area, the sales price to list price ratio decreased from September (97.3%) to October (96.2%), which means that Old Town and Clover condo sales closed at lower prices compared to their list prices in October than in September.
The contract ratio (the number of pending sales compared to listings not yet under contract) is another important home market statistic to look at. For Old Town and Clover condo sales in October, this ratio was 0.34, which represented virtually no change from September of this year. However, it was 18% lower than the average contract ratio over the last five years in October, which was 0.42. Usually, a lower contract ratio means that the market is shifting in buyers’ favor, while a higher contract ratio means that the market is shifting in sellers’ favor.
Condo sellers in Old Town and Clover are still in a good position to benefit from low inventory. If you’d like a free comparative market analysis of your Alexandria condo, call me on my cell phone at 703-462-0700. This will give you a good idea of the value of your condo, and will help you decide if this is the right time to sell.
Condo buyers in Old Town and Clover should find a great buyer agent to help them get the best possible deal on a condo purchase. I’m an experienced buyer agent who grew up in Northern Virginia and knows the real estate market in Alexandria very well. Contact me so I can go to work for you!