- Condos currently for sale: 44
- Closed sales for condos in October 2013: 20
- Average sale price: $275,545
- Average list price: $284,948
- Sales price to list price ratio: 96.7%
- Average days on the market: 50
- Number of sales currently pending: 19
- Braddock Heights Absorption rate for condos: 2.2 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.
This condo market report takes a look at sales of condos in Braddock Heights, a community in Alexandria, Virginia. The zip code in Braddock Heights is 22302. Braddock Heights condo sales are currently in a seller’s market, as evidenced by the low inventory, which is 2.2 months as of today, November 11th. The average days on the market for condos in Braddock Heights was 50 in October, which was slightly below the average over the past five years in October, which was 58 days. A lower average can often point to higher demand, but it can also be a sign of competitive pricing on the part of sellers. In this case, one piece of data that points to more competitive pricing of Braddock Heights condo sales in October was the sale price to list price ratio, which was 96.7%. This represented an increase from September, when it was 94.8%. This means that on average, condo sales in Braddock Heights in October were closing at sale prices closer to their listing prices.
Currently Listed Braddock Heights Condos for Sale
The contract ratio (number of pending sales compared to the number of active listings not yet under contract) is an important statistic to look at when analyzing the real estate market. The contract ratio for condo sales in Braddock Heights was 0.61, which represented virtually no change from September of this year and a slight decrease from August of this year, when it was 0.87. The October contract ratio was a little below the average over the past five years in October, which was 0.73. In general, a lower contract ratio signifies market movement in favor of buyers, while a higher contract ratio points to market movement in favor of sellers.
Condo sellers in Braddock Heights are still in a position to take advantage of low inventory. If you’d like to learn more about the market value of your condo in Braddock Heights, call me on my cell phone at 703-462-0700 to request a free comparative market analysis. This will help you determine if it’s a good time for you to sell.
Buyers looking for condos in Braddock Heights should find a great buyer agent to help them navigate this competitive market. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Alexandria condo market very well. Contact me so I can go to work for you to get you the best deal possible!