This condo market report analyzes sales of Braddock Heights condos in November. Braddock Heights is a community in Alexandria, Virginia 22302.
- Condos in Braddock Heights currently for sale: 35
- Closed sales for Braddock Heights condos in November 2013: 13
- Average sale price: $271,985
- Average list price: $278,959
- Sales price to list price ratio: 997.5
- Average days on the market: 57
- Number of sales currently pending: 21
- Braddock Heights Absorption rate for condos: 2.69 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 Braddock Heights Condos for Sale
Although inventory has crept up slightly since the last time I blogged about the Braddock Heights condo market on November 11th (when it was 2.2 months), this area continues to be in seller’s market - the inventory is at 2.69 months as of today, December 17th. The average number of days on the market for sales of Braddock Heights condos in November was 57 days, which was higher than the October average of 50 days. The November average was also higher than the average over the past five years in November, which was 53 days. A higher average can sometimes point to a slackening of demand, but it can also indicate that sellers are not pricing their homes competitively enough.
It’s also important to analyze the contract ratio, which is the number of new pending sales compared to the number of listings that have not yet gone under contract. In November, the contract ratio for Braddock Heights condo sales was 0.58, which represented a slight decrease from the contract ratio in October, which was 0.61. The November contract ratio was also slightly lower than the contract ratio over the past five years in November, which was 0.62. A lower contract ratio points to market movement in favor of buyers, while a higher contract ratio shows market movement in favor of sellers.
If you own a condo in Braddock Heights and are curious about how much it’s worth, call me at 703-462-0700 – I’ll provide you with a free market analysis that will give you a good idea of how much it’s worth.
If you’re in the market for a Braddock Heights condo, you should have a great buyer agent working for you. I’m an experienced buyer agent who grew up in this area and knows the Braddock Heights real estate market very well. I would love to help you in your condo search.