This market report analyzes sales of Pinecrest and Overlook condos in Alexandria, Virginia 22312.
Condos in Pinecrest and Overlook currently for sale: 21
Closed sales for Pinecrest and Overlook condos in September 2013: 8
Average sale price: $273,863
Average list price: $283,209
Sales price to list price ratio: 96.7%
Average days on the market: 37
Number of sales currently pending: 19
Pinecrest and Overlook Absorption rate for condos: 2.63 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 Listing Pinecrest and Overlook Condos
Sales of Pinecrest and Overlook condos continue to be in a seller’s market, as you can see from the low inventory, which is 2.63 months as of today, December 20th. Inventory increased a little since the last time I blogged about these communities on November 22nd, when it was 2.08 months. The average number of days on the market for sales of Pinecrest and Overlook condos in November was 37 days, which was one day lower than the average from October, which was 38 days. The November average was slightly lower than the average over the past five years in November, which was 42 days. A lower average can often reflect increased demand among buyers, but it can also be due to sellers pricing their homes competitively.
The contract ratio (ratio of pending sales compared to active listings that are not yet under contract) for Pinecrest and Overlook condo sales in November was 0.92, which represented an increase from October, when it was 0.57. However, the November ratio was lower than 5-year November average, which was 1.28. A higher contract ratio means that there is an increase in the number of contracts compared to the supply of properties available – this signals that the market is moving in favor of sellers. A lower contract ratio means that there are fewer contracts compared to the supply of properties available, which shows market movement toward buyers.
Pinecrest and Overlook condo sellers currently have a great chance to benefit from the low inventory of condos for sale. If you own a condo in Pinecrest or Overlook and are considering selling it, or maybe you’re just curious about how much it’s worth, call me at 703-462-0700 - I’d be happy to prepare a market analysis for you.
If you’re thinking of buying a condo in Pinecrest or Overlook, call me so I can help you get the best deal possible. Ask me for the “10 Best Deals” list on Pinecrest and Overlook condos that I update on a regular basis.
To look online for condos in Pinecrest or Overlook, enter your search criteria into the “Quick Property Search” form to your upper right or see them all here.