- Condos currently for sale: 25
- Closed sales for condos in September 2013: 12
- Average sale price: $244,291
- Average list price: $247,258
- Sales price to list price ratio: 98.8%
- Average days on the market: 38
- Number of sales currently pending: 24
- Pinecrest and Overlook Absorption rate for condos: 2.08 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 analyzes condo sales in Pinecrest and Overlook, two communities in Alexandria, Virginia 22312. Pinecrest and Overlook are currently a experiencing strong seller’s market, as you can see from the low inventory, which is 2.08 months as of today, November 22nd. The average number of days on the market for Pinecrest and Overlook condo sales was 38 in October, which was higher than the average over the past five years, which was 31 days. A higher average can sometimes point to lower demand, but it can often be caused by seller’s pricing their homes above market value and the home therefore taking longer to sell.
Currently Listed Pinecrest and Overlook Condos
In understanding the state of the market in a given area, it’s important to take a look at the contract ratio, which is the number of new pending sales compared to the number of listings not yet under contract. In October, the contract ratio for Pinecrest and Overlook condo sales was 0.57, which was represented virtually no change from September, but represented a decrease from the contract ratio in October 2012, when it was 1.36. A decreasing contract ratio generally means that the market is moving in favor of buyers, while an increasing contract ratio shows movement in favor of sellers.
Pinecrest and Overlook condo sellers are still in a position to take advantage of the low inventory. If you’d like to learn more about what your condo is worth in today’s market, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
If you’re looking to buy a condo in Princrest or Overlook, contact me so I can help you negotiate a great deal. I’m an experienced buyer agent who grew up in Northern Virginia and knows the condo market in Pinecrest and Overlook very well.