Real Estate Market Update For Alexandria VA – May 2016
Alexandria home sales experienced another increase in sales from April to May. Days on the market remained consistent, increasing by just a day. The median sale price saw a healthy increase and sellers are seeing almost a 98% sale to list price ratio.
Let’s check in …
The following is a review of activity in Alexandria during May 2016.
•Number of Sales: 571 (increase from 487 in April)
•Highest Priced Sale: $2,325,000
•Lowest Priced Sale: $105,000
•Median Sales Price: $490,000 (increase from $440,400 in April)
•Median Days on Market: 12 (decrease from 11 in April)
•Median Sale Price to List Price Ratio: 97.98% (increase from 98.03% in April)
Alexandria Home Sales May 2015 vs. May 2016
The market is very similar as compared to the same time period last year. There were 548 homes sold in May 2015 and the median sale price was higher this year by $23,000. The median sale to list price ratio remained consistent, 98.30% in 2015 vs. 97.98% in 2016. Median days on the market also remained consistent, 10 in May 2015 and 12 in May 2016.
Is It A Buyer’s Market or a Seller’s Market?
The Alexandria real estate market remains a seller’s market. The spring market has been extremely busy in Alexandria and sellers are enjoying low days on the market and high sale to list price ratios but, that doesn’t make it a bad time to buy. Rates have remained consistent and are still low. Buyers are also enjoying a bit more inventory than during early Spring. The homes that are moving quickly and receiving multiple offers in Alexandria all have similar characteristics; they show well, are priced according to the market, and are easy for agents to bring their buyers to for a tour. Buyers do need to be prepared to act quickly in the current market as homes are not staying active for very long. Getting pre-approved in advance and having an agent that can promptly show you homes is imperative to be successful in the current Alexandria market conditions. The market is moving quickly and lack of preparation can mean the home you fall in love with today is already under contract tomorrow. When it’s time to buy or sell in Alexandria working with an agent that knows the local market and has a proven successful track record remains imperative.
Buyers: To see homes currently for sale in Alexandria please visit the link. We are always available to answer questions about your home search and welcome the opportunity to put our expertise to work for you. We have systems in place to achieve you a successful purchase with the best terms possible. Contact us to request a strategy session or to start your home search today.
Sellers: High sale to list price ratios and low days on the market make now a great time to list in Alexandria. We would love to learn more about your home and show you how our marketing can take it from listed to sold promptly. Contact us for a free market analysis or to setup an in home consultation.