Real Estate Market Update For Alexandria VA – July 2016
Alexandria home sales experienced a decrease in sales from June to July. Nothing to be overly concerned about as July is typically a big month for family vacations and the extreme heat the DMV has been experiencing sure hasn’t encouraged home buyers to be out and about. Days on the market inched up a bit and the median sale price saw a slight decrease but, nothing substantial.
Let’s check in …
The following is a review of activity in Alexandria during July 2016
•Number of Sales: 543 (decrease from 595 in June)
•Highest Priced Sale: $3,765,000
•Lowest Priced Sale: $54,900
•Median Sales Price: $484,750 (decrease from $490,000 in June)
•Median Days on Market: 20 (increase from 11 in June)
•Median Sale Price to List Price Ratio: 97.31% (decrease from 98.20 in June)
Alexandria Home Sales July 2015 vs. July 2016
The market is very similar as compared to the same time period last year with the exception of median sale price which saw a healthy increase. The same amount of homes sold in both July 2015 and 2016 – 543. The median sale price was higher this year by $19,750. The median sale to list price ratio remained consistent, 97.45% in 2015 vs. 97.31% in 2016. Median days on the market also remained consistent, 18 in July 2015 and 20 in July 2016.
Is It A Buyer’s Market or a Seller’s Market?
The Alexandria real estate market remains a seller’s market with the absorption rate coming in at slightly over 2 months. Buyers are still taking advantage of amazingly low interest rates and while it’s a seller’s market inventory isn’t depleted to a point that there are bidding wars on every house for sale. Seller’s still need to properly prepare their home for sale. Hiring a local agent who can help you get your home ready for the market is key. From de-cluttering, staging, pricing, marketing and everything in between the right agent can guide you every step of the way. Now is a great time to accomplish your real estate goals whether you’re buying or selling in Kingstowne.
Buyers: To see homes currently for sale in Alexandria please visit the link. Ready to begin your home search? We are always available to answer questions, whether you aren’t sure where to start or have a property you’d like to tour we’d love to hear from you. We have systems in place to achieve you a successful purchase with the best terms possible. Ask us about our Love It or Leave It program!
Sellers:It remains a great time to list your home for sale in Alexandria. If you’d like to know the current value of your home contact us for a no obligation market analysis. We welcome the opportunity to learn about your selling goals and show you how we can help you accomplish them. We offer a Guaranteed Sale Program and will create a marketing plan to give your home maximum exposure.