Alexandria Market Update August 2016
Alexandria home sales saw a decrease from July to August, median sale price, days on the market, and sale to list price ratio all remained fairly consistent. It’s not uncommon to see real estate slow in August with many people heading out of town for vacations and even with less sales seeing the median sale price remains consistent is good news.
Let’s check in …
The following is a review of activity in Alexandria during August 2016
•Number of Sales: 499 (decrease from 543 in July)
•Highest Priced Sale: $2,900,000
•Lowest Priced Sale: $86,000
•Median Sales Price: $483,495 (decrease from $484,750 in July)
•Median Days on Market: 24 (increase from 20 in July)
•Median Sale Price to List Price Ratio: 97.29% (decrease from 97.31% in July)
Alexandria Home Sales August 2015 vs. August 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. In August 2015 there were 482 homes sold and this August there were 499 homes sold. The median sale price was higher this year by slightly over $36,000. The median sale to list price ratio remained consistent, 97.49% in 2015 vs. 97.29% in 2016. Median days on the market very little change, 20 in August 2015 and 24 in August 2016. All positive stats for Alexandria, consistency when comparing stats in the same month from the previous year shows stability.
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 remaining at just about 2 months. Many sellers have been inquiring if fall is still a good time to list their home and in our professional opinion it is. There are still plenty of buyers actively seeking their next home and many are aiming to be moved in before the holidays. Sellers can take advantage of the fall curb appeal and with the right agent guiding them through the process achieve a successful sale. Buyers, interest rates are still very low and with a bit more inventory than the spring and summer you can take advantage of having more homes to select from. That said, it is still a seller’s market so it’s important to be prepared to move quickly when you locate the right home. Those that are presented well and priced correctly are still going under contract in a short amount of time.