Alexandria Virginia Home Sales – Market Update January 2017
Looking at the market statistics for closed home sales in Alexandria for January 2017 doesn’t paint the full picture. Sales decreased as compared to December and median sale price also decreased. Days on the market remained about the same. Why doesn’t it paint the full picture? Two reasons – the market is an extreme seller’s market as I write this post and it really took off in late January/February so we will see the impact on that for February and March closed home sales. The second reason is that due to low inventory homes are closing that have been on the market for months and that in turn impacts the days on market.
Let’s check in on the statistics and then review story behind them …
The following is a review of activity in Alexandria during January 2017
•Number of Sales: 308 (decrease from 420 in December)
•Highest Priced Sale: $2,689,000
•Lowest Priced Sale: $107,500
•Median Sales Price: $414,250 (decrease from $434,450 in December)
•Median Days on Market: 30 (increase from 29 in December)
•Median Sale Price to List Price Ratio: 97.10% (increase from 96.87% in December)
Alexandria Home Sales January 2016 vs. January 2017
Comparing January 2016 to this year really shows how busy the market is this year. In January 2016 there were 241 homes sold in Alexandria and the median sale price was $406,000. Days on the market in 2016 came in at 39 and sellers saw 96.53%. Comparing the statistics for January 2017 to January 2016 display the seller’s market we are in and how strong the market is right now.
Is It A Buyer’s Market or a Seller’s Market?
Alexandria remains a seller’s market. There are currently 703 homes for sale in Alexandria. Inventory is low and demand is outpacing supply. If you’re considering selling now is an optimal time to list. In order to get the highest price possible for your home proper preparation remains imperative. You get one chance to make a first impression for your home and you want it to shine for potential buyers. Consult with a local agent who knows the market and can advise you through each step of your sale. From staging to pricing every details matters.
Buyers, inventory in Alexandria is low but, now is a good time to take advantage of interest rates while they are still very appealing. They have increased a bit but, remain at a historically low threshold. With the plans the Fed has to raise them again this year you can maximize your buying power by locating your new home now.
Not sure how to start your home search? Contact us! We offer a free, no obligation consultation for homebuyers to give you the opportunity to have your questions answered. If you’d like a copy of our Homebuyers Guide reach out to us and we’ll be happy to send you one.
We have programs and systems in place for our buyers and sellers to create accountability and guarantees for our service. Ask us about our Love It or Leave It and our Guaranteed Sale Programs. We look forward to helping you!