Alexandria Real Estate Market Update – October 2017
Real Estate Activity in Alexandria October 2017
•Number of Sales: 425 (increase from 398 in September)
•Highest Priced Sale: $2,800,000
•Lowest Priced Sale: $107,000
•Median Sales Price: $446,200 (increase from $436,750 in September)
•Median Days on Market: 16 (decrease from 21 in September)
•Median Sale Price to List Price Ratio: 97.62% (increase from 97.54% in September)
Alexandria Home Sales October 2016 vs. October 2017
In October 2016 there were 360 homes sold, the median sale price was higher this October by $6,200. Days on the market in 2016 were 20 so overall not a big variance as compared to this year. Sellers saw a 97.38% sale to list price ratio in 2016. Reviewing the same time period in the previous year gives us data to gauge how the market is performing as compared to the same time period last year. October was a far more active market this year than it was in 2016 but, both sale price and days on market show consistency.
Is Alexandria A Buyer’s Or A Seller’s Market?
If you’ve been following our monthly Alexandria market updates you can probably guess…it’s still a seller’s market! There are currently 919 homes for sale in Alexandria which is a decrease from this time last month and also the third month in a row inventory has decreased. Although we saw sales slow in September (not unusual), October turned out to be a strong month for Alexandria real estate sales. Median days on the market decreased and are something to take note of. Slightly over two weeks is extremely low. Sellers also continue to experience strong sale to list price ratios. As a buyer now is a great time be searching for a new home in Alexandria. Homes definitely aren’t staying on the market for a long time but, there also aren’t as many buyers in the market this time of year leading to less competition. The opportunity to take advantage of low interest rates remains. The homes that are selling within a matter of days as always have similar characteristics – they’re priced correctly, they show well, and they offer convenient showing times for buyer agents to be able to bring their clients for a tour. If you’re selling, regardless of what time of year it is making sure your home is ready to deliver a great first impression is important – you only get once chance at a first impression. Make sure it’s a good one! Curb appeal is often something we see overlooked during the fall and winter months, don’t make that mistake. Curb appeal can be achieved year round. Check out The Importance Of Curb Appeal for tips on what to do to make the exterior of your home welcoming to potential buyers.
Find out how much your Alexandria home is worth using our free home value calculator.