What Happened In The Alexandria Real Estate Market In November 2017?
Real Estate Activity in Alexandria During November 2017
•Number of Sales: 428 (increase from 425 in October)
•Highest Priced Sale: $2,830,000
•Lowest Priced Sale: $93,000
•Median Sales Price: $457,125 (increase from $446,200 in October)
•Median Days on Market: 18 (increase from 16 in October)
•Median Sale Price to List Price Ratio: 97.40% (decrease from 97.62% in October)
Alexandria Home Sales November 2016 vs. November 2017
In November 2016 there were 386 homes sold, the median sale price was higher this November by $8,625. Days on the market in 2016 were 21 – not much change as compared to this year. Sellers saw a 97.01% sale to list price ratio in 2016. Comparing the market to the same time period in the previous year allows us to see what has changed. In looking at the numbers for November 2016 and 2017 this year the market had more activity and a stronger median sale price. However, days on market and sale to list price ratio remained consistent.
Is Alexandria A Buyer’s Or A Seller’s Market?
Drum roll please … it remains a seller’s market! With that said there is an important factor to add into this month’s market report. Inventory finally increased a bit in Alexandria which for buyers is excellent news as we very much need more inventory. There are currently 1,130 homes for sale in Alexandria which is an increase from 919 during this time last month. Buyers can’t get too excited because that’s still a low level of inventory but, after seeing inventory decrease for 3 months in a row this a welcome change. It’s a common myth that the winter isn’t a good time to buy or sell a home. That just simply isn’t true. There are still serious buyers in the market right now and with inventory levels remaining low sellers have an opportunity to capitalize. Spring will inevitably see more homes being listed for sale and as a seller that equates to more competition from other sellers. Sales might slow in the winter months but, real estate certainly doesn’t stop. Buyers that are willing to face the cold to house hunt can very often avoid the multiple offer/bidding war situations we see play out in the spring market.
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