How Did Home Sales Perform in Alexandria in August 2018?
Let’s take a look at how Alexandria home sales performed during August 2018. We’ll look at the numbers first and then go over the story behind them.
Here are the stats for August 2018 in Alexandria…
•Number of Sales: 491 (decrease from 582 in July)
•Highest Priced Sale: $3,000,000
•Lowest Priced Sale: $82,500
•Median Sale Price: $470,000 (decrease from $492,750 in July)
•Median Days on Market: 13 (no change from July)
•Median Sale Price to List Price Ratio: 98.43% (increase from 98.31% in July)
To gain perspective let’s go back and compare to August 2017…
•Number of Sales: 491
•Highest Priced Sale: $3,120,000
•Lowest Priced Sale: $112,500
•Median Sale Price: $455,000
•Median Days on Market: 16
•Median Sale Price to List Price Ratio: 97.75%
Comparing the previous year highlights changes in the market. In this case, the market has remained very consistent with the exception of the median sale price which saw a 3.29% increase.
Active Listings in Alexandria
As of today, there are 965 homes for sale in Alexandria. A slight increase from 898 during the same timeframe last month – good news for buyers. The lowest priced property is a 1 bedroom, 1 bath condo with 850 square feet listed at $109,900 and the highest is a 6 bedroom, 4.5 bath single family home with 8,145 square feet listed at $7,500,000. Current active listings in Alexandria have an average of 41 days on the market, a decrease of 10 days as compared to last month.
Pending Sales in Alexandria
There are currently 546 homes under contract. Median days on the market for the pending homes is 26, an increase of a day as compared to last month.
Is Alexandria Experiencing A Buyer’s Or A Seller’s Market?
The real estate market in Alexandria remains a seller’s market. There’s been a lot of talk about the market crashing and that’s simply not accurate. That said, the market is not as frenzied as it was this spring and in our opinion, that’s a good thing. It’s not realistic to sustain the conditions we experienced this spring. 5, 10, sometimes 20+ offers on homes being one of those conditions isn’t something that’s healthy in the real estate market long term. The market is balancing itself from the spring – it’s not a balanced market though, sellers are still in the driver’s seat. Buyers, however, have a bit more inventory to choose from now than they did earlier this year. We’ve experienced that buyers want a turnkey product and they want to see the value – overpricing your home in the current market conditions will absolutely cause it to sit on the market. Do not try to chase the market if you’re a seller, buyers will spot your overpriced home and steer clear of making an offer. The cost of a price reduction or high days on the market will be far higher than pricing your home correctly right from the start. Homes are still moving quickly and those that sell the fastest have three things in common, they’re priced according to the market, they’re updated, and they show well. Making your home convenient for agents to bring buyers for a tour is also key to a successful sale. We recently had buyers interested in seeing a few homes and one was taken off the list because it only showed from noon to 1 pm during the week. That didn’t work at all for our buyers so they simply removed it from the homes they wanted to see. Having flexible showing hours when your home is for sale is important!
If you’re a buyer in Alexandria you’ve got more homes to choose from and less competition from other buyers than earlier this year – good news! Rates are on the rise, even though they’re still historically low they are increasing and that means waiting to buy is going to cost you more. That could be both in the form of a higher rate and higher sale price on your home as home prices continue to rise too. We’re still seeing homes at the $600k and below price point move very quickly in Alexandria. Multiple offer situations aren’t as common as they were earlier this year but, they do still exist. If you find a home that shows well, is priced correctly, and just came on the market the odds of other buyers being interested is still strong. Don’t delay in making a solid offer, waiting a few days could mean you never get the chance. Rely on your agent to give you insight on the pulse of the market in the neighborhood you’re considering buying in. having someone working on your behalf who is immersed in the Alexandria real estate market is priceless.
Reach out to Amanda at 703-431-3755 or email email@example.com to ask questions about the Alexandria real estate market or to arrange for a market analysis on your home. Market reports are a great tool to provide general information but, they sure don’t replace a market analysis that’s based on the unique features your home offers from an agent who understands the intricacies of the Alexandria real estate market. Just interested in a general estimate for your homes current value? Use our free home value tool to receive a free estimate in minutes.