Real Estate Market Update For Alexandria VA – December 2016
Home sales in Alexandria increased from November to December but, median sale price decreased and median days on the market increased. While we always like to check in on the numbers before you check them out it’s important to know that 16 sales that closed in December were a short sale or bank owned property and they did play a role in the decrease in median sale price and increase in days on the market.
Let’s check in on the statistics and then review story behind them …
The following is a review of activity in Alexandria during December 2016
•Number of Sales: 420 (increase from 379 in November)
•Highest Priced Sale: $2,910,000
•Lowest Priced Sale: $81,000
•Median Sales Price: $434,450 (decrease from $447,000 in November)
•Median Days on Market: 29 (increase from 22 in November)
•Median Sale Price to List Price Ratio: 96.87% (decrease from 97.01% in November)
Alexandria Home Sales December 2015 vs. December 2016
The market in Alexandria during December 2015 was very similar to this year. 428 homes closed last December and there was a median sale price of $447,500. Days on the market showed very little change, higher last year by just four days. Sale to list price also remained consistent, 96.28% in December 2015.
Is It A Buyer’s Market or a Seller’s Market?
Alexandria remains a seller’s market. There are currently 682 homes for sale in Alexandria. Inventory continues to be low and it’s a great time for sellers who are considering listing in the spring to start the process now. Buyers begin their search when there is still snow on the ground. Even if you’re not ready to show your home now is the time to partner with a local expert that can offer you exclusive coming soon marketing and start building momentum for buyers to be lined up and waiting to tour your home when it is ready to go on the market.
Buyers, while inventory is low in Alexandria it’s not all bad news for you. Starting your search now can avoid putting yourself in a position to face multiple offer scenarios in the spring market. By locating your dream home now you will also be able to lock in your rate vs. risking rates continuing to rise. Increased interest rates make the biggest impact on your buying power and monthly payment. 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 Program.