Alexandria Real Estate Market Update – March 2017
The real estate market in Alexandria continues to soar this spring. Sellers are seeing extremely high sale to list price ratios and many homes are going under contract in a matter of hours.
Let’s check in on the statistics and then review story behind them …
Real Estate Activity in Alexandria During March 2017
•Number of Sales: 452 (increase from 327 in February)
•Highest Priced Sale: $2,200,000
•Lowest Priced Sale: $95,000
•Median Sales Price: $454,000 (increase from $448,000 in February)
•Median Days on Market: 12 (decrease from 14 in February)
•Median Sale Price to List Price Ratio: 98.21% (increase from 97.81% in February)
Alexandria Home Sales March 2016 vs. March 2017
Comparing March 2016 to this year really shows just how “on fire” the market in Alexandria is right now. In March 2016 there were 327 homes sold in Alexandria, substantially less than this year. The median sale price was $448,000. Days on the market in 2016 came in at 14 and sellers saw a 97.81% sale to list price ratio.
Is It A Buyer’s Market or a Seller’s Market?
Alexandria remains a seller’s market. There are currently 841 homes for sale in Alexandria. Inventory continues to be low and demand continues to outpace supply but, that doesn’t mean you can’t be successful in purchasing a home in Alexandria right now. Buyers just need to keep in mind that the market is moving quickly and that means you need to be prepared to make an offer quickly when you find the right home – have your pre-approval in hand and work with an agent who is available at times that work well with your schedule. Delaying to see a home even just by a day can mean it’s already under contract. If you’re considering selling it goes without saying it’s a great time to do so. Even though the market is hot right now that doesn’t mean proper preparation isn’t a must for sellers as well. Homes that are receiving top dollar in the shortest time possible have three things in common; they show well, are priced according to the market, and are easy for agents to show to their buyers. Consult with a local agent who knows the market and can guide you through each step of your sale. From staging to pricing to timing when you go on the market - every detail matters.
Not sure where 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 VIP 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. We look forward to helping you!
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