Alexandria Real Estate Market Update – April 2017
The real estate market in Alexandria is showing no signs of slowing down. April was another strong month for sales and days on the market decreased again. Sellers continue to see high sale to list price ratios and a rising median sale price.
Let’s check in on the statistics and then review story behind them …
Real Estate Activity in Alexandria During April 2017
•Number of Sales: 477 (increase from 452 in March)
•Highest Priced Sale: $4,272,017
•Lowest Priced Sale: $87,000
•Median Sales Price: $462,000 (increase from $454,000 in March)
•Median Days on Market: 9 (decrease from 12 in March)
•Median Sale Price to List Price Ratio: 98.61% (increase from 98.21% in March)
Alexandria Home Sales April 2016 vs. April 2017
Reviewing April 2016 to this year gives us a good comparison to show the market is very strong this year. In April 2016 there were 496 homes sold in Alexandria, more than this year but, the median sale price is higher this year by $22,000. Days on the market in 2016 came in at 11 and sellers saw a 98.03% sale to list price ratio. Noting the increase in median sale price is important – market prices have risen substantially as compared to April 2016.
Bottom Line -
Alexandria remains a seller’s market. There are currently 1,039 homes for sale in Alexandria. This is good news for buyers as inventory has increased since March. That said, it’s not plentiful and there’s less than a 3 month supply which points to the current seller’s market. As a buyer this just means you need to be prepared to make an offer when you find the right home. A well thought out and strategic approach with your agent will help you achieve a successful sale. Be prepared to tour homes promptly when they come on the market and have your pre-approval in hand. Delaying to see a home even just by a day can mean it’s already under contract.
If you’re considering selling the current market conditions are very favorable. Even though the market is swayed towards sellers right now that doesn’t remove the necessity to properly prepare your home for sale. Homes that are receiving top dollar in the shortest amount of time have three things in common; they show well, are priced according to the market, and are easy for agents to show to their buyers. Work with a local agent who knows the market and can guide you through each step of your sale. From staging, to pricing, to the timing when you go on the market - every detail matters.
Not sure where to start your home search? Contact us! We look forward to answering your questions. 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 Guaranteed Sale Programs.
Are you a member of the military? Learn more about our Beyond The Call program.