Alexandria Real Estate Market Update – May 2017
May was another strong month for sales in Alexandria. The median sale price slightly decreased but, the number of homes sold was higher than April and days on market continue to be incredibly low.
Let’s check in on the statistics and then review story behind them …
Real Estate Activity in Alexandria During May 2017
•Number of Sales: 606 (increase from 477 in April)
•Highest Priced Sale: $1,842,500
•Lowest Priced Sale: $105,000
•Median Sales Price: $455,450 (decrease from $462,000 in April)
•Median Days on Market: 7 (decrease from 9 in April)
•Median Sale Price to List Price Ratio: 98.68% (increase from 98.61% in April)
Alexandria Home Sales May 2016 vs. May 2017
Comparing May 2016 to this year gives us a good comparison to show the market is very strong this year. In May 2016 there were 579 homes sold, the median sale price is higher this year by $20,000. Days on the market in 2016 came in at 12 and sellers saw a 98.28% sale to list price ratio.
Bottom Line -
Alexandria remains a seller’s market. There are currently 1,012 homes for sale in Alexandria. Inventory has decreased since our April 2017 market update. Seller's continue to see very low days on the market and buyers have to be prepared to act quickly when they find the right home. Have your pre-approval ready to go and do not delay in making an offer. Even waiting a day can mean the home you fell in love with is 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 moving quickly 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 our Guaranteed Sale Programs.
Are you a member of the military? Learn more about our Beyond The Call program.