How Did Real Estate Sales Perform in Alexandria in March 2018?
Seller's in Alexandria continue to have to negotiate very little if at all in the current market conditions. Days on the market remain very low and sales have been brisk. Supply is not keeping up with demand. Let's go over the numbers and then discuss the market.
Here are the stats for March 2018 in Alexandria…
•Number of Sales: 478 (an increase from 331 in February)
•Highest Priced Sale: $1,950,000
•Lowest Priced Sale: $85,000
•Median Sale Price: $479,975 (decrease from $516,000 in February)
•Median Days on Market: 11 (decrease from 21 in February)
•Median Sale Price to List Price Ratio: 98.48% (an increase from 97.77% in February)
To gain some perspective let’s go back and compare to March 2017…
•Number of Sales: 460
•Highest Priced Sale: $2,200,000
•Lowest Priced Sale: $95,000
•Median Sale Price: $453,000
•Median Days on Market: 12
•Median Sale Price to List Price Ratio: 98.27%
Comparing the same timeframe from the previous year allows us to analyze how the market has changed. Median sale price is up by 5.95% as compared to March 2017 – the number of homes sold and sale to list price ratio saw very little change. Days on the market also remained consistent.
Active Listings in Alexandria
As of today, there are 796 homes for sale in Alexandria. An increase from 750 at this time last month. Certainly not a big jump in inventory and not nearly enough to keep up with demand but, we’ll take any increase we can get in the current market conditions! The lowest priced property is a studio condo with 471 square feet listed at $109,000 and the highest is a 6 bedroom, 4.5 bath single family home with 8,145 square feet listed at $8,500,000. Current active listings in Alexandria have an average of 38 days on the market.
Pending Sales in Alexandria
As of April 22, 2018 there are 811 homes under contract. Median days on the market for the pending homes in Alexandria is 9.
Seller’s continue to be in the driver’s seat in the Alexandria real estate market. Knowing that it’s a seller’s market doesn’t erase the need to properly prepare a home for sale and price it correctly. Failure to do that will inevitably impact a seller’s bottom line. Making the best first impression when listing your home is critical to a successful sale for the highest price in the shortest time. Be the home that sets a record high selling price for the neighborhood, not the home that sits and becomes stale inventory. No buyer pays top dollar for a home that’s been sitting on the market.
Homes that sell quickly in Alexandria all have similar characteristics: they are clean and well maintained, reasonably updated, uncluttered, and they are priced according to the current market. As a seller, when you meet these conditions your home will not only stand out from the competition it will also have the best opportunity to sell for top dollar.
Buyers have to be prepared to act quickly in the current market. Having a pre-approval in hand and working with an agent who has the flexibility to show a home that’s new to the market on short notice is a must. Days on the market continue to be extremely low and that leads to buyers needing to make a decision quickly if they want to make an offer on a property.
Reach out to Amanda at 703-431-3755 or email email@example.com to talk about the marketability of your home. Market reports do a great job to provide general information but, nothing replaces a comprehensive market analysis from an agent who understands the intricacies of the Alexandria real estate market. Every home and its features influence where it should be priced. Achieving the maximum dollar for your home regardless of the current market conditions is always my goal. You need a full-service agent who has a successful track record not only selling homes but, selling them for top dollar!