Real Estate Market Update For Alexandria VA – January 2016
Alexandria home sales experienced a decrease in sales from December to January. Days on the market increased and median sale price decreased. Overall sales in January really cooled off as compared to December. Let’s check in on the Alexandria market.
The following is a review of activity in Alexandria during January 2016
•Number of Sales: 232 (decrease from 424 in December)
•Highest Priced Sale: $2,785,000
•Lowest Priced Sale: $97,500
•Median Sales Price: $404,053 (decrease from $488,863 in December)
•Median Days on Market: 39 (increase from 34 in December)
•Median Sale Price to List Price Ratio: 96.53% (decrease from 95.15% in December)
Alexandria Home Sales January 2015 vs. January 2016
There were 246 homes sold in January 2015 and the median sale price was higher in 2015 by $19,447. The median sale to list price ratio remained consistent, 96.29% in 2015 vs. 96.53% in 2016. The days on the market also remained consistent– 37 in 2015 and 39 in 2016.
Is It A Buyer’s Market or a Seller’s Market?
The Alexandria market shifted from a seller’s market to a stable market in January. Buyers have more inventory to choose from and sellers are seeing increased days on the market. A stable market is good news for both buyers and sellers because it’s a level playing field. Seller’s need to be increasingly mindful that there’s only one chance to make a first impression. Attracting buyers to your home from the day it hits the market is important and in order to do that you need to make sure it shows well, is priced according to the market, and is convenient for their agents to get them in for a tour. Proper preparation before going on the market is a must. Hire a local agent that knows the area and the current market. Having a professional marketer and negotiator working on your behalf is a key factor to a successful sale. Buyers that are ready to start their home search now are entering the market at a great time. Starting before the spring rush means more homes to choose from and less competition from other buyers. Interest rates dropped this week and it’s a great time to lock in at a low rate.
Buyers: To see homes for sale in Alexandria please visit the link. I am always available to answer questions about your home search and welcome the opportunity to put my expertise to work for you.
Sellers: If you’re considering selling this spring now is the time to reach out to a local experienced agent to start preparing for your sale. I would love the opportunity to earn your business. I’m an excellent negotiator, marketer, and have years of experience to offer. Contact me for more information and let’s team up to accomplish your selling goals.