Real Estate Market Update For Alexandria VA – July 2015
Alexandria experienced a decrease in home sales for the first time in five months during July. Days on the market inched up just a bit but, still remain low and the average sale price remained about the same, decreasing just slightly. The sale to list price ratio decreased by less than 1% and sellers continue to see a strong ratio.
The following is a review of activity in Alexandria during July 2015.
•Number of Sales: 538 (decrease from 578 in June)
•Highest Priced Sale: $2,495,000
•Lowest Priced Sale: $108,000
•Median Sales Price: $465,000 (increase from $469,450 in May)
•Median Days on Market: 18 (increase from 14 in June)
•Median Sale Price to List Price Ratio: 97.45% (increase from 97.72% in June)
Let’s check in on the same time period in 2014. There were 509 homes sold in July 2014 and the median sale price is higher in 2015 by $15,000. The median sale to list price ratio remained about the same 98.01% in 2014 vs. 97.45% in 2015. The days on the market remained consistent - 14 in 2014 vs. 18 in 2015. The market in Alexandria remains a seller’s market with just slightly over 2 months of available inventory but, we are starting to see the seasonal slowdown and sellers need to be aware that it is imperative to properly prepare the home for sale and price it according to the market. The expertise of a local agent to guide you through each step of the sale remains important to obtain top dollar in the shortest time possible. Buyers should be mindful that while it’s a seller’s market there is more inventory than there has been in months past and hiring the right agent to negotiate on your behalf will make you successful with your purchase.
Buyers: I am always available to answer questions and welcome the opportunity to help you with the purchase of your next home. I am ready to learn more about your home buying goals and help you achieve them. To see homes for sale in Alexandria please visit the link.
Sellers: The current market conditions make it a great time to list and sell your home. Although inventory has seen a slight increase in Alexandria it remains a seller’s market. I want to be your agent and will work diligently to exceed your expectations. Contact me for a free evaluation of the current value of your home or to discuss the current market conditions in your neighborhood.