Kingstowne in Alexandria VA Market Report August 2015
Real Estate market data provided by Amanda Davidson of Living A Dream Real Estate.
Monthly sales comparison 2014 vs. 2015
*Data includes zip codes 22315, 22310
Detached Home Sales in Kingstowne August 2015:
•Number of Sales: 33 (decrease from 37 in July)
•Highest Priced Sale: $839,900
•Lowest Priced Sale: $230,000
•Median Sale Price: $525,000 (decrease from $535,088)
•Median Days on Market: 27 (increase from 21)
•Median Sale Price to List Price Ratio: 96.93% (decrease from 97.44%)
The number of detached homes sold in Kingstowne during the month of August decreased by 4 as compared to July. The median sale price decreased by $10k and the days on the market also saw a slight increase. The decrease in median sale price is due to a tear down cash only sale, the lowest closed sale in August. Without that sale factored in the median sale price saw no change. Reviewing the same time period last year the number of homes sold remained consistent – 35 in 2014 and 33 this year. Median sale price is $95,000 lower this year but, that’s a little misleading as multiple homes closed last August that were well above the median sale price ($900k+). Days on the market are higher this year – 13 in 2014 compared to 27 this year. There are currently 84 active detached homes for sale in Kingstowne. It remains a seller’s market but, is beginning to lean towards a stable market and there are great opportunities available for buyers. The increase in inventory has driven competition down and given buyers more options to choose from. With this change in the market seller’s need to be extremely aware of how important it is to select the right agent that knows your neighborhood and can properly guide you through the listing process.
Townhouse Sales in Kingstowne August 2015:
•Number of Sales: 57 (decrease from 64 in July)
•Highest Priced Sale: $575,000
•Lowest Priced Sale: $300,000
•Median Sale Price: $435,000 (increase from $427,500)
•Median Days on Market: 17 (increase from 11)
•Median Sale Price to List Price Ratio: 97.83% (decrease from 97.97%)
For the first time in five months the number of townhomes sold in Kingstowne decreased; down by 7 as compared to July. Days on the market increased by 6 and the median sale price slightly increased, up by about $7,500. Reviewing the same time period last year the number of homes sold was slightly lower; 52 vs. 57 sold homes sold this year. The median sale price saw a slight decrease this year, down by $10,000. Days on the market remained consistent, 18 in 2014 and 17 in 2015. Townhomes continue to see low inventory in Kingstowne. There is approximately 1.5 months of available townhouse inventory in Kingstowne and this segment of the market remains a seller’s market. Homes that go under contract quickly have multiple items in common; the home is properly prepared for sale, priced according to the market, and is easy to show. Buyers need to be prepared to make an offer quickly and have an agent who can tour homes as soon as they enter the market in order to be successful. Many homes are going under contract in just a couple days.
Buyers: Whether you’re just starting to think about purchasing your next home or are ready to start visiting homes in different neighborhoods I am ready to help guide you through each step of the process. I am always available for questions and have years of experience representing buyers and sellers in the Alexandria real estate market.
Sellers: It remains a great time to sell in Kingstowne. Hiring the right agent who knows the local market and has a successful track record representing sellers is imperative. Contact me to find out how my experience and marketing can take your home from listed to sold. I am detail oriented and passionate about helping my clients achieve their goals. I look forward to earning your trust and business.
703-431-3755 or firstname.lastname@example.org