Alexandria Real Estate Market Update – August 2017
Alexandria home sales slowed a bit during August but, that doesn't mean it became a buyers market. Let’s check in on the statistics and then review the story behind them.
Real Estate Activity in Alexandria During August 2017
•Number of Sales: 486 (decrease from 558 in July)
•Highest Priced Sale: $3,120,000
•Lowest Priced Sale: $112,500
•Median Sales Price: $454,400 (decrease from $460,650 in July)
•Median Days on Market: 16 (increase from 12 in July)
•Median Sale Price to List Price Ratio: 97.75% (decrease from 98.33% in July)
Alexandria Home Sales August 2016 vs. August 2017
In August 2016 there were 499 homes sold, the median sale price was higher last August by $29,095. Days on the market in 2016 came in at 24 and sellers saw a 97.29% sale to list price ratio. Reviewing the same time period in the previous year gives us additional data to gauge how the market has changed. While days on the market are lower this year and sale to list price ratio remained consistent the median sale price saw a substantial decrease as compared to last year.
Is Alexandria A Buyer’s Or A Seller’s Market?
Alexandria remains a seller’s market. There are currently 1,024 homes for sale, a small increase from this time last month. Slower sales during the month of August is not uncommon. With vacations and school heading back August is often a slower month. Buyers have more homes to choose from than they have all year but, that doesn’t mean it’s a buyer market. The need to act quickly and be prepared to make an offer remains. 16 days on the market is still very low and shows that homes are still moving at a rapid pace. The homes that sell quickly have similar characteristics – they’re priced correctly, they show well, and they offer convenient showing times for buyer agents to be able to bring their clients for a tour. Marketing and exposure no matter what the market trends will always be imperative to sell for top dollar in the shortest time possible.
If you are considering buying or selling in Alexandria and would like to know more about the current market trends contact Amanda Davidson Real Estate Group 703-988-3151.