Housing Market Update Alexandria Virginia - December 2017
Home sales for Alexandria are in for December 2017? If you’re wondering if it’s the right time to buy or sell the answer is yes! There is only 2+ month’s supply of inventory available in Alexandria and that means two things. Buyers are waiting for new inventory and sellers can take advantage of the low inventory levels.
Here are the stats for December 2017 in Alexandria…
•Number of Sales: 373 (decrease from 428 in November)
•Highest Priced Sale: $1,925,000
•Lowest Priced Sale: $97,500
•Median Sale Price: $475,000 (increase from $457,125 in November)
•Median Days on Market: 27 (increase from 18 in November)
•Median Sale Price to List Price Ratio: 97.00% (decrease from 97.40% in November)
To gain some perspective let’s go back and compare to December 2016…
•Number of Sales: 422
•Highest Priced Sale: $2,910,000
•Lowest Priced Sale: $105,730
•Median Sale Price: $434,450
•Median Days on Market: 29
•Median Sale Price to List Price Ratio: 96.87%
November 2017 was a very active month and it’s not uncommon to see a slowdown in the number of homes sold in December due to the holidays but, what’s very telling of the current low inventory trend is the number of homes sold in December 2017 is down by over 11% as compared to December 2016. The median sale price is also up by over 9%. We will be intently watching the numbers to see how January shakes out but, there’s no doubt that low inventory continues to be a factor in the Alexandria housing market.
Buyers in today’s market are savvy in regard to inventory levels and current homes available for sale. They monitor current interest rates and know when homes are overpriced which in turn causes them to sit on the market and become stale inventory. We always compare them to stale bread, no one pays top dollar for stale bread. Making the best first impression when listing your home is critical to a successful sale.
Homes in Alexandria that are selling the quickest have several characteristics in common: they are well maintained, reasonably updated, clean and uncluttered, and they are priced according to the current market. As a seller if you meet these conditions your home will not only stand out from the competition it will also have the best opportunity of going from listed to sold ahead of the competition too.
Read more about the Alexaandria real estate market in our full article.