How Did The Housing Market Perform in Alexandria in January 2018?
Home sales for Alexandria are in for the first month of 2018! There is less than a 2 month's supply of inventory available in Alexandria and that means two things. Buyers are waiting … and waiting for new inventory and sellers can take advantage of the low inventory levels.
Here are the stats for January 2018 in Alexandria…
•Number of Sales: 287 (decrease from 373 in December)
•Highest Priced Sale: $3,125,000
•Lowest Priced Sale: $104,860
•Median Sale Price: $429,000 (decrease from $475,000 in December)
•Median Days on Market: 29 (increase from 27 in December)
•Median Sale Price to List Price Ratio: 96.89% (decrease from 97.00% in December)
To gain some perspective let’s go back and compare to January 2017…
•Number of Sales: 312
•Highest Priced Sale: $2,689,000
•Lowest Priced Sale: $107,500
•Median Sale Price: $414,250
•Median Days on Market: 30
•Median Sale Price to List Price Ratio: 97.10%
The number of homes sold in January 2018 is down by over 8% as compared to January 2017. The median sale price is also up by over 3.5%. As expected low inventory continues to be a factor in the Alexandria housing market. Buyers are also savvy to rising interest rates and that adds to the fact that supply just isn’t keeping up with demand.
Active Listings in Alexandria
As of today there are 536 homes for sale in Alexandria. This is another decrease in inventory as compared to this time last month. The lowest priced property is listed at $110,000 and the highest is listed at $5,745,000 with an average of 63 days on the market.
Pending Sales in Alexandria
As of February 7, 2018 there are 510 homes under contract. Median days on the market for the pending homes is 34.
Today’s buyers continue to be informed about inventory levels and current homes available for sale. They monitor current interest rates and resist homes that are overpriced. Overpriced homes sit on the market and become what we like to call 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 for the highest price possible in the shortest time possible.
Read our full Alexandria housing market update for January 2018 here. If you have questions about the real estate market in Alexandria reach out to us, we're always happy to answer them.