Real Estate Market Update For Alexandria VA – December 2015
Alexandria home sales experienced an increase in the number of homes sold from November to December. Days on the market increased and median sale price also increased. Overall sales in December were strong and as you’ll see later in this market update out performed December 2014.
The following is a review of activity in Alexandria during December 2015
•Number of Sales: 424 (increase from 309 in November)
•Highest Priced Sale: $1,815,000
•Lowest Priced Sale: $91,500
•Median Sales Price: $488,863 (increase from $460,000 in November)
•Median Days on Market: 34 (increase from 24 in November)
•Median Sale Price to List Price Ratio: 96.15% (decrease from 97.00% in November)
Alexandria Home Sales December 2014 vs. December 2015
There were 390 homes sold in December 2014 and the median sale price was lower in 2014 by $43,363. The median sale to list price ratio remained consistent, 96.37% in 2014 vs. 96.15% in 2015. The days on the market also remained consistent– 31 in 2014 and 34 in 2015.
Is It A Buyer’s Market or a Seller’s Market?
The Alexandria market remains a seller’s market. Buyers do have more inventory to choose from than they did over the summer but, from an absorption rate standpoint there is less than 3 months of inventory. Buyers need to be mindful of inventory levels and be prepared to make an offer when they find the right home. Hiring an agent that’s available to promptly show homes and who understands the local market is key. Seller’s also need to be mindful that with there being more inventory than there was this summer that means there’s more competition from other seller’s. Your home needs to shine from the day it hits the market in order to attract the most buyers and achieve the highest sale price possible. Hiring a local agent should also be at the top of your list. Seek an agent that can guide you through each step of your home sale, you need a professional marketer and negotiator working on your behalf. The details that go into successfully selling a home are plentiful and you want experience and expertise working on your behalf.
Buyers: To see homes for sale in Alexandria please visit the link. I am always available to answer questions about your home search and welcome the opportunity to put my expertise to work for you.
Sellers: Now is an excellent time to sell in Alexandria. Contact me for a free evaluation of the current value of your home or to discuss the current market conditions in your neighborhood. I would love to learn more about your home and show you how my marketing can take it from listed to sold.