How Did Real Estate Sales Perform in Alexandria in February 2018?
February 2018 home sales for Alexandria are in and very telling of the current seller’s market this area is experiencing. The median sale price saw a strong increase from January and sellers aren’t having to negotiate much (if at all) when selling their home, just slightly over 2%.
Here are the stats for February 2018 in Alexandria…
•Number of Sales: 331 (increase from 287 in January)
•Highest Priced Sale: $1,950,000
•Lowest Priced Sale: $96,500
•Median Sale Price: $516,000 (increase from $429,000 in January)
•Median Days on Market: 21 (decrease from 29 in January)
•Median Sale Price to List Price Ratio: 97.77% (increase from 96.89% in January)
To gain some perspective let’s go back and compare to February 2017…
•Number of Sales: 329
•Highest Priced Sale: $1,925,000
•Lowest Priced Sale: $90,000
•Median Sale Price: $445,000
•Median Days on Market: 14
•Median Sale Price to List Price Ratio: 97.80%
Comparing the same timeframe from the previous year allows us to analyze how the market has changed. Median sale price is up by over 15% as compared to February 2017 – the number of homes sold and sale to list price ratio saw very little change.
Active Listings in Alexandria
As of today there are 656 homes for sale in Alexandria. An increase from 539 at this time last month. Certainly not a big jump in inventory but, we’ll take it! The lowest priced property is a studio condo with 471 square feet listed at $109,000 and the highest is a 4 bedroom, 2.5 bath townhome with 2,831 square feet listed at $5,745,000. Current active listings in Alexandria have an average of 31 days on the market.
Pending Sales in Alexandria
As of March 8, 2018 there are 611 homes under contract. Median days on the market for the pending homes is 13.
The real estate market in Alexandria continues to be a seller’s market but, sellers need to understand that buyers in today’s market are well informed on inventory levels and continue to resist homes that are overpriced. Knowing that it’s a seller’s market doesn’t erase the need to properly prepare a home for sale and price it correctly. Failure to do that will without a doubt impact a seller’s bottom line. Making the best first impression when listing your home is critical to a successful sale for the highest price in the shortest time. Be the home that sets a record high selling price for the neighborhood, not the home that sits and becomes stale inventory.
Homes that sell quickly in Alexandria all have similar characteristics: they are clean and well maintained, reasonably updated, uncluttered, and they are priced according to the current market. As a seller, when you meet these conditions your home will not only stand out from the competition it will also have the best opportunity to sell for top dollar.
Read our full February 2018 Alexandria housing market update.