How Did Home Sales Perform in Alexandria in April 2018?
Home sales in Alexandria remained strong in April. The number of homes sold increased from March along with an increase in median sale price. Days on the market decreased and are extremely low. Sellers continue to have the market in their favor and are seeing over 99% for the sale to list price ratio.
Here are the stats for April 2018 in Alexandria…
•Number of Sales: 531 (increase from 478 in March)
•Highest Priced Sale: $2,000,000
•Lowest Priced Sale: $87,000
•Median Sale Price: $503,200 (increase from $479,975 in March)
•Median Days on Market: 7 (decrease from 11 in March)
•Median Sale Price to List Price Ratio: 99.10% (increase from 98.48% in March)
To gain some perspective let’s go back and compare to April 2017…
•Number of Sales: 457
•Highest Priced Sale: $4,272,017
•Lowest Priced Sale: $87,000
•Median Sale Price: $462,000
•Median Days on Market: 9
•Median Sale Price to List Price Ratio: 98.61%
Reviewing the same timeframe in the previous year allows us to analyze how the market has changed. Median sale price is up by 8.9% as compared to April 2017 and the number of homes sold also saw an increase this year. Days on the market remained fairly consistent changing by just 2 days.
Active Listings in Alexandria
As of today, there are 883 homes for sale in Alexandria. An increase from 796 at this time last month. The slight increase in inventory is good news for buyers. Supply certainly isn’t keeping up with demand but, any increase is a welcome one in the current market conditions. The lowest priced property is a 1 bedroom, 1 bath condo with 720 square feet listed at $135,900 and the highest is a 6 bedroom, 4.5 bath single family home with 8,145 square feet listed at $8,500,000. Current active listings in Alexandria have an average of 31 days on the market, a decrease of 7 days as compared to last month.
Pending Sales in Alexandria
There are currently 867 homes under contract. Median days on the market for the pending homes is 9.
The housing market in Alexandria remains a seller’s market. Low inventory and rising home prices are contributing factors to the current trends we’re experiencing. If you’re considering selling your Alexandria home keep in mind that while the market is trending in your favor that doesn’t mean proper preparation for the market isn’t needed. Buyers know the competition is steep and in turn, they are looking for a product that is turn-key and priced correctly. Overlooking the need to deliver a product to the market that buyers are seeking will inevitably impact a seller’s bottom line. Making the best first impression when listing your home is critical for a successful sale. It’s not just about selling, it’s about selling for the highest price in the shortest amount of time. Be the home that sets a record high selling price for the neighborhood, not the home that sits and becomes stale inventory. Buyers don’t pay top dollar for a home that’s been sitting on the market. As a seller in the current market, you have a very small window to maximize your equity due to how low the median days on the market are.
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.
Buyers have to be prepared to act quickly in the current market. Having a pre-approval in hand and working with an agent who has the flexibility to show a home that’s new to the market on short notice is a must. Days on the market continue to be extremely low and that leads to buyers needing to make a decision quickly if they want to make an offer on a property. In general, the current market is not conducive to negotiating power for buyers. Be prepared to make your highest and best offer upfront, it’s the smallest details that are making one buyer stand out from the next.
Reach out to Amanda at 703-431-3755 or email email@example.com to talk about the marketability of your home. Market reports do an excellent job of providing general information but, nothing replaces a comprehensive market analysis from an agent who understands the intricacies of the Alexandria real estate market. Every home and its features influence where it should be priced. Achieving the maximum dollar for your home regardless of the current market conditions is always my goal. You need a full-service agent who has a successful track record not only selling homes but, selling them for top dollar!