Kingstowne Home Sales October 2018 Market Update
The number of homes sold in Kingstowne increased from September to October. The median sale to list price ratio increased slightly and days on the market also increased. Sale to list price ratio remains extremely strong.
Let’s check in on what happened in the Kingstowne market during October 2018.
•Number of Sales: 45
•Highest Priced Sale: $1,100,000
•Lowest Priced Sale: $240,000
•Median Sales Price: $482,000
•Median Days on Market: 16
•Median Sale Price to List Price Ratio: 99.63%
Is It A Buyer’s Or A Seller’s Market?
It remains a seller’s market in Kingstowne. Supply is not keeping up with demand, a trend we have witnessed throughout 2018.
Current Inventory In Kingstowne
There are currently 71 homes for sale in Kingstowne. An increase of 2 from this time last month. It’s again important to point out that the Crest Of Alexandria a 55+ active adult community has added new construction listings (11 at this time) making resale inventory even lower than the total active inventory. Inventory remains low and as we mentioned above it is still a seller’s market. That doesn’t mean buyers aren’t looking for value and a turnkey product though. Seller’s that attempt to price above the market are learning quickly that buyers are passing up on their homes. Proper pricing is imperative – if you price your home correctly and it is reasonably updated and turnkey ready it will be positioned to sell quickly. Rates are currently getting close to 5% and there are a lot of buyers in the market looking to secure their new home. If you’re a buyer in the current market you need to be prepared to make a strong offer when you find the home of your dreams. Days on the market remain low and homes are still moving very quickly in Kingstowne.
If you’d like to know more about the Kingstowne market reach out to us and let’s connect! We are always happy to answer questions.
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