Alexandria VA 22304 Real Estate Market Activity
It is easy for not only consumers but agents to sometimes get caught up in thinking their state, city or neighborhood reflects what is going on in the real estate market. And with all the often conflicting media coverage also adding noise, it's not hard to think anecdotally - in other words, if the neighbor down the street has not been able to sell for months, then the market is "bad" even though that may absolutely not be true at all.
I work on keeping myself from painting the local market with a broad stroke by occasionally looking at cold, hard facts. Sometimes even I am surprised at what I find out when looking at the stats.
So, what's going on in the real estate market in the Alexandria VA zip code of 22304? Let's take a look.
Okay. So, what are we looking at? Well, first of all, as in many markets these days, there are the usual ups and downs. Overall, though, in the past year, sales (both solds and pending sales) seem to be showing signs of improvement.
Interestingly, though, look at the red line that is definitely heading down - that represents NEW listings. Yep, we have a lack of inventory right now - and that begs the question, if inventory were higher, would some of the "sideline" buyers we have in the market right now decide to get in the market? It's a good question and one only buyers can answer.
It certainly seems that agents in our market have their share of "indecisive" buyers; maybe they are not indecisive at all, maybe they just have not seen what they want. And as long as new listings continue to decline, some of them will certainly continue to look - and not buy - until they decide the inventory "is what it is" and if they want to get into the market when prices are lower than they have been in quite some time and when interest rates are at an all time low, they will simply have to decide whether getting exactly what they want is worth the wait.
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