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How long does it take to Sell a Home in Alexandria, Virginia?

If you are considering selling your home in Alexandria, Virginia, it is important for you to understand the timing of the current real estate market. Despite media reports, properties are still selling in Northern Virginia, albeit slower than in years past.

As of December 1st, 2007, the average amount of time on the market for all properties currently available in Alexandria is 93 days. The amount of time it takes to sell a home can vary quite a bit depending upon the price range.

The chart below provides a breakdown by price range of all homes currently on the market in Alexandria, Virginia. Red columns indicate that the homes in this price range have averaged more days on the market than the overall average of 93 days.

Days on Market in Alexandria, Virginia

Almost all homes under $900,000 hug the overall average of 93 days on the market, with many of the particular price ranges being somewhat below. Looking at the chart, it is readily apparent that higher priced homes are taking quite a bit more time to sell. Alexandria homes in the $1.5 million to $2 million price range have been on the market for an average of 116 days. Those over $2 million have averaged 1/2 year on the market.

What's the trend?

Alexandria homes that sold in November 2007 spent an average of 51 days on the market. Homes that are currently under contract and pending sale were on the market for 75 days before receiving an accepted offer. Active listings have been on the market for 93 days.

Time to market a home for sale in Alexandria is increasing.

Days on Market Trend

This upward trend of days on market will result in downward pressure on pricing for Alexandria homes.

Average prices in Alexandria

Currently available homes: $523,127
under contract: $497,935
sold November 2007: List Price $500,742 Sold Price $488,312

With more time on the market, you should see current listing prices reduced to be more in line with average sold prices for November.

For a complete market analysis of your home, contact Brian Block, RE/MAX Allegiance at 703-626-0715 or by e-mail at brian@brianblock.com

Click here for a confidential online comparative pricing analysis of your home.

Posted by Brian Block -- Northern Virginia & D.C. Real Estate on 12/01/2007 06:35 AM

Comments (14)

homes for sale in alexandria, alexandria virginia, days on market, alexandria virginia real estate, brian block, alexandria virginia realtor

Originally posted at: Buy Alexandria Real Estate: How long does it take to Sell a Home in Alexandria, Virginia?

This post has been included in Virginia Information Alexandria City County, VA Information Alexandria, VA Information

14 Comments on How long does it take to Sell a Home in Alexandria, Virginia?

DEC

2007

Great postings and very informative - Thanks for all the information.

Brian . FYI - I just listed a TH in Pinewood Lake - under contract - had 5 offers in 4 days. I think Alexandria is a great market!

Brian - I was just checking to make sure you're alive and well and what did I find... Another fabulous market study! Great info AND attractive, as always!

Brian, In your figures, is the November sold price net of seller concessions or before seller concessioons. Whenever I do a market report I show

List, Sold, Seller Concessions and Net Sales Price - the latter is important on listing appointments, Karen Kruschka www.e-virginiarealestate.com

VINCENT: Thanks for your comment.

KEVIN: Fantastic. That's the first I've heard recently about such great activity on a home in Northern Virginia. Multiple offers -- wait a second, it's 2007, not 2004. Alexandria is a great market.

MARGARET: Thanks for your comments and your continued praise of my market reports.

KAREN: I agree that seller concessions is a very important figure to include when discussing figures with buyers or sellers. The numbers that I reported here for sold price did not include seller concessions. The average seller concession was $3,850 which would leave a net average sales price of $484,462. Thanks for your comments.

Brian- My oh my! I would love to have some of those 93 days on the market times! Send some of those my way! Katerina

KATERINA: Compared to many other parts of the country and even Northern Virginia, Alexandria homes are still selling relatively quickly. It is just hard for some sellers to adjust to the fact that it takes around 3 months for their homes to sell when 2 or 3 years ago they saw their neighbors sell in 2 weeks.

There are so many factors that affect days on the market.... price, condition, location, etc., etc., etc.

DEC

2007

Is this DOMM or DOMP? Also is there much of a difference between the Median and the average. All you need is one listed for 500 days to throw off an average.

People LOVE data, so thanks for providing it.

KENNY: Your comment is very true. In addition, I would add that timing is also important as to how long a property stays on the market.

FRANK: The data here is based on DOMM. Very true what you said about averages, and I considered that. Looking through the raw MRIS data, I didn't see any big anomalies that would have skewed the averages heavily. When I look at average or median prices, this is a bigger issue. If for example, 10 homes are selling for $500K and one for $2 million, I'll separate out the $2 million one and explain it in the analysis.

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