January 2014 was cold and wintry in Alexandria. We have gotten so used to relatively mild winters, I think this one has taken everyone by surprise.
The chill definitely affected the real estate market. Coupled with a lack of inventory, January was definitely not a hot market for housing sales. The good news is, though, prices are still on the rise, although so are days on market (DOM).
While Total Sold Dollar Volume was down 44.81% and Closed Sales were down more than 45% when compared to December 2013, Median Sold Price was up more than 4% and Average Sold Price was up more than 1.5% over the previous month.
What about new listings? The average over the past 5 years in 22304 has been 63 new listings at this time of year; last month, though, that number dropped to 48. It's not hard to draw the conclusion that lack of inventory is one of the reasons sales fell. Buyers are out there, but they are not finding what they want and they are waiting for new inventory to come on the market.
What about Average Sale to Original List Price Ratio? The 5 year average has been 94.1% while in January, it rose slightly to 94.6%. If a property is priced properly, then you can expect to receive - or pay - approximately 95% of the list price. This number has been consistent for years.
So, what is the average selling price of a property in zip code 22304? While the Average Sold Price in January 2014 was $338,116, the average sold price in January over the past 5 years has been $337,669.
Whether you are buying or selling, it's important to know the market. Let me know if you would like more in depth info on your market or specific neighborhood; I'm happy to help.
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