Foreclosure Sales Report in Alexandria VA for 2014
Real estate market data for Alexandria VA provided by Tamara Inzunza of RE/MAX Executives Del Ray.
Alexandria VA Sold Foreclosures
Like short sales, the number of bank owned foreclosures (also called REO properties) barely made a dent in the market in terms of volume in 2014. Take a look at the chart below and it's evident that as the market gained momentum from March to June, the number of foreclosures remained low. Closed foreclosure sales even ended the year with a total of zero in December, when traditional sales bounced back from lower number in November.
When you break the numbers down by quarter, it's a better visual once the traditional sales are removed. There was never a time during the calendar year where the number of closed foreclosures got up to 20.
And buyers weren't exactly clamoring for these properties. Take a look at the days on market for 2014:
On average Alexandria VA foreclosures stayed on the market longer than traditional sales. The biggest advantage of purchasing a foreclosure versus a short sale is the response time for an offer. Usually banks respond within two business days as compared to waiting months for a short sale. But responsiveness aside, buyers seemed to prefer the traditional sales.
Can you still find a good deal with a foreclosure in Alexandria VA? Possibly. In January, there were 7 new foreclosure listings that came into the market. These listings still vary in terms of condos, townhomes, and detached homes for sale so the opportunities are still there. If you are considering buying a home in Alexandria VA, the deals are still there but having an experienced buyer agent who knows how to work with distressed properties is a must.
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