Real Estate Market Update For Alexandria VA – May 2015
Alexandria experienced an increase in home sales for the fourth month in a row during May. Days on the market creeped down a little bit further and the median sale price saw another increase. Sellers are seeing a strong sale to list price ratio and inventory remains low.
The following is a review of activity in Alexandria during May 2015.
•Number of Sales: 543 (increase from 462 in April)
•Highest Priced Sale: $3,100,000
•Lowest Priced Sale: $95,000
•Median Sales Price: $469,000 (increase from $453,150 in April)
•Median Days on Market: 10 (decrease from 11 in April)
•Median Sale Price to List Price Ratio: 98.29% (increase from 98.13% in April)
How Does The Current Alexandria Real Estate Market Compare to 2014?
Let’s check in on the same time period in 2014. There were 516 homes sold in May 2014 and the median sale price was lower in 2015 by $25,000. The median sale to list price ratio remained about the same 98.25% in 2014 vs. 98.29% in 2015. The days on the market were also comparable - 13 in 2014 vs. 10 in 2015. The market in Alexandria remains a seller’s market with approximately 2.5 months of inventory. There’s still good news for buyers and that is rates are still very reasonable and inventory in Alexandria is slightly higher than it was last year giving buyers more choices and less multiple offer situations. That being said bidding wars do still occur and homes are not staying on the market for very long. Properties that receive offers from multiple buyers always show well, are easy for agents to bring their buyers to see, and are priced according to the market.
Buyers: Contact me to start your home search today! I am always ready to answer your questions and will guide you through each step of the buying process. To see homes for sale in Alexandria please visit the link.
Sellers: Now is an excellent time to sell your Alexandria home. Although inventory has seen a slight increase Alexandria is still experiencing a seller’s market. I want to be your agent and will work diligently to earn your trust and business. Contact me for a free evaluation on the current value of your home or to discuss the current market conditions in your neighborhood.
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