Alexandria Foreclosures – Market Update December 2014
The following is a review of activity for foreclosures sold in Alexandria during December 2014.
•Number of Sales: 4 (decrease by 1 from November)
•Highest Priced Sale: $375,000
•Lowest Priced Sale: $165,000
•Median Sales Price: $250,000 (decrease by $149,900)
•Median Days on Market: 64 (increase by 37)
•Average Sale Price to List Price Ratio: 84.99% (decrease by 9.66%)
The number of foreclosures sold in December decreased by one as compared to November. This segment of the Alexandria market continues to dwindle. Due to such limited data the median sale price fluctuates frequently and can often be drastic. It’s not a sign the market is slowing down, it is strictly due to the limited data and one low sale price impacts the numbers substantially.
What Does This Mean For Buyers?
There are currently 14 bank owned properties for sale in Alexandria. This accounts for just 1.92% of the total inventory currently for sale in Alexandria. Foreclosures have accounted for a very small portion of sales in Alexandria for over two years now. The limited number of foreclosures for sale means buyers simply cannot limit their search to bank owned property. It’s not realistic to only view foreclosures in the Alexandria market as it could mean your dreams of buying a home will take years. Many of the foreclosures sell for market value, particularly those that are move in ready or even just need cosmetic work. Multiple offers are not uncommon and can drive prices up. Keeping foreclosures as part of your search but, also considering standard sales is the best approach to take in the current market conditions in Alexandria.
If you’re considering buying a home in Alexandria and would like to know more about the process and where to start I can help. I welcome the opportunity to earn your business and trust. Amanda4210@yahoo.com or 703-431-3755
To view foreclosures for sale in Alexandria please visit the link.