Del Ray Real Estate Market Report - March 2015
Homes for Sale in Del Ray - Del Ray continues to be one of the most popular residential communites in Alexandria City. Well known for it's close in location, you can leave Crystal City and trip right into Old Town Alexandria and completely miss it if you don't wander off of Jefferson Davis Highway.
For the purposes of this report, we will focus on the zip code of 22301, which includes Rosemont. When we look at the volume of closed sales, the Del Ray real estate market continues to show signs of improvement:
In March, there were 18 homes that sold and settled in Del Ray. Take a look at the trend and you'll see that from December to January, the number of homes that sold took a dip, but each month the sales volume has been ticking up. In addition, the year-over-year number are also impressive. In January 2014 there were 4 closed sales vs 8 in January 2015; in February 2014 there were 12 closed sales vs 14 in February 2015; and in March 2014 there were 17 closed sales vs last months total of 18.
The trend in pending sales is also very telling:
The pending sales represent homes that went under contract. In March, there were 28 total homes under contract, 25 new pendings for the month. In March 2014 there were 24 total homes pending.
What was the median price of a home for sale in Del Ray?
In March 2015, the median sales price for a home in Del Ray was $751,500. In March 2014, the median sales price was $725,000.
Is It a Buyers Market or Sellers Market in Del Ray?
Right now, there's a 1.3 month supply. So, if no new listings came on the market in Del Ray, the current inventory of 25 active homes for sale would be absorbed in less than two months.
How Long Do Homes Stay On The Market in Del Ray?
Buyers looking at homes for sale in Del Ray aren't messing around. So, if you're thinking about getting into the game, then you'd better be armed with cash and a mortgage approval. In March, the median days on market was 8 days.
Is There Room for Negotiation in Del Ray?
According to the stats, not much. In March, sellers received on average 98.4% of their original list price for thier homes.
From the looks of it, the Del Ray Alexandria VA real estate market is very competitive. The spring market is officially here, and it's definitely a sellers market with less than two months of inventory on hand. If you're thinking about buying a home, you'll have to plan, be prepared, and hire an experienced Del Ray buyer agent to help you navigate the territory.
Buying or selling in Del Ray? Call me directly at 703-623-8759. Arm yourself with the knowledge of today's market.
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