If you're like me, you find market reports to be a little stifling, a little mind numbing, a little...boring. If you're not like me, you will love the charts and numbers - and find my narrative annoying. That's okay! I will provide something for everyone - and you analytical types can skip over the blah blah and just look at the charts and numbers.
Not unexpectedly, the City of Alexandria VA housing market continues to be strong. Depending on the price point, specific neighborhood and house, some houses are going off the market in a day. Others are lingering a bit, but overall, we have a good market here.
In December, there was actually an increase in total number of homes sold (this includes condos, townhouses and detached homes) over the month prior and over the same period a year ago. There were a total of 180 units sold in December 2013 compared to 154 last month and an increase of 6% over December 2012.
The Median Sales Price is up, too. This December, the median sales price was $508,250, which was an increase of 8% or $36,800 compared to last year. The current median sales price is 9% higher than in November.
What about inventory?
In December, there was 2.2 months of supply available in Alexandria City, compared to 1.9 in December 2012. That's an increase of 17% versus a year ago. Now, what does that mean, exactly? Well, it means that's how many months it would take to sell ALL the existing housing inventory in the entire city of Alexandria. 2.2 months is not bad! Some markets regularly an average housing supply of 6 months or more and think nothing about it. We are very lucky here in the city of Alexandria in that regard.
What about pricing, though?
As an Alexandria home seller or buyer, that's what you really want to know, isn't it? What about prices? Well, here's the scoop. In December 2013, the average sold price compared to list price was 96.7%. That means if you find a house that is priced correctly, you can expect to pay - or sell - a final sales price that is almost 97% of the list price. Sorry, bargain hunters, that's just the way it is. Now, that's not to say you won't find a property where your final price is a little lower than that - but on the other hand, plenty of houses in this market will sell for 100% or more than list price. It just depends on how well it is initially priced and how many buyers are interested in the same house. The average, though is just under 97%, something to keep in mind when making those offers.
So, how long can you expect a house to stay on the market on average in the city of Alexandria? Well, as with everything else, the real answer is: It Depends. On the house, on the neighborhood, on the price and price point. On average, though, in December 2013, the average number of days on market was 37, lower than the average last year of 49, a decrease of 24%. Again, that's a pretty good number, and just reinforces the fact we have a strong market here in the city of Alexandria.
If you would like more information or more numbers, I've got them, just call me at 703-470-4545 or drop me a line at firstname.lastname@example.org and I'll be glad to send them to you or discuss them in greater detail. In this market, it's critical to be armed with as much knowledge as possible!
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