Alexandria Real Estate Market 2017 Midyear Report
The Alexandria real estate market is holding steady at midyear 2017. We’ve not seen any dramatic shifts so far in this year. Overall, recent Alexandria real estate market trends continue. Here’s what we saw in Old Town and City of Alexandria from January – July 2017 (statistics do not include condo sales).
Home sales were plentiful in the Northwest Quadrant (73), due to a large inventory of desirably priced listings. It also had the lowest average sales price of the five Old Town sectors ($736,696). Homes sold the quickest in the North Potomac area, with an average days on market of 33. This area also enjoys the highest sales to list price ratio (99.7%) The highest days on market is found in the Southeast Quadrant, with its higher priced homes. This quadrant saw the highest sale of 2017 thus far ($3,900,000). In all quadrants, well-priced homes in the $600,000-800,000 range are selling very quickly and at (or sometimes above) list price.
City of Alexandria
The City of Alexandria’s overall sales volume saw a 10% increase in the first half of 2017 over volume in the first half of 2016. While 22302 and 22305 saw declines in volume, 22301 saw a tremendous increase, up 43% over the same period last year (likely due to a some very expensive homes selling in this period). Homes are selling the fastest in 22305, with an average days on market of just 20, as compared to the City of Alexandria average of 40. While all of these zip codes are enjoying sold-to-list price ratios close to 100%, 22305’s is just over that mark. Higher end listings tend to stay on the market longer – with some exceptions, of course.
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