August 2017 Alexandria Real Estate
August 2017 Alexandria Real Estate Market: COMPARISON TO LAST YEAR
NUMBER OF SALES – UP! The number of transactions was also up, 8 percent in Old Town (66 closed deals) and 9 percent in the City (235 closed deals ).
AVERAGE SOLD PRICE – UP! Average sold price in August was $742,875, up nearly 20 percent in Old Town over August 2016. The August average for sold price in the City was also up approximately 17 percent over last year at $570,478
DAYS ON MARKET – DEPENDS ON LOCATION. Days on market was up in Old Town, but down in the City. Up in Old Town 5 percent to 42 days, while down 13 percent in the City, to 46 days.
INVENTORY – DOWN. In August, months of supply, or inventory, was 2.1 months, which is below the five year average of 2.3. The number of active listings in August was 439, also below the five year average (457).
PRICE PER SQUARE FOOT – UP! Good news here – price per square foot was up across the board!
THE BOTTOM LINE
What does this mean for you?
- Both dollar volume of sales and the number of sales were all down from the previous month, but this is to be expected given the slow pace in the Washington DC area during the month of August.
- With inventory continuing to be low, it’s a good time to sell. Click here for more reasons why it may be wise to sell this fall.
- If you’re a buyer, these numbers mean you’ll be in competition for the limited number of available homes. Be ready to compete in multiple offers situations (click here for our best tips on how).
- If you’re not going anywhere, rest assured that home values in our area continue to rise.
If you’d like a more detailed report on the August 2017 Alexandria real estate market, how your neighborhood fared in August, or a complimentary market analysis for your home, please let us know. We are always happy to discuss the current Alexandria real estate market.
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