If you were selling Alexandria real estate in the month of May, or Old Town Alexandria real estate, your home was most likely to sell if it was a….
- SINGLE FAMILY, 4+ bedroom home, priced between $800-$999K. 14 of a total of 57 such properties sold.
- TOWNHOUSE, 3 bedroom unit in the $600-799K price point. 16 sold out of 61 on the market.
- CONDOS, in the $200-$400K range. You were in great shape with 70 units sold out of 130.
A tale of two 2BR homes…
- SINGLE FAMILY – If you had a two bedroom single family house in any price range, you were in slim company with only five such homes selling.
- TOWNHOMES – However, 25 two bedroom townhomes sold in the City. Most were in the $500-$799K range, with 18 of 25 selling.
Other news to note…
- There were 15% fewer listings available in May 2016 (593) as compared to May 2015 (504) which was a result of fewer new listings (9% less) coming on the market May this year vs. last year.
- Compared to last year, new under contracts remained almost the same as did new pending sales.
- Buyers must be becoming a bit more choosy, since the average days on market increased fairly significantly, by 18.5%, from 38 in May 2015 to 45 days in May 2016. But, more than half of the properties that sold in May went under contract in their first ten days on the market.
- The single family home market was mixed, as the average price dropped by 4.3% since the May of last year, from $866K to $829K.
- In this same period, the overall sales price rose by almost 4%, from $484K to $503K, reflecting the strength in the City’s townhome and condo markets.
- However, almost 19% more detached units sold in this May (57) than in May 2015 (48).
What does all this mean?
It means more homes sold at lower prices this year than last year.
What does this mean for you? The market is very spotty. If your home is not selling, don’t compare it to a friend with a different style home in another zip code. You have to be aware of what is happening month by month in your location and with your style home. If you are a buyer, there is very little inventory in certain ZIP codes (like 22301) so expect to quickly and at an escalated price. Venture outside that zip and much more inventory awaits you.
As always, if we can help you think through your options in today’s market or if you’d like a detailed report on the activity in your neighborhood, please call or text 703-362-3221 or email us at firstname.lastname@example.org. We are always happy to chat! In fact, we’ll treat you to coffee or tea. Let’s see what makes the most sense for you in reaching your real estate goals.
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