November 2017 City of Alexandria
Market Report
The November stats are in! Here’s our November 2017 City of Alexandria Market Report.
THE NUMBERS
Total Volume – UP! The City of Alexandria saw total sales volume of $213,820,026 in November ($47 million of it in 22314). This amount represents a nearly 15% increase over November 2016! Volume in 22314 was also up last month (10% over last year).
Closed Sales – UP! While the number of November transactions was flat in 22314 (66), it increased 12%, to 421, in the City as a whole.
Average Sales Price – UP! Average sales price was up in both the City (to $507,886) and in 22314 (to $717,118). It was, however, up far more in 22314 (+10%) than City overall (+2.4%).
Days on Market – DOWN! More good news. Average days on market decreased 14% in 22314 to 37 days and 2% to 49 days in Alexandria City. The properties selling quickly continue to be in hot, walkable areas and are priced and staged well.
Price Per Square Foot – MODEST GAINS. Both the City and 22314 saw small increases in price per square foot in November (to $347 and $492, respectively), but no major shifts here.
THE BOTTOM LINE
So what do these numbers mean?
All are indicators of a strong market that is moving in a positive direction.
Additionally, the end of 2017 was far busier than any previous years in recent memory. The combination of these two factors leads us to believe we will see a very strong winter market, making it an excellent time to buy or sell to beat the spring rush.
If you’re thinking of a move in 2018, it’s not too soon to get started. Reach out today so we can discuss your real estate plans and goals for the new year.
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