Hey Britt! How’s the Market?
Thanks for asking! I am happy to report that the 2016 spring market has been very strong throughout all of Alexandria. Overall, the market is up 6.9 percent from May 2015 to May 2016. The average sold price and median sold price are both up (1.95 percent for average and 4.12 percent for median), and so is the total number of units sold (up 4.85 percent).
Active listings, however, are down 10.26 percent. This confirms what we’ve been saying all spring, which is that we need inventory!
Looking at year to date, the sold dollar volume is up 4 percent and the days on the market is down 1.75 percent. Things continue to move quickly, as shown by the fact that 262 homes—or 46.6 percent of inventory—sold in 10 days or less! The number of “under contracts” is up 0.53 percent from May 2015.
7710 Ridgecrest Drive and 1218 Villamay Boulevard
All in all, inventory is needed and buyer demand can be expected to continue into the summer as interest rates remain low. If you’re thinking of selling, call The Patterson Group today!
All stats taken from RBI Statistics.
- About the team
The Patterson Group is one of the most experienced and trusted real estate teams in the area, serving Alexandria, VA for over thirty years. We offer professional, hardworking, detailed and friendly service and a large network of contacts and resources accrued over our many years in Alexandria real estate. Comprised of seven Alexandria locals, six of whom are licensed realtors and three of whom are accredited staging professionals, The Patterson Group is passionate and knowledgeable about Alexandria, VA and here for all of your Northern VA real estate needs. Allow us to help you find your home here and discover all that the Alexandria lifestyle has to offer.
400 South Washington Street
Alexandria, VA 22314
703.310.6201
