Buyer’s Market? Seller’s Market? Alexandria Spring Real Estate Trends
2106 Potomac Avenue #101, Alexandria, VA 22301
In the real estate business, we’re used to certain months being a little bit busier than others. November and December are usually relatively slow compared to other times of the year. The busiest months, hands down, are the spring months, when the weather starts to warm up, flowers start to bloom, and curb appeal gets a boost as a result.
We always prepare for things to pick up around late February and stay up until mid-June or so. This year, the bustling spring market started a little earlier than we’re used to, and we were off and running in mid-January. Since then, things have stayed busy, but the scales have been tipped a little bit more toward the sellers.
This is one trend we are noticing: supply and demand are not equal because inventory is low. The number of homes on the market is significantly lower than the number of people looking to buy, to the point where some prospective buyers are waiving contingencies and home inspections. So, if you are looking to sell, we have buyers! For example, we know of several buyers who are looking at homes up to $750,000 in Del Ray and Old Town.
In Del Ray/Rosemont, the average number of days on the market in February was only 14 days, down almost 75 percent from February last year (this and forthcoming statistics from RBI Stats). In other neighborhoods, especially Waynewood and other areas in 22308, things have been moving even faster.
In 22308, the number of new listings is up 54 percent compared to this date last year, but in most other zip codes in Alexandria, the number of new houses on the market is lower than it was at this time last year. In Alexandria City, the median price of homes sold to date is about $500,000, up 6 percent from last year. The number of new listings is down 8.5% from this time last year.
As far as mortgages go, Jim Galloway, of Stearns Lending, LLC in Old Town, says rates have been fluctuating from week to week and advises clients to lock in their rates sooner rather than later.
It is early yet, but we know two things for sure:
1) Now is a great time to put your house on the market.
2) We would be thrilled to help ease the process for you!
- 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
