Alexandria VA Real Estate Market Report October 2012
When you take a look at the numbers for October 2012 in the City of Alexandria VA, you will notice a few things right away.
First of all, when you look at sales activity in October and compare it to September, it’s interesting to note that percentage of total closed sale volume and number of sales, as well as median sale price and average sold price were down month to month, although up from one year ago.
Not surprisingly, days on market was down, at an average of 40, reflecting the lack of inventory we are continue to see, while average sold to original list price was up very slightly, to 97.15%, a number that pretty validates that agents in the area know how to price property for market value and there is often enough competition for the settled price to be very close to original list price.
The lowest % sold price to listing price in 2012 was back in February, at which time it was 94.64%.
So, what does that mean for Alexandria VA home buyers? Well, it means most Sellers are priced where they need to be in order to sell and they know it, as do Buyer’s Agents, so if you are interested in getting a contract on a property, you are best served by looking at how things are selling and paying heed to % of sold price to listing price.
It means when an agent says a house is well priced, you have about 3% wiggle room on the price. There are, of course, exceptions, since this is an average, after all, but generally speaking, pricing on property for sale in the city of Alexandria VA is pretty spot on.
We have relatively little inventory and plenty of ready, willing and able buyers in this market, which is an important consideration when deciding on what price to offer. Look at the numbers and listen to your agent, because they know historically what prices are doing in this market.