As we get deeper into the spring season, real estate activity continues to slowly improve. While it is slow, the key is that it is improving. In most major cosmopolitan areas of the country there is still a decline in prices and an inventory of foreclosed properties.
The city of Alexandria was hit hard by the recent storms causing major flooding. When crises’ like this happen people tend to step back and wait to see how things will turn out. In this case it has turned out fine and April saw positive results.
|April 2011||April 2010||March 2011|
|Average Sales Price||$476,050||$444,160||$441,099|
|Avg Days on Market||66||57||83|
|Total Contracts Pending||325||338||304|
Interest rates continue to be favorable and prices are still relatively low compared to 5 years ago. If you are sitting on the fence waiting to see how low the prices go, you may miss out. A small hike in the interest rate could offset any price decrease. Chances are the rates will rise and statistics show that prices are already going up. Don’t miss out. Call your favorite Realtor and get in the game.
Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com