September brings the last great push for real estate in the calendar year, and that's reflected in the numbers below. Our new listings have increased 25.94% over this time last year.
Word might finally be out that home prices are on the rise, and were, by 16.92% over this time last year. If you're a buyer looking within the city of Alexandria, this should come as very good news. There will be more to look at, more to choose from and with the favorable interest rates, a great time to buy. Why wait any longer?
Average Sold Price
How many times are you going to hear "You may be missing the boat if you want to buy real estate"?
Yes, interest rates are going up, making your buying power less. You'll see from the following statistics that home prices are increasing, but it is still "A GREAT DAY FOR REAL ESTATE" because in the past, we've seen interest rates higher and home prices higher still.
Just don't wait too long if you really want to buy something. Traditionally, prices continue to rise and if you buy now, you'll be able to say "I got a great price at great terms!"
Average Sold Price
Home sales and prices in the city of Alexandria are doing what they normally do this time of year. Housing inventory is shrinking because of the holidays.
Too bad more sellers aren't taking advantage of the law of supply and demand. Buyers are out there looking for homes, but the pickings are slim at the moment. It appears homes coming on the market are sold within days for top dollar and those sellers taking advantage of this market have something to celebrate right now.
Of the 145 units sold in October, 59 were sold and under contract within 10 days. An additional 22 units sold within 20 days!
When we write about statistics for Alexandria, we're talking about all home sales in the city of Alexandria. They encompass detached, semi-detached, townhomes, condominiums and coops. Regardless of what you choose to live in - prices are on the rise and days on the market are decreasing.
These statistics are an indication that we've had an active Spring market and a lot of buyers have taken advantage of the low prices and low interest rates. Sellers have seen that their homes are worth more than they were a year ago and have taken advantage of selling at higher prices. It appears the bottom of the market was over a year ago and we are in an ascending market once again.
The statistics for the city of Alexandria encompass a large area. Just since March, when I wrote my last post about Alexandria City, the median sold price has increased by $76,400.00. Could this be an indication that the market is finally turning around?
Inventory is down. Prices are up 2.1% from last year. Interest rates are at an all-time low. Do you think now would be a good time to buy? Think YES.
With all the uncertainty and conflicting reports about how and when the housing market will return to some form of normalcy, Alexandria has remained an attractive option for first time buyers, and investors.
With the City of Alexandria right in the middle of it all, it offers the best of all worlds for those seeking shorter work commutes and all the fine amenities of an All- American city. The early part of 2011 shows an improved market condition from the previous year and a continued upward trend in prices.
November did not produce any dramatic change in the market for the City of Alexandria. The biggest issue here is the absorption rate, which is about 8 months. Absorption rate is best explained as how long it will take to sell all the properties currently on the market, given the rate they have been selling, if no new properties came on the market. So eight months means we have a lot of inventory to sell.
Last month we were hearing that discussions were underway in Congress to extend the First Time Homebuyers Tax Credit. Well, it's official now. The Senate and House have passed the bill and this afternoon the President signed it through. In addition to extending the existing credit, it has also added a provision for "step-up" buyers, that is, those who have lived in their homes for at least five consecutive years and are looking to move to a new home. This credit is for $6,500. The extended time allows for purchaser's to be under contract by April 30, 2010 and settled by June 30, 2010.