Market Watch June 2016
Data for the month of May 2016 is available and the real estate market is hot, hot, hot. The data here includes all property types. The Mid Atlantic shows closed sales and new pending contracts well above the 5 year average for the region. In fact, closed sales for the region were up 16% month over month and 14% year over year, which is the highest volume since 2013. At the same time, active listings were lower than the 5 year average and the months of available supply is less than 4 months, which puts the region into the range of a seller’s market. Average and median sold prices are also trending upward. As a region, with lower inventory available and prices increasing, it leads to the possibility of a continuation of multiple offers, above list price offers, and competing contracts for those buyers trying to purchase their home of choice. If interest rates remain low, it will further spur buyer activity in sought after markets adding to the competitive market.
Looking at the Alexandria Virginia market (including all zip codes and property types), the story is the same but a little more intense. This discussion includes the zip codes within Alexandria City. Number of contracts and new pending sales were above the 5 year average. Closed sales were up nearly 17% month over month and were up nearly 5% year over year. Significant here is that month over month average days on market decreased nearly 15%, average sold price was up 7.1%, and median sold price was up nearly 10%. Active listings were slightly higher than the 5 year average but the number of months of supply is 2.7, very much a seller’s market. Again, as in the Mid Atlantic stats, average and median sold prices are trending upward. Contract activity is the highest year over year since 2013.
When we separate the data for Alexandria City from the larger Postal Alexandria, Alexandria City is aligned in the same trends as the other reports above. This discussion includes only Alexandria City zip codes and all property types. Closed sales and new pending contracts were above the 5 year average. Closed sales were up nearly 26% month over month and 4.4% year over year. Again, that represents the highest volume for closed sales year over year since 2013. Month over month the average sold price was up 8.1% and the median sold price was up 11%. Active listings were higher than the 5 year average and the number of months of supply is 2.5, which is considered a seller’s market. The total dollar volume of sales in Alexandria City was up 35.8% month over month. The real estate market appears to be maintaining its momentum in most cases and, in some, that momentum is increasing. If you are a Buyer or a Seller, thinking about doing a real estate transaction in the near future, it would be worth your while to take time to do the things necessary to prepare yourself for your respective transaction prior to entering this very competitive market.