Hey Britt, How’s The Market?
As we near the summer slowdown period, we thought now would be a great time to reflect on the 2018 Alexandria spring market.
As a whole, Northern Virginia saw a 20 percent drop in active inventory when compared to Q1 2017, with 22301 seeing a shocking 43 percent decline in inventory when comparing May 2018 to May 2017. So what does that mean? This spring was a great time to sell a house! Multiple offer situations became the norm, and offer prices often escalated well above list price.For buyers, the limited number of choices put pressure on them to not only act quickly when a house came on the market, but to also write a competitive offer. This often meant shortened (or waived completely!) financing, appraisal, and home inspection contingencies.
Let’s Talk About Interest Rates…
Graham Setliff, Vice President at First Savings Mortgage shares his thoughts: “Rates have risen this year based on strong economic activity and continued job growth. Despite the rise in rates, the housing market has not slowed down. It is forecast that rates will continue to rise thru the end of 2019.”
Looking Forward…
We anticipate a strong fall market. The threat of another mortgage rate increase in 2018 will likely motivate buyers to get an early start in the late summer/early fall market.
By The Numbers, May 2018 vs May 2017:
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22314
- Sold Dollar Volume: $67,000,000 14.2% change
- Average Sold Price: $720,000 a 4.71% change
- Avg Days on Market: 65
- Active listings: 14.3% change
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22308
- Sold Dollar Volume: $17,500,000, 5.6% change
- Average Sold Price: $728,000, 5.6% change
- Avg Days on Market: 44
- Active Listings: -22.4% change
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22301
- Sold Dollar Volume: $23,360,000, 13% change
- Average Sold Price: $754,000, -1.57% change
- Avg Days on Market: 14
- Active Listings: -43.2% change
[/one_third]For a more in-depth analysis of your neighborhood, call or email us today! We would be happy to provide insight into what is going on right around you.
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TTR Sotheby’s Q1 2018 Market Report.A comprehensive Analysis of the Residential Real Estate Market in the Washing Metropolitan Area.
