In April we wrote about how coronavirus had affected the beginning of the spring market and how there was a mentality shift on selling and moving as people hunkered down in their homes. As noted in that article, number of contracts was down between 35 – 45 percent year over year. Well, we are happy to be bringing some much brighter news to you today!
The U.S. real estate market is in the midst of a recovery. While pending home sales took a hit in April and May, it is improving and growing faster than new listings are coming to market – indicating strong buyer demand. According to the National Association of Realtors Pending Home Sales Index for May, there was an increase in interest of more than 44 percent to a 99.6 reading – the highest month-over-month gain in the index’s history dating back to 2001.
In Alexandria we are seeing a shift in buyer demographics as buyers who previously never considered leaving the city (Washington, D.C. and New York City) or their apartment lifestyles are suddenly re-prioritizing their housing needs. Outdoor space, mudrooms, home office space, and sense of community are the current top buyer demands. Commute is no longer a huge concern and thus buyers are expanding their search area on average 5 – 7 miles wider than before. Alexandria is fortunate to hit the most wanted criteria and distance requirements and thus we are seeing a huge surge in housing demand.
Right now is the best time I have ever seen in my 12 year career to be a seller. Sellers who are doing the work to properly prepare their home for the market and who are pricing appropriately are seeing unparalleled number of showings resulting in multiple interested parties and sometimes multiple offers. Inventory is extremely low, and many buyers are willing to pay above list price to ensure they get the house. In 22301 homes on average homes are going for 100.7 percent of list price and in 22308 101.3 percent. If you are thinking about putting your house on the market, we highly encourage you to give us a call! We are happy to walk you through stats for your specific neighborhood. With the right education you can make an informed decision about if selling your home right now is the right choice for you.
The Patterson Group is one of the most experienced and trusted real estate teams in the area, serving Alexandria, VA for over thirty years. We offer professional, hardworking, detailed and friendly service and a large network of contacts and resources accrued over our many years in Alexandria real estate. Comprised of seven Alexandria locals, six of whom are licensed realtors and three of whom are accredited staging professionals, The Patterson Group is passionate and knowledgeable about Alexandria, VA and here for all of your Northern VA real estate needs. Allow us to help you find your home here and discover all that the Alexandria lifestyle has to offer.
400 South Washington Street
Alexandria, VA 22314