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Spring 2020 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in Alexandria. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $750,000

Average Time on Market: 30-60 days

Best Selling Price Range: $700,000 - $749,000

Existing Home Prices for the past 90 days: Decreasing

Market Trend: Decreasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

Multiple Offers Commentary: Homes in prime location selling within < 10 days on market but only for most up-dated, mint, move-in condition homes, preferably close to public transportation = Metro

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: 06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System - Alexandria City: average detached = single family home sold price: $ 755,143 = -15.81 % decrease YOY = Year Over Year. Alexandria City: average attached home = town home sold price; $ 457,616 = -1.65 % decrease YOY. Alexandria City: average condo sold price: $ 333,854 = -1.19 % decrease. Days on Market: 32 vs. 42 a year ago = -23.81 % decrease. Average Sold Price to Original List Price: 97.8 % vs. 97.8 a year ago = +0.04 % increase. Most homes sold in less than 10 days on market. 25 cash buyers, 178 conventional loans, 22 FHA loans, 41 VA loans. Inventory: 490 active listings vs. 576 a year ago = -14.93 % decrease. Pendings = Properties Under Contract: 345 vs. 328 = +5.18 % increase. PLEASE KNOW there is Alexandria City / close to DC and Alexandria in Fairfax County going further out west / away from DC. Home Prices there are a lot cheaper and homes are newer. $$ numbers below are for Single Family Homes, min. 4 bedroom, the graphs on the website include town homes and condos as well

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington DC

Housing Hot Spots: Most cities within the Northern Virginia area are considered �Housing Hotspots�, within a 30 mile radius to DC.

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Mortgage Rates for Apr 2nd, 2020
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in Alexandria Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current Alexandria, VA market conditions before acting on this information.)
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