Alexandria, VA – Hi Zebra readers. We hope your summer is going well and you are enjoying a bit of a slower pace of life and some rest and relaxation.
We have just finished the 2nd Quarter and reporting-wise are halfway through the calendar year. Let’s take a look at our local market.
A general rule of thumb is that a balanced market (between buyers and sellers) has a 4-month supply of inventory. As you can see from the statistics below, even at the over $2 million price point, we are nowhere near a balanced market. We are experiencing, as is the rest of the United States, a drastic inventory shortage.
Why? This is largely due to:
- Many people moved during Covid and are now situated in a good long term home.
- Many people have interest rates on their mortgage that are 3% or lower, making it very difficult for them to give up their great rate.
- Because interest rates are now (at this writing) about 6.5% on average for a 30-year fixed loan product. Unless people really have to move, they are not inclined to do so.
That being said, all sales are property dependent. We still see homes that are not priced correctly (read overpriced) not selling until the sellers reduce to a price that the market/buyers agree with.
Even in a traditionally much slower time of year, our local market is still vibing like a seller’s market. However, buyers are no longer paying insanely over list price. For example, perhaps a well-priced home receives 2-3 offers and sells for 10K-30K over list. Everything is always property dependent.
The statistics below are from Bright MLS.
Alexandria City VA Effective Inventory 7/2/2023
| Single Family | Active | U/C | Inventory |
| Total | 71 | 78 | 0.91 months |
| Over $2 Million | 10 | 4 | 2.5 months |
| $1 – $2 Million | 28 | 27 | 1.04 months |
| Under $1 Million | 33 | 47 | 0.70 months |
| Condominiums | Active | U/C | Inventory |
| Total | 74 | 124 | 0.60 months |
| Over $2 Million | 2 | 0 | — months |
| $1 – $2 Million | 10 | 3 | 3.33 months |
| Under $1 Million | 62 | 121 | 0.51 months |
Closed sales for Fee Simple (non-condo sales in zip code 22314) (Old Town) for the last year are shown:
Closed sales for Condo sales in zip code 22314 for the last year are shown :
If you are planning to sell your home, we can offer recommendations to help present your property in the best possible light – indoors and outdoors! The Seward Group proudly provides exquisite service to our clients every step of the way.
Article written by The Seward Group at TTR Sotheby’s International Realty. The Seward Group offers full-spectrum concierge real estate service at all price points and would be honored to help you with any of your real estate needs. Email: [email protected] or visit the Seward Group website Seward-Group.com, or phone (703) 298-0562.
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