Homes are selling much faster in Alexandria this summer compared to last year, but there are fewer homes for sale, according to data from the Northern Virginia Association of Realtors.
“In the ‘Amazon Area’ covering Arlington County and Alexandria, the big changes over last year were in average time on the market and the number of active listings,” according to Christine Richardson, president of the Northern Virginia Association of Realtors (NVAR).
In the City of Alexandria, the average number of days on the market for homes in July was 53% lower than it was in July of 2018. That means homes that are priced correctly and in good condition are selling much faster than last year.
If you think there are fewer ‘for sale’ signs out, you aren’t imagining that: There are fewer homes on the market — 56% fewer homes were for sale in July in Alexandria than there were at the same time last year. Arlington is also seeing fewer homes for sale (57% down from last year). Inventory is also down in Fairfax County.
The bottom line: There are not many available homes for buyers to choose from.
"What we need now are motivated sellers,” Richardson said.
Motivation for buyers is already there. A recent drop in mortgage rates has buyers wanting to act quickly to lock in the low rates before they go up again.
“The hope is that sellers recognize there are eager buyers who could qualify to borrow more right now than they might when rates rise again,” says NVAR CEO Ryan Conrad. “Perhaps this will motivate some sellers to make a move now instead of waiting to see if prices will continue to climb.”
The average sales price in Alexandria City for residences was $579,366. In Fairfax County, the average sales price was $612,668 in July.
