Buy Alexandria Real Estate: Which Homes Are Selling the Fastest and With the Least Discount? The Answer May Surprise You

Alexandria Virginia Real Estate Blog

Which Homes Are Selling the Fastest and With the Least Discount? The Answer May Surprise You

Don't Believe the T.V.Whether you are in the market to buy a home or to sell your current home, it is important to keep abreast of market statistics (or at least to work with a knowledgeable REALTOR who does).  Newspapers, national magazines, and television news report on regional and national trends, but don't do a very good job of explaining the local real estate market.

The number of new housing starts nationwide or the percentage increase in foreclosures in the entire state have very little, if any, bearing on how quickly your Arlington condo will sell, or how much negotiating room there is with the seller of an Old Town Alexandria townhouse.

 

 

Two statistics that warrant close examination are:

  1. the average number of days a home stays on the market in a particular area before a contract is ratified between seller and purchaser.

  2. the average sales price as a percentage of original listing price -- this shows how willing sellers are to reduce their prices and how much negotiating room a buyer has in the current market.

If you are thinking about buying a home in Alexandria, Virginia,  or getting ready to sell one, pay close attention.  I prepared an analysis of all homes sold to date in 2008 divided up by price range.  This analysis for Alexandria looks at

  • the number of sales in each price range

  • the net sales price (final sales price minus any seller subsidies, or concessions towards closing costs)

  • the original sales price (not the final listing price at time of sale, but the price at which the home originally went on the market); and

  • the number of days on the market.

Survey Says...The results may surprise you. 

You might expect the most negotiating room in the higher price ranges.  Right?  WRONG.

The lower priced homes sell quicker than higher priced ones.  Right?  WRONG AGAIN.

Here goes:

This first chart shows the number of sales in each price range.

Alexandria VA Sales by Price Range

This next chart shows the average number of days on market for all sales in each price range in Alexandria.  The overall average days on market year-to-date in Alexandria is about 71 days.  The columns in red indicate an above average amount of days in that price range.  The black columns indicate a below average amount of days on market, or relatively fast sales.

Alexandria Virginia Days on Market

One thing you'll notice is that the fastest selling price range is the $700,000 to $800,000 homes.  Homes in the $200K and $200K-$300K price ranges are actually selling at a slower pace than homes in the $600K-$800K and even the $1 million plus price ranges!

 

The final chart shows the average final sales price as a percentage of the original listing price.

Alexandria Percentage of Listing Price Graph

Once again, the homes that are garnering the highest percentage of the listing price (or least discount) are in the $700,000 to $800,000 price range.  The least expensive homes -- those under $200,000 are actually selling for the largest discount from asking price.

Not what you expected?

To get started with your home search, click on Northern Virginia Home Search, and then enter your criteria and price range.  You'll get detailed information on available homes e-mailed to you on a daily basis.

If you're thinking about selling your home and want to know what it's worth, click on Value My Virginia Home for a preliminary comparative market analysis.

 

Thank you for reading my blog post.  If you like what you’ve read, then please:

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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
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START YOUR NORTHERN VIRGINIA HOME SEARCH TODAY!

Comment balloon 34 commentsBrian Block • April 29 2008 04:32PM

Comments

Thanks for sharing

Great post.

Posted by Linda Lipscomb, 731-695-1118, Lexington TN Homes (Linda Lipscomb RE/MAX Lexington Henderson County TN) about 10 years ago
Great charts. They definitely tell the story better than just a bunch of numbers.
Posted by Karen Luke, Henry County Real Estate (South Metro Property Management, LLC) about 10 years ago
Brian, You understand your market.  That is why you are leading realtor in your market. AJ
Posted by Alan 'AJ' Nisen California Contra Costa Mortgage Officer (A Large Bank in America) about 10 years ago
Brian, once again, you've got the art of the market report down!
Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 10 years ago
This is one of the best market reports I have ever read- it really explains it to the consumer instead of assuming the consumer knows what we know.
Posted by Judy Greenberg, Coldwell Banker - Buffalo Grove - Long Grove Homes (Coldwell Banker Long Grove) about 10 years ago

Brian,

Excellent market report!   

 

 

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Brian- Very good report again with those awesome graphs you make:)
Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) about 10 years ago
Nice reports where are the under 100,000 home charts? It's a big part of our market.
Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) about 10 years ago
great post brian, i wonder what the reports in virginia beach look like
Posted by This Account No Longer Exists (Inactive Account) about 10 years ago
Well done Brian!  I would love to see someone in the Tampa Bay area of Florida to provide these reports.  It would be interesting to see how different or similar they are!
Posted by Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) about 10 years ago
Brian it is funny how markets differ around the country. It is just the opposite right now up here in MASS. The upper end has been hit hard. The lower priced inventory moves a lot faster and with less negotiating.
Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

Exellent Job on the post & graphs!  What a Great way to show that you have been doing your homework in your market! 

Take Care & Have a Great '08!!

Posted by Sylvie Dolley, CHMS, ePRO, SFR Phoenix Arizona Real Estate 602-32 (ESSENTIAL PROPERTIES, INC ) about 10 years ago
Great Post. That is very interesting! 
Posted by Amy Prouty (Home Staging) about 10 years ago
LINDA:  Thanks for your comment.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
KAREN:  I am what you call a chart junkie.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
AJ:  Thanks for the support.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
PATRICIA:  Thanks for continuing to read my market reports.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
JUDY:  I really appreciate your great compliment and enjoy producing these market reports to educate my market.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
MITCHELL:  Thanks for the gold star!
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
KATERINA:  Thanks a lot for your comment.  Are you suffering from graph envy?
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
TERRY:  That price range is practically non-existent here.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
CHARLIE:  Thanks for stopping by to read.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
KRISTINA: Why not compile the statistics yourself for your area and produce a similar report?
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
BILL:  Interesting... thanks for your comment.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
SYLVIE:  Thanks for your comment.  I always try to do my homework when it comes to the market trends.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
AMY:  Thanks for reading and commenting.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
Brian - great information! thanks!!!! I will be giving you a call this week about a web site that is using your name to advertise their product - want to see what YOU REALLY think of it - so expect my call -
Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) about 10 years ago
BARBARA:  I look forward to your call and am interested to hear which website is using me to advertise their product.  I didn't even know!
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
That is a great idea Brian.  I think I will begin researching the right software to produce the easy to read graphs!  Keep up the good work. 
Posted by Kristina Yorke (www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert ) about 10 years ago
KRISTINA:  I made all the graphs on Microsoft Excel.  Thanks for your comment.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago
Brian - very surprising, wonder what makes that price point stand out?  Great graphical analysis of your market.
Posted by Stanton Homes, Design/Build Custom Home Builder in North Carolina (Stanton Homes - New Home Builder) about 10 years ago
PENNY:  That's a good question!  Thanks for your comments.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago

Here is something wild for you, Gwinnett County GA has very similar numbers.  Now, the sale price/listing price persentages are higher here, but the DoM ranges are pretty close.

Posted by Lane Bailey, Realtor & Car Guy (Century 21 Results Realty) about 10 years ago

LANE:  Thanks for stopping by to comment.  Very interesting.

Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) about 10 years ago

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