Contact us if you would like to know how the data below impacts the buying or selling of your real estate property in Alexandria/Kingstowne or any other area(s) this Spring.
|Total Sold Dollar Volume||13,233,188||up 29.6%||up 18.6%|
|Closed Sales||27||up 17.4%||up 8%|
|Median Sold Price||$495,000||up 10.2%||up 8.80%|
|Average Sold Price||$490,118||up 10.4%||up 9.90%|
|Median Days on Market||22 days||up 266.7%||down 15.40%|
|Average Days on Market||39 days||up 30%||down 11.40%|
|Median Price per Sq Foot||$305||down 1.6%||down 0.70%|
|Average Price per Sq Foot||$307||up 1.7%||down 2.20%|
Source: 2018 MarketStats by ShowingTime. “Data provided by MRIS as of March 05, 2018.”
- Median – When a data set is arranged from least to greatest, the median is the middle value. If the data set has outliers, the median gives a better description of the data than the average.
- Average – Average or mean = Total Number/Number of Items. For example, Average Sold Price is Total Sales Dollar Volume divided by Total Number of Units Sold.
- Median SP to OLP Ratio – The final Median Sold Price to the Original Listing Price Ratio for homes sold in a given period.
- YoY – Year-Over-Year is the percent change for a statistic from the same period in the previous year.
- MoM– Month-Over-Month is the percent change for a statistic from the preceding month.
- Months of Supply = (Active Listings at end-of-period / Average monthly sales over last 12 months)
Months of Supply is a good indicator of whether the market is favoring buyers or sellers. According to RBI (RealEstate Business Intelligence), they take into account the seasonal fluctuations of selling activity by applying the average sales rate of the prior 12 months. According to MarketStats by Showing Time, “4 – 6 months is generally considered a balanced market; less than 4 months a sellers’ market as there are more buyers than homes available; more than 6 months can be considered a buyers’ market as there are more homes for sale than buyers to purchase them”.
Tim Royster | U.S. Army Veteran | REALTOR® | (571) 275-0871 | [email protected]
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