February 2018 Local Market Insight – Alexandria/Kingstowne (All Home Types)

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. 

Statistic Feb YoY  MoM 
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.”

Definitions:

  1. 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.
  2. 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.
  3. Median SP to OLP Ratio – The final Median Sold Price to the Original Listing Price Ratio for homes sold in a given period.
  4. YoY – Year-Over-Year is the percent change for a statistic from the same period in the previous year.
  5. MoM– Month-Over-Month is the percent change for a statistic from the preceding month.
  6. 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”.

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Tim Royster | U.S. Army Veteran | REALTOR® | (571) 275-0871 | [email protected]

This blog and any information contained herein are intended for general informational purposes only and should not be construed as legal, accounting, financial or other professional advice.  We take great efforts to ensure the accuracy of information contained here. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published on this blog.