Prices are up but number of sales are down
We’ve prepared a couple of reports about the number of real estate sales in Arlington and in Alexandria, as well as median sales price of homes in Alexandria and Arlington. The findings are quite interesting.
In both Alexandria and Arlington the number of homes sold has dropped. In Alexandria the difference between this time last year and now is greater than same delta in Arlington, but Alexandria was in a healthier position than Arlington this time last year. Interestingly, at the time as the number of sales has declined the price of homes that are selling in both Arlington and Alexandria has increased. This to me is an indicator of a market in transition. Sellers have put a stop the decline, and some buyers have gone to the sidelines waiting for further price drops—price drops that might never come.
Looking at the data, and the action we’re seeing on the street, I actually believe the bottom of the market is just behind us. Those who are waiting for further price reductions will be disappointed, and would be better served by acting now.
Will Nesbitt is the principal broker of Condo Alexandria.
Will Nesbitt
