The effect of Amazon's impending arrival continues to be felt in the Alexandria housing market in two ways: skyrocketing prices and a dearth in inventory.
Data from ShowingTime by RBI shows that the median sales price for homes in Alexandria in March was $579,250, a 24 percent increase compared to March 2018. Listings in March sold for an average of 100.1 percent of asking price, the highest proportion for a local jurisdiction, so it doesn't appear that the high prices are dissuading buyers.
Or maybe they are. Closed sales fell 23 percent in Alexandria year-over-year. There were also 7 percent fewer pending sales in March.
While prices may be affecting sales, a lack of supply may also be to blame. The active inventory in March in Alexandria dropped 50 percent compared to 12 months earlier.
Time will tell the extent to which these market factors are motivated by Amazon headquarters anticipation, although if another recent report is any indicator, the shortage of new condos on the horizon for Alexandria could certainly tip the scales even further.
This article originally published at http://dc.urbanturf.com/articles/blog/record-prices-a-dearth-in-inventory-the-alexandria-housing-market-in-march/15259
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
A look around DC to see where home sellers are dropping their prices.... read »
Just a month after setting a new high in March, the value of a house in DC skyrockete... read »
The National Capital Planning Commission will consider approval of the final master p... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro