Alexandria VA 2014 Foreclosure Report
Alexandria VA Foreclosures - Foreclosure sales in Alexandria VA closely mirrored the short sales in 2014. When you look at the chart below, you can see how the Alexandria VA real estate market gained momentum from March to June, however the number of bank owned foreclosures remained low. The number of closed foreclosure sales ended in December with a big 'goose egg' - ZERO. Hard to believe that in a Washington DC metro market, there weren't any foreclosures sold in December of 2014.
Take a look at the 2014 foreclosure number by quarter. With the traditional sales removed, you have a clearer picture of how the Alexandria VA foreclosure market fared. As you can see, in a market where closed sales peaked at 265 in June, the number homes sold that were foreclosures never even made it to 20.
Alexandria VA Foreclosures Lingered in 2014
With foreclosures being as scarce as they were in 2014, buyers weren't exactly snapping them up quickly either. Take a look at how long foreclosures typically stayed on the market in 2014:
On average Alexandria VA foreclosures stayed on the market longer than traditional sales in 2014. When looking at the different types of distressed properties, the biggest advantage of pursuing a foreclosure versus a short sale is the response time from the bank once an offer has been submitted. With foreclosures, banks usually respond within two business days as compared to waiting months for a short sale. But responsiveness aside, buyers seemed to prefer the traditional sales in 2014.
Can you still find a good deal with a foreclosure in Alexandria VA? Possibly. In January, there were 7 new foreclosure listings that came into the market. These listings still vary in terms of condos, townhomes, and detached homes for sale, so the opportunities are still there. Many times the deals are made by going against the grain. Banks don't want to be in the property management business, they are trying to offload an asset. So, if you're buying a home in Alexandria VA, don't overlook the bank owned foreclosures, especially if they have been lingering on the market longer than traditional sales.