Alexandria VA Short Sales
Market Report for August 2015
We're heading into the last quarter of 2015, so let's see how the short sale listings have been doing in the Alexandria VA real estate market.
How many short sales closed in August 2015?
As you can see, the number of short sale listings that closed in Alexandria VA over the past year is significantly low. The monthly volume has yet to reach double digits in 2015, with one sold short sale closing in July. In August, 234 homes sold and 4 of them were short sales.
Are there are lot of short sales on the market in Alexandria VA?
It's slim pickins' when it comes to finding short sale listings in Alexandria VA. Take a look at the inventory of listings:
At the end of August, there were 536 homes for sale in Alexandria VA, and 8 active short sale listings. What does this mean for an active buyer? It means that there are plenty of traditional listings to go after if you don't have the time to wait for a bank to look at your offer and decide whether or not to take it. Does this mean that you should exclude short sales from your search? Absolutely not! Odds are, buyers are competing for the traditional resales, so you may have more negotiating power by going after a short sale with fewer buyers to compete against. Keep in mind that the bank still has to approve your offer, so a low-ball on a short sale may be acceptable to the seller, but the bank still has the authority to step in and approve the short sale subject to a higher counteroffer. Be sure to have your Alexandria VA buyer agent review the sales comparables with you to see if it makes sense to increase your offer.
How many short sales are pending in Alexandria VA?
When we look at homes that are under contract, or pending, it's usually an indicator of how the volume of closings will look the next month. Take a look at the number of short sales that are pending in Alexandria VA:
As the volume of traditional sales that are pending declined for the fourth straight month, the number of pending short sales remained consistent with what we've been seeing all year. In August, there were 27 pending short sales in Alexandria VA.