Feb. 4, 2014
Alexandria VA Foreclosure Report for 2013 - Little to None
Alexandria VA Real Estate - If you were relocating to Alexandria VA and were thinking you could bring the foreclosures from your market with you, then you had another thing coming in 2013. There was barely any room for bank owned foreclosures to breathe in the rebounding real estate market of 2013 in Alexandria VA.
Ten out of twelve months saw single-digit sales volume for bank owned foreclosures, so there was clearly not a whole lot of action. Only in the spring market did we see double-digit volume of foreclosure sales, with March and May both closing 12 foreclosures in the month.
Did foreclosures take longer to sell in 2013? When the year opened, bank owned foreclosures were getting snapped up quicker than traditional resale homes. Take a look below, and you'll see that from January to April, traditional resale homes stayed on the market longer to sell.
As the year progressed, traditional sales regained steam and began to sell faster. There are two months where it seems like the foreclosure listings did face some stagnation, in August and November. In August, foreclosures had an average time on the market of 121 days, and in November just as high with 122 days.
Who got more money, the banks or the homeowners? In 2013, homeowners definitely had the upper hand with getting what they were asking for in terms of sales prices.
Throughout the year, Alexandria VA homeowners sold for over 95% of their asking prices.
Proving again that the spring time is the best time to sell a home, homeowners got the most for their homes in the months of April, May, and June. In April, homes were sold at 98.1% of their asking price, in May, 98.3%, and in June 98.2%. Bank owned foreclosures were the better deal overall. In January, foreclosures sold an average of 83.9% of the the original asking price, and December ended with foreclosures selling for 90.2% of the original asking price.
In summary, the Alexandria VA real estate market did not see a high volume of foreclosure inventory in 2013. These bank owned homes are not a significant part of the market, but the statistics show that the year 2013 proved to be very strong for the City.
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