Historically, the summer time has been a good time to be a home buyer but not such a great time to be a home seller. We have had many people ask if our opinion has changed in the season of COVID-19 and record low interest rates in place to stimulate the real estate market. The answer is yes and no. Like everything else in real estate, it is location dependent.
Today we are taking a look at two of our favorite zip codes: 22314 which covers Old Town Alexandria and 22301 which includes Rosemont, DelRay, and the surrounding area.
In DelRay we are seeing some good news and some not so good news. The average sales price is up 29% from last year but the average days on market is also up by 120%.
In nearby Old Town we see not only a 54% increase in the average days on the market year over year, but a 14% decrease in the average sales price as well. It is interesting to note that in 22314 we also saw a 113 increase in new listings compared to June of last year.
Who knows what the future holds but compared to previous years, I would say that at least in Alexandria, when the temperatures go up, the number of home buyers tend to go down.