A Look at the Housing Market Inventory in Alexandria, Virginia

Today's Washington Times article on "Charting the local market" reported that the median price of home sales in Alexandria for June was $485,000 (this number takes into account Alexandria's large inventory of condos) and that homes spent only 59 days on the market compared to an average 68 days in neighboring Fairfax County.

As of July 27th, there are 858 homes on the market in Alexandria.  Considering that 229 Alexandria homes sold in the last 30 days, this equates to a 3.7 month supply of homes in Alexandria, genuinely shifting back to more of a seller's market, even as other local areas really struggle with sales.

                                                                         Cobblestone alleyway in Old Town                                                                                                                 Alexandria

Alexandria Virginia Single Family Homes 

129 Single Family Homes are on the market in Alexandria at an average price of $975,140.

The largest concentration of homes are in the following Alexandria neighborhoods:

Beverly Hills -- 8 homes available -- Average price $862,238

Braddock Heights -- 7 homes available -- Average price $1,032,000 -- this is a bit skewed for the neighborhood because of one home on the market listed at $2,195,000.  Without this home the average price for the neighborhood would be $838,167.

Del Ray -- 13 homes available -- Average price $725,745

Oak Grove -- 7 luxury homes currently under construction -- Average price $2,315,200 -- this new cluster of homes is at the corner of Seminary Road & Janney's Lane.

Rosemont & Rosemont Park -- 13 homes available -- Average price $853,462 

Seminary Valley -- 5 homes available -- Average price $546,600

FIND A SINGLE FAMILY HOME IN ALEXANDRIA 

Alexandria Virginia Townhouses 

227 Townhouses are on the market in Alexandria at an average listing price of $722,331.

The highest concentration of townhouses are in the following Alexandria communities:

Cameron Station -- 21 townhouses -- Average price $599,910

Chatham Square -- 5 townhouses -- Average price $903,800

Del Ray -- 6 townhouses -- Average price $464,100

Fords Landing -- 5 townhouses -- Average price $1,946,000

Hume Springs -- 8 townhouses -- Average price $344,387

Lynhaven -- 9 townhouses -- Average price $393,283

Old Town -- 32 townhouses -- Average price $1,009,744

Old Town Green -- 6 townhouses -- Average price $763,983

Potomac Greens -- 11 townhouses -- Average price $920,303

Stonegate -- 15 townhouses -- Average price $647,713

Townes at Cameron Parke -- 8 townhouses -- Average price $526,600

Warwick Village -- 5 townhouses -- Average price $433,140

Yates Gardens -- 6 townhouses -- Average price $812,583

FIND A TOWNHOUSE IN ALEXANDRIA

Alexandria Condominiums

More than 400 condos are on the market in Alexandria:

200 Garden Style condos (1-4 floors) at an Average price of $332,525

36 Mid-Rise condos (5-8 floors) at an Average price of $317,247

201 High-Rise condos (9+ floors) at an Average price of $332,525

FIND AN ALEXANDRIA CONDO 

“Condo Canyon” so called because of the multitude of large condo projects in a condensed area of West Alexandria offers many choices for today’s homebuyer.

This interactive map shows the locations of the four main condos in the area (in counterclockwise fashion): Olympus at Landmark, Sentinel of Landmark, Watergate at Landmark, and Alexandria Knolls West, which are all clustered along Yoakum Parkway and convenient to I-395, Duke Street, and Van Dorn Street.  “Condo Canyon” condo owners benefit from their proximity to major roads, Landmark Mall, and Van Dorn metro on the blue line less than one mile away.  This area's values should continue to rise in the future especially with the City of Alexandria's plans for redevelopment of Landmark Mall.

 Olympus at Landmark Condo

                                  Alexandria Knolls West

Here’s what’s currently on the market (July 2007):

Alexandria Knolls West: 

Three 2 bedroom 2 bath condos are currently available at an average price of $284,933.

Olympus at Landmark:

13 total condos on the market

One 1 bedroom 1 bath condo priced at $230,000

Nine 2 bedroom 2 bath condos with average price of $307,511

Three 3 bedroom 2 bath condos with average price of $305,000 (surprisingly lower average price than the 2 bedroom 2 bath units!)

Sentinel of Landmark:

6 total condos on the market

Two 1 bedroom 1 bath condos with average price of $212,400

One 2 bedroom 1 bath condo priced at $250,000

Three 2 bedroom 2 bath condos with average price of $265,963

Watergate at Landmark:  Lots of Inventory!

50 total condos on the market

Sixteen 1 bedroom 1 bath condos with average price of $270,469

One 1 bedroom 1.5 bath condo priced at $339,500

Eight 2 bedroom 1.5 bath condos with average price of $294,837

Twenty Four 2 bedroom 2 bath condos with average price of $321,375

One 3 bedroom 2.5 bath condo priced at $375,000

**See the Average Condo Fees at these buildings.

***RECEIVE UPDATES ON ALEXANDRIA CONDOS FOR SALE***

Cameron Station is one of the premier communities in Alexandria, Virginia.  Summer sales have been strong.  Currently there are 13 homes on the market.  This includes 11 townhouses and 2 detached single family homes, priced from $569,900 through $1,149,900.

Here’s an update on the sales in Cameron Station during the last 30 days:

9 Homes Sold in Cameron Station from June 22^nd through July 20^th for an average sales price of $606,656.  Homes sold briskly in this popular West End Alexandria neighborhood, spending an average of only 35 days on the market.

Don't miss Alexandria's Fourth Annual Outdoor Film Festival this weekend at Ben Brenman Park, adjacent to Cameron Station.  Showing on the 40 foot screen are: Friday, July 27th -- Happy Feet (fun movie); Saturday, July 28th -- The Devil Wears Prada (I may go see this one); and Sunday, July 29th -- Night at the Museum (funny Ben Stiller film).  No cost.

CLICK HERE TO START YOUR CAMERON STATION HOME SEARCH

More than halfway through the year, and halfway through July, it's time for an update on home sales and housing market inventory in Alexandria, Virginia Zip Code 22304 (the area where I live).  In the last four months there has been a lot of activity with an additional 200 sales within 22304.  Back in March, the absorption rate amounted to 33 homes sold per month YTD 2007.  With the quickened pace, we've now had an average of 48 homes sold/month.

As of this morning, there are 269 homes on the market in the 22304 area of Alexandria, representing a 5.6 months supply, down from a 7 month supply in March 2007.  This means the market is getting better for sellers and evening out towards a more balanced market.

The homes on the market are listed for an overall average price of $410,485.  There are also 101 pending sales at an average price of $423,530.

There have been a total of 314 sales in Alexandria 22304 since the beginning of the year ranging in sales price from $160,000 to over $2.6 million with an average final sales price of $446,502.

Of the 269 homes on the market, the overwhelming majority of these are condos, which make up most of the housing stock in this area of Alexandria. 

CONDOS:

As of July 13th, there are 199 condominiums currently available throughout these most popular condo communities: Alexandria Knolls West, Cameron Station, EOS 21, Exchange at Van Dorn, Forty Six Hundred, Olympus at Landmark, Pavilion on the Park, Place One, Reynolds Prospect, Sentinel of Landmark, and Watergate at Landmark.  The average listing price of these condos is $308,672.

TOWNHOUSES:

43 townhouses are currently available at an average listing price of $566,974.  Over half of this inventory is comprised of the 22 available townhouses in the ever-popular Cameron Station neighborhood.  Another 6 townhouses are on the market at Townes at Cameron Parke, off of Eisenhower Avenue, and close to Cameron Run Regional Park and Great Waves with its huge wave pool, water slides, batting cages, and picnic areas (lots of fun in the summertime!)

SINGLE FAMILY HOMES:

At 24 homes, single-family detached homes make up just a small portion of the current inventory in zip code 22304.  They range in price from $439,000 to $3.45 milllion and the biggest pockets of inventory are in the Belle Wood, Dalecrest, and Seminary Valley neighborhoods.

Inventory is up, but so is the sales pace.  Whether you are trying to buy or sell in the West End of Alexandria, now is a good time.

CLICK HERE TO SEARCH FOR A HOME IN ALEXANDRIA 

If you have ever driven up and down Duke Street through the West End of Alexandria, shopped at the new Harris Teeter grocery store at Shops at Foxchase, or taken your children to one of the many programs at the Charles E. Beatley Library across the street, then you are aware of the fabulous Cameron Station neighborhood.

Cameron Station comprises more than 1200 housing units with more currently being built and is composed of a mix of single family homes, townhouses and condominiums.  The community is one of the premier and most popular neighborhoods in Alexandria.

Located just west of Old Town Alexandria, Cameron Station provides comfortable, convenient modern urban living with touches of yesteryear including brick sidewalks, parks with gazebos, and colonial street lamps.  The community has its own elementary school within the neighborhood, Samuel W. Tucker Elementary School.  Since Cameron Station is adjacent to the 50 acre Ben Brenman Park, it is an ideal community for dog owners.  In fact, when I’ve been through Cameron Station with my clients, it appears as if everyone there owns a dog!

Besides its great location near Old Town Alexandria, Washington D.C., I-395, and I-95, Cameron Station offers many other amenities, including a neighborhood pool and community center including a gym with the latest equipment.  One of the greatest features of the Cameron Station community is Main Street, with its great retail shops, Cameron Perks coffee shop, a florist, a daycare center, and coming soon a new restaurant!

Cameron Station townhomes with a two car garage versus a one car garage definitely command a premium.  Besides being for the most part larger townhomes, the two car garage is just more practical for today’s Northern Virginia homebuyer.  Homes in Cameron Station with one car garage sold an average price of $584,737 over the last 6 months, while two car garage Cameron Station townhouses averaged $689,666.

CLICK HERE TO START YOUR SEARCH FOR A CAMERON STATION HOME

Looking to buy a single-family home in Alexandria?

As of this July 9, 2007, there are 115 single-family detached homes on the market in Alexandria City.  They range in price from $400,000 up to $3,450,000 with an average listing price of $897,000.  This includes 24 homes that are priced at over $1 million (find out about million dollar homes throughout the D.C. region).  Excluding the million dollar plus category, the average price in Alexandria is a more palatable $671,671.

Considering that there were 52 sales of single-family homes in Alexandria for the month of June, there is only a 2 month inventory supply of detached homes, making it a strong seller's market, at least in this sub-category of the overall Alexandria market.  Typically a 5-6 month supply is considered a balanced market and more than 6 months is a buyer's market, making it more difficult for homeowners to sell.

The homes in Alexandria are located throughout the city, with larger concentrations of inventory available in the following neighborhoods: Beverly Hills, Braddock Heights, Dalecrest, Del Ray, Glenmore, Old Town, Rosemont and Rosemont Park, and Wilmar Park.  There are also 2 rare single-family homes available in Cameron Station, a community of mostly townhouses.  Listings are fairly evenly spread among Alexandria's zip codes with the following numbers:  Zip Code 22301: 25 homes on the market; Zip Code 22302: 28 homes; Zip Code 22304: 26 homes; Zip Code 22305: 16 homes; Zip Code 22311: 5 homes; Zip Code 22312: 1 home; an Zip Code 22314: 15 homes.

The average amount of days on the market for the currently available Alexandria homes is 78.  June's sales ranged in final sales price from $500,000 to $2,250,000.