Buy Alexandria Real Estate: December 2011

Curiously, if you drive by almost any gas station, convenience store, or grocery store, you'll see posted the current price of a gallon of milk, and the cost of a pack of cigarettes.  Since I don't consume either product, these prices don't mean much to me.  However, for others these staple items are benchmarks of the economy as a whole.

So, what do you think?  Should real estate offices post the average sales price each month for homes in the neighborhood right above the entrance?

• A gallon of milk this week was $2.99 at the local gas station. 

• The average sales price for a home in Arlington, VA last month was $512,725.

Would you like to pick up a house on your drive home from work?

Here's the average sales prices around the Northern Virginia area for homes sold in November 2011:

ALEXANDRIA          $450,602

ARLINGTON              $512,725

FALLS CHURCH        $476,768

GREAT FALLS       $1,279,767

MCLEAN                     $851,102

WASHINGTON DC   $514,274

Perhaps we should post a price range, since while the average price in McLean is $851,102, homes sold between $185,000 and $3.5 million.

What's Happening today in the Arlington, Virginia Real Estate Market?

The chart below details all of the closed home sales activity in Arlington, Virginia for November 2011:

And, here's a snapshot of Arlington Virginia home sales in the last 30 days from the middle of November through now:

ARLINGTON VIRGINIA HOME SALES:

• Active homes for sale: 530 -- 119 of those have come on the market within the last 30 days.  Compared to previous months, inventory and listing activity is down significantly.
  
  
• Average listing price in Arlington: $719,806.  Homes are available in Arlington from $59,900 to almost $7 million.  Do you want to see available homes in Arlington by price range?  Click on one or more of the following links (updated every day):
  

  Under $200,000
  $200K to $300K
  $300K to $400K
  $400K to $500K
  $500K to $600K
  $600K to $700K
  $700K to $800K
  $800K to $900K
  $900K to $1M
  $1M to $1.5M
  $1.5M to $2M
  $2M+

• Arlington homes sold in the last 30 days: 175.  At this rate, it would take just 3.03 months for the current Arlington inventory to sell.  If you're considering selling your home in Arlington, the odds are certainly in your favor!
  
  
• Average sales price: $536,012
  
  
• Median sales price: $487,514
  
  
• Average days on market: 45 -- homes are selling on average quite quickly in just over 6 weeks
  
  
• Average sales price/original listing price: 95.18% -- there's some negotiating room.

The highest priced Arlington home sold in the last 30 days was for $1,775,000.

Arlington Virginia Market Statistics Charts

Find a Home in Arlington

You should take your time when searching for a home. 

That's worth repeating:  You should take your time when searching for a home. 

If such an important project is rushed too quickly then you're susceptible to making mistakes not achieving good long-term results.  A home search and home purchase ranks really high on life's priority list.  If you're like most people, you (and your family) will be spending many waking hours and almost all of your sleeping hours in that home for the next 5-7 years.  You don't want to screw this decision up -- the consequences are much farther reaching, much more costly, and much longer-lasting than simply picking the wrong item off the menu at Ruth's Chris (as if that's possible) or bringing home a wrong sized shirt from Macy's.

That being said, there's no reason to waste time either when you are out on a home tour looking at potential homes.  Real estate is a process of elimination.  Working with a good REALTOR and viewing photos, descriptions, and virtual tours online, you've likely eliminated a good many homes before you physically go to view the remaining candidates. 

Take your time and linger in the homes that you like.  Test things.  Search around.  Explore.  That's what the home tour is all about.

In the spirit of eliminating homes from your list of potentials and not wasting time, keep reading below:

HOW TO SIZE UP A HOME IN 8 MINUTES OR LESS

• You Hate The Neighborhood:  Keep on driving!  The home looked perfect online and in the description, but then you got to the neighborhood.  Uh oh.  Abandoned cars.  People storing boats.  Pink flamingoes on the neighbor's lawn.  This is not your idea of the ideal neighborhood.  You can fix up the house but you can't do much about the neighborhood.  No need to get out of the car.  Your REALTOR will understand and will not be offended.  No need to waste your time looking at this house!
  
  
• Match up your priorities:  You've got your wants and needs list.  There are certain things you'll compromise on but others that are dealbreakers.  If you walk into a home and see a dealbreaker, walk right out.  There's no reason to keep looking and to keep saying to yourself "if this home only didn't have..." or "if only this home had..."  Move on.
  
  
• Quick Cursory Glance:  Walk the main floor first -- kitchen, dining room, living room -- these are the important rooms where you'll be spending a lot of time.  Head upstairs.  Look at room sizes, closet space, bathrooms.  Unless you like these areas and want to see more, skip the basement.  If the main levels pass the "smell" test, then explore further.
  
  
• Same floor plan. Look for differences:  Often times when viewing numerous homes, you'll come across similar floor plans.  Don't waste time looking at the same stuff.  Look for differences between this home and others you've seen.  It's the little (and big) differences that matter.
  
  
• Split up:  Want to really save time?  If you're searching for a home with another family member or friend, split up and view different parts of the home simultaneously.  If one of you sees something you love or hate, call the other one over to see it.  If one of you sees a dealbreaker, call the other one and scram.
  
  
• Realize that your first impressions are usually right:  Whether you love the home or you hate it, you'll likely know pretty quickly.  Learn to trust your first impressions.  If you love it, or even really like it, keep exploring the home.  Don't bother pulling out the tape measure and flushing toilets if the home doesn't have the walk-in closet or is in the wrong school zone.

You're on your own timetable.  There's no rush when purchasing a home, but wasting time is an anathema, isn't it?  My favorite home inspector likes to say "Festina Lente -- Make Haste Slowly" -- look it up.

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for November 2011. All information was obtained through MRIS.

Overall, there were 50 Northern Virginia home sales topping $1 million during November 2011, just a slight decrease from October.  The numbers continue to decrease from this Summer.  Things are a bit slower in the luxury market right now.

Currently, there are 619 homes on the market in Northern Virginia with list prices topping $1 million - this is a  large decrease from the number that were on the market in recent months.

NOVEMBER 2011'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7714 Georgetown Pike, McLean, VA 22102 -- Sold on November 30th for $3,049,500
  Built in 2008, this 10,000+ square foot home in McLean features 7 bedrooms, 7 full and 2 half baths and 8 fireplaces on 2.5 acres.
  
  
• 1173 Dolley Madison Blvd., McLean, VA 22101 -- Sold on November 3rd for $2,700,000
  Located at Ballantree Farms in McLean, this gated estate on an acre offers 6 bedroom suites, 7 full bathrooms, a gourmet kitchen, mahogany library, two offices, lots of built-ins, and enough space to entertain about 300+ guests.  This magnificent home was built in 1985 and sold for $662,000 under the asking price!

• 1051 Brook Valley Lane, McLean, VA 22102 -- Sold on November 21st for $2,520,000
  On 2 acres in Prospect Hill in McLean, this Tusan styled villa has open floor plans with all kinds of architectural details including dramatic 30 foot ceilings.  the owners spent over $500K on landscaping alone in this home built in 2006.  The almost 7000 square feet of luxury living space is complemented by a 4 car garage and gated entry.

• 938 Leigh Mill Road, Great Falls, VA 22066 -- Sold on November 16th for $1,925,000
  Built in 2007 on 4 acres in Great Falls, this home features hardwood floors, flagstone paitos, marble and granite countertops.  There's 6 bedrooms, 5.5 bathrooms, 3 fireplaces, and an additional carriage house with a kitchenette.  It sold for just $55K under the asking price.

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Townhouses:

• 708 Duke Street #6, Alexandria, VA 22314 -- Sold on November 17th for $1,065,000
  In the heart of Old Town Alexandria, this townhouse features almost 2,000 square feet of living space, 3 bedrooms, 2.5 baths, a dramatic gourmet kitchen and a stylish patio with fire pit.  There's a sauna inside, 2 assigned parking spaces, and the home is within easy distance of the Metro, Old Town restaurants, and the Potomac River.

• 1551 N. 22nd Street, Arlington, VA 22209 -- Sold on November 23rd for $1,052,000
  Built in 1995, this Palisades Park townhouse has 4 levels, lots of natural light, high ceilings and seasonal views of the Potomac River and Georgetown.  Near the Rosslyn Metro, this home also has a 2 car garage.  With 3 bedrooms, 3 full and 2 half baths, this home sold for just $75K under the asking price.

• 107 Princess Street, Alexandria, VA 22314 -- Sold on November 30th for $1,009,000
  This brick end townhouse is just 500 feet from the Potomac River waterfront.  Built in 1969, this home has over 2000 square feet of space, a gourmet eat-in kitchen, gas fireplace, and the roof was just replaced in 2011.  The listing price was $1,095,000.

• 420 S. Lee Street, Alexandria, VA 22314 -- Sold on November 17th for $1,000,000
  Rounding out the top townhouse sales is this one within steps of Lee Street Park.  Four bedrooms, 2.5 bathrooms, this townhouse was built in 1850 and features views of the gardens, front and rear stairs, tall ceilings, hardwood floors, and unique woodwordk.  It was sold in "as is" condition and went for $195K less than the asking price.

SEARCH AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 1450 Emerson Avenue #414, McLean, VA 22101 -- Sold on November 29th for $1,150,000
  Located at the Palladium at McLean, thid downtown McLean 2 bedroom 2.5 bathroom condo is a corner unit with 2,633 square feet of space and windows on 3 sides!  The private elevator opens directly into the condo unit which features maple floors, 10 foot ceilings, 2 balconies, and a whirlpool bath.  Sold for just $45K under the asking price.

• 11990 Market Street #1002, Reston, VA 20190 -- Sold on November 28th for $1,099,000
  This 10th floor condo at Midtown at Reston Town Center has mountain and sunset views.  The 3 bedroom, 3 bathroom condo has 2,111 square feet of space and sold for the listing price.

• 8220 Crestwood Heights Drive #1604, McLean, VA 22102 -- Sold on November 1st for $1,000,000
  Harris Teeter's in your basement here!  This 16th floor unit at One Park Crest is just minutes to shopping, dining and the future Tyson's metro stations.  The 2 bedrooms and 2 bathrooms are just a part of what makes this 1,940 square foot condo special.

• 1530 Key Blvd. #1115, Arlington, VA 22209 -- Sold on November 9th for $950,000
  Another condo sale at the always popular Atrium Condo in Arlington!  This 11th floor unit features hardwood floors, and updated kitchen and bathrooms, 3 separate balconies with views of Georgetown and the Potomac River and two garage parking spaces.  Plus almost 1900 square feet of living space.
  
  

SEARCH AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA