If you are thinking about buying or selling a home in Alexandria, Virginia, then you are no doubt hungry for data and statistics about the market. Just watching prices of particular homes and activity here and there is not enough since it only provides anecdotal evidence about what's going on in the market.
So, after you finish with appetizers and side dishes, take a bite out of the main course of statistics that I'm serving up today about the overall Alexandria Virginia housing market.
MAIN COURSE OF STATISTICS ON ALEXANDRIA MARKET:
Alexandria sales were down over 40% in March 2008 from the previous year and just over half as money homes sold this March as sold 2 years ago in March 2006.
The good news is that sales are picking up a bit of steam from January and February. While January 2008 saw only 77 home sales in Alexandria and February logged 105 sales, there were 112 homes that sold in March 2008. For more information, you may wish to read Is the Northern Virginia Housing Market Ramping Up?
Prices in Alexandria are down to their most affordable level in several years. The average sold price in March 2008 was down close to 14% from March 2007 at $456,739. Meanwhile, sellers are slow to adjust to the market changes. Average list prices are down only about 12% to $487,431.
What does this mean? Slightly more negotiating room for buyers in Alexandria. In March 2006, homes were selling on average for 97.25% of the listing price. This dropped to 94.66% in 2007, and stood at 93.70% in March 2008. So despite the reluctance of some sellers to lower their prices, buyers (with the help of their experienced REALTORS) are able to negotiate further price reductions.
Some good news for those selling their Alexandria homes: Homes are selling faster in 2008 than in 2007. Homes sold in March 2008 averaged 86 days on the market compared to 109 for March 2007. However, it is still much slower than the average 58 day pace in 2006.
Having finished up the main course, it's time to take a look at the desert menu.
DESERT MENU -- WHAT'S FOR SALE NOW IN ALEXANDRIA:
With 815 Alexandria homes on the market as of April 17th, we're looking at just over 7 months worth of housing inventory based on March 2008 sales pace. Six months of inventory is considered a balanced market, so the current inventory represents a slight market bias towards buyers in Alexandria.
Approximately half the homes on the market in Alexandria are condominiums. There are 123 single family homes available in Alexandria, and the remainder are townhouses.
88 homes are available for under $200K. 309 homes in Alexandria are in the $200K to $400K range -- the majority of these are 1 and 2 bedroom condos. 183 home are available between $400K and $600K. In the over a million category, there are 68 available homes in the City of Alexandria.
If you have any questions or would like further statistics about the Alexandria real estate market, I'll be happy to assist you. Both my office and my home are in Alexandria and I'm always keeping a pulse on the market.
To get started right away follow the links below:
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