HOT SPOTS IN A COOLER MARKET
ALEXANDRIA HOME SALES
APRIL 2008
APRIL 2008
In April 2008, there were 150 home sales in the City of Alexandria. This was a precipitous drop from the 204 sales made during the same month of 2007. Sales prices ranged from $131,500 up to $1,650,000. The good news for Alexandria home sellers is that homes are selling relatively quickly, averaging just 60 days on the market! Additionally, while buyers are negotiating lower prices from the original asking price, the average net sales price of $474,678 for the month of April 2008 equates to Alexandria sellers getting 93.9% of their original listing price.
As is the case in any market, there are hot spots, hotter spots, and some cool ones. Here's a graph showing the neighborhoods and condo communities with the most sales activity for the month of April.
Cameron Station led the pack with 15 sales in April 2008. Never been to Cameron Station? Click here and come along on a brief Video Driving Tour of Cameron Station in Alexandria Virginia. Read and learn more about Cameron Station: Northern Virginia Neighborhoods: An Introduction to Cameron Station, Alexandria.
Watergate at Landmark, a large condo complex on the West End of Alexandria chalked up 9 sales. There's always plenty of condo inventory at Watergate at Landmark. Learn more: All Inclusive Lifestyle at Watergate at Landmark in Alexandria.
Currently there are 822 available homes on the market in Alexandria, representing about a 5.5 month inventory supply based on the April sales rate. That's a pretty balanced market between buyers and sellers. A 6 month inventory is considered an even market. Over 6 months is a buyer's market and under 6 months is a sellers market. There are an additional 291 homes in Alexandria currently under contract pending sale.
The bottom line: Homes in Alexandria are selling!
Encouraged? Thinking about selling your Alexandria home? Make sure to read Blog Articles for Sellers. Then contact me at 703-626-0715 or e-mail me at brian@brianblock.com
Ready to get started with buying a home in Alexandria? Please read Blog Articles for Buyers. Then click below to get started with the best online home search tool available.
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Brian - in a market where loans are nearly non-existent, 150 sales is nothing to sneeze at. Remember where we were in January when Alexandria recorded an abysmal 77 sales. Last month you were telling us that even though sales are down YOY they are increasing as a percentage of prior years sales. For example, March 2008 had 112 sales, 60% of the 186 sales for March 2007. Now we have 150 april sales, 74% of the 204 sales in April 2007.
In my mind, 150 sales is nothing but good news.
No doubt about it, areas of Alexandria and Arlington are not affected by the market as much as others. When you can hop on Metro or the 14th Street Bridge and be in DC in 10 minutes, homes will sell.
HI Brian,
It sounds challenging. We have a large increase in inventory here and less buyers causing a shift in our market. Until recently we were unaffected by the changing market. Some segments are still strong but we have still been affected.
I was in a few locations where I bumped into you this week in DC. Just thought I'd look you up on Active Rain and say hello. (hello)
CHRIS: Hello to you too! I know we didn't get too much of a chance to chat, but at least we saw one another :) I hope you enjoyed your stay in D.C.