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.
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