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Alexandria Virginia April 2008 Home Sale Hot Spots

HOT SPOTS IN A COOLER MARKET

ALEXANDRIA HOME SALES
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.

April 2008 Alexandria Neighborhood Sales

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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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
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Posted by Brian Block -- Northern Virginia & D.C. Real Estate on 05/07/2008 06:33 AM

Comments (14)

alexandria home sales, alexandria real estate broker, alexandria real estate blog, cameron station, watergate at landmark, brian block

Originally posted at: Buy Alexandria Real Estate: Alexandria Virginia April 2008 Home Sale Hot Spots

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14 Comments on Alexandria Virginia April 2008 Home Sale Hot Spots

MAY

2008

Brian sixty days on the market is fantastic! Our average days on the market up here in Mass is around 150 days and still rising!

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.

BILL: Thanks for your comment. I agree that 60 days is not too bad. And when I've told potential sellers this, they are quite surprised. There are other areas that are doing much worse, but 2 months on the market -- you can't really complain.

JASON: Now, you've been paying attention! And I certainly agree, sales are rising percentage-wise and the market is looking better and better, at least here in Alexandria. Thanks for reading.

LENN: Proximity to D.C. definitely makes the difference. Isn't there an expression in real estate? Location. Location. Location.

We are still much higher days on the market and nearly a years supply of homes. I'm so jealous.

Brian, 60 days on the market is encouraging. Let's hope those times keep tightening up each month.

MAY

2008

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.

TERRY: Our market is definitely still moving. Certainly a slowdown from recent years, but not much to complain about when I look around at other markets around the country.

DUANE: If all my seller clients could sell their homes in 60 days or less, they'd be very happy campers indeed.

TRACY: The market is always challenging, one way or the other. Glad to hear that you hadn't been affected to much down in your area of North Carolina.

MAY

2008

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.

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