Alexandria, Virginia Hot Home Sales Hardly Cooling In Winter
by Blanche Evans
Historical and eclectic, Alexandria, Virginia is one of the most sought-after bedroom communities for commuters into Washington D.C., keeping home sales moving even throughout the holidays and winter months. "Very funky," says Realtor Barbara Northam. "It's all here - mix and match, historic, townhomes, detached, Victorians, Arts & Crafts, Sears, and traditional neighborhoods." Northam advises, "Purchasers, practice saying 'Ouch!' Sellers, practice saying 'Yippee!' It's still a seller's market in sought-after Alexandria City, but properties are taking a little longer to sell. Compared to this time last year, the average sold price for detached homes is up 11.65 percent; days on the market is up 25 days vs. 22 days last year; and average sale price as percentage of list price about the same - 98.4 percent. Not too many bargains here when the average sold price for detached homes is $607,103 and the average sold price for attached homes is $537,095. Bidding wars, while down, are occurring predominantly in the condo and townhome markets. For 2005, Alexandria will remain a sellers' market; the rate of price increases will decline, homes will stay on the market longer, and homes will sell for a lower percentage of list price.: Says Realtor Karen Kruschka, "Prices continue to increase. The inventory of available homes has not increased appreciably. It is still a seller's market and as volatile as the last several years. At this point in time, it appears 2005 will be similar to 2004. Kruschka explains, "Alexandria is best known for its' Old Town - the 18th century seaport and favorite haunt of George Washington. Old homes and newer condominiums in Old Town are extremely expensive due to the colonial atmosphere. The Landmark area at the western end of the city is the location where you will find mid- and high-rise condominiums. The center of the city has everything from 50-year-old duplexes to extremely expensive single family homes. Commuting from Alexandria is exceptionally easy due to numerous Metro stops and short driving time to the District. Any new construction is usually high priced high-rise condominiums. Alexandria appeals to those who prefer "in-town" living." "The new year brings with it the promise of a continued strong real estate market in Fairfax County and Northern Virginia," suggests Realtor Debbie Dogrul. "It is still a seller's market with no signs pointing to any change in the forecast. Prices traditionally are lower during the winter, so that seasonal trend may favor buyers in the short term." |
