Alexandria, VA Market Report – 11/6/09

The market statistics for October are remarkably similar to those in September for the City of Alexandria, Virginia:

• New listings: 239 (-1%)
• Total active listings: 478 (-1%)
• Under contract: 79 (-1%)
• Closed sales: 164 (+1%)

Last month we were hearing that discussions were underway in Congress to extend the First Time Homebuyers Tax Credit. Well, it’s official now. The Senate and House have passed the bill and this afternoon the President signed it through. In addition to extending the existing credit, it has also added a provision for “step-up” buyers, that is, those who have lived in their homes for at least five consecutive years and are looking to move to a new home. This credit is for $6,500. The extended time allows for purchaser’s to be under contract by April 30, 2010 and settled by June 30, 2010.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com

Alexandria, VA Market Report – 10/7/09

The City of Alexandria is a quaint Historic District located across the Potomac River from Washington, DC. It has been home to many historical figures since before the American Revolution. The city is made up of several neighborhoods with homes in all price ranges–from subsidized housing to million dollar properties. The official Metropolitan Regional Information Systems (MRlS) statistics for the month of September have not been released as of yet but the following represents some of the market activity for the month.

• New listings: 244
• Total active listings: 500+
• Under contract: 85
• Closed sales: 149

It appears that new inventory is being added to the market which will begin to satisfy the buyer demand. Approximately two-thirds of the homes sold in September were under $500,000. First time buyers are hurrying to get under contract and to settlement before the end of November to qualify for the $8000 federal tax credit. There has been conversation from politicians expressing support for an extension of this benefit. It appears to have bi-partisan interest and we’re hoping Congress acts favorably. The time has never been better for buyers to purchase a home. Sellers can take advantage of the pent-up demand for homes now while the inventory of homes remains low.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com

Alexandria, VA Market Report – 9/25/09

The activity in the City of Alexandria parallels Arlington County. Both are close in proximity to Washington, DC with Metro Access.

• New listings: 241
• Pending sales: 179
• Closed sales: 168
• Average sales price: $436,273
• Average DOM: 66

August statistics for 2009 are consistent with those of the previous year. The average sales price is down by 6.5%, but the median sold price is up 3.25% reflecting a little more activity in the higher end properties. Meanwhile, the average days on market (DOM) dropped only 2%. There were 179 contracts approved, but 241 new listings replaced them in the active inventory. Condo sales accounted for half of the sales for the month.

Interest rates remain favorable as well, making conditions just right for buyers.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com