Old Town (Alexandria) 22314 Real Estate Market Stats For December 2009 |
Upper Bracket Homes Need Buyers & Detached Homes Slow Moving
What's moving and shaking in the real estate market in Old Town Alexandria? Well, from the looks of things, it's condos and townhomes priced under $600,000. In the Old Town Alexandria condo market, 14 out of the 17 condos that went under contract were under $600,000. For the townhomes, 5 out of the 8 homes that went under contract were under $600,000. But what does this mean for detached homes for sale in Old Town, and the luxuy homes priced over $700,000? If I'm buying luxury, then I'll want to see them all...in every price range and render a decision on what makes each home unique. Is it the age, the proximity to the Potomac River, is it the quadrant?
What about short sales and foreclosures in Old Town Alexandria? They're out there, but in very small numbers. As of January 7, 2010, there were 4 bank owned foreclosures for sale, and 2 short sales actively for sale. In the past 30 days, one Old Town Alexandria short sale has gone under contract.
Old Town Alexandria home owners looking to list their home for under $600,000 should still venture out and take a look at the competition. While there is a greater chance that you'll get your home sold in this price point, when there's more to choose from, buyers will be very selective and will tend to make 'value-based' decisions vs. 'demand-based' decisions. That means, you will have to stand out in terms of presentation (staging), move-in readiness, and price to entice a buyer to choose your home over the 53 other condos, or 26 other townhomes currently for sale.