Feb. 11, 2010
Alexandria City (VA) Real Estate Market Statistics Update For February 2010 |
We Sold More Than Last Month
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More sellers who had their homes on the market last month are breathing a sigh of relief. We (collectively) sold more houses in January than we did in December, and from where I'm sitting, that's a positive sign for the winter market. Here's the breakdown by house type:
- The number of Alexandria City detached homes sold (not settled, but homes that went under contract) increased from 7 to 21.
- The number of Alexandria City townhouses/rowhouses sold increased from 32 to 41.
- The number of Alexandria City condos sold jumped from 53 to 78.
In the Alexandria City (VA) detached homes that were for sale, the bulk of the activity was in the price range of $799,999 and below. The market practically comes to a complete halt once you hit the $800,000 mark. Of the 20 detached homes listed for $1M+, only 2 went under contract and both of these were listed between $1,250,000 - $1,499,999.
In the Alexandria City (VA) townhomes that were for sale, the bulk of the homes that were snapped up were priced between $400,000 and $600,000. Luxury townhomes in Alexandria that were priced over $1M+ are still waiting or the perfect buyer.
The $300,000 and under price range is still where the action is for Alexandria City (VA) condos for sale with 30 units selling in the price range of $200,000 - $299,999 and 28 units selling in the price range of $100,000 - $199,999. Still looking for a good deal, well here inside the beltway, there were 8 condos that went under contract with a list price of under $100,000! And who says you can't find anything close in?!
So, what does this mean if I want to list my luxury home for sale in Alexandria VA? Be prepared for a marathon, not a sprint. Just because a buyer is looking to spend 'a cool mil' or more doesn't mean value is thrown out the window. Luxury homebuyers are looking for quality and VALUE just like other buyers. There's lot of competition, and buyers are generally slower to act when there is more to choose from. Even in the upper bracket, buyers don't want to see a neglected home in need of repair, but a practically lived in (i.e. staged) home that allows them to envision a life there.
What about if I want to list my townhome for sale? You'll likely sell, and your days on the market will depend more on your price. If you experience longer days on the market...then you're probably selling the competition first. Higher priced homes that need work 'force' the better priced homes in move-in condition to sell faster.
And if I'm listing my Alexandria VA condo for sale? You'll be in the most active part of the market if your asking price is below $300,000. Be prepared for a quick sale, but the tables may turn on you if you're moving up, because you may be in competition with other buyers for the townhouses.
Bottom line, I think the spring market is here. If you're on the fence about selling, I wouldn't try to make a grand entrance in April or May. If the $8000 tax credit and $6500 move-up credit is not extended, you just may be 'Tardy for the Party'.
See Also: Listing Soon? – List Your Home With McEnearney Associates Because Results Matter