Alexandria, VA

Alexandria Virginia Homes Sales Increase - Softening Home Prices Increase Alexandria VA Homes Sales

The latest sales statistics for MRIS* which is our Virginia MLS service we use has just been released today October 10, 2008. It has some very interesting trends. First, Alexandria homes sales are up 65.98 % over same time period in September 2007 which had 130 home sales. September 2008 saw 160 Alexandria homes sold. The average price for a home sold in Alexandria has dropped from $452,642 last September to an average sold price of $483,467 this year. That is a drop in average sales price 6.38%. The final sales figure does not reflect that seller's contributions or concessions to make the deal work and that is lowering the sellers net. It is important to know in this market the sellers are netting less than reported by the statistics.

The list price sales price ratio of a home for sale is 89.50% the time needed to sell an Alexandria home has decreased from 87 days to 85 days almost an 2.35% slight improvement in the time to sell a home. However, it is still definitely a buyers market! My interpretation is that a major increase in sales of units of homes in Alexandria VA that sold to sales of foreclosures, short sales, and motivated sellers. Alexandria homes that are realistically priced sell are selling.

*MRIS - Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format

2008 Election Coverage

Base Realignment and Closure (BRAC) is service-wide restructuring of bases and personnel in the US military. BRAC mandated at that about 20,000 jobs move to Fort Belvoir. As Belvoir adjusted to this influx, Army officials sought nearby facilities that would satisfy BRAC mandates, but would relieve pressure from the crowded gates of Belvoir.

As a result, last month, US Army officials announced the movement of 6,400 jobs to Alexandria. There was some opposition from state and Fairfax County officials, but ultimately the decision was made to pass-over an alternate site in Springfield and head for Mark Center in Alexandria. This move is still ahead of the 2001 deadline required by BRAC.

Mark Center is a yet to be built office complex near Seminary Road at the I-395 interchange. According to some news sources, the Army construction project at the Mark Center could cost up to $1 billion. Ground-breaking on this new project will begin in January.

This is of course good news for home sellers and owners in Alexandria and Fairfax County as an influx of service members will help steady housing prices. Fairfax County and Prince William County and Commonwealth officials argued that the site at Mark Center is not well served by the Virginia Railway Express and as a result the new site will contribute to congestion on local roads.

No doubt 6400 additional commuters will place additional burdens on local roadways. But many of these service members and support staff will opt to live in Fairfax County and Alexandria rather than in outlying areas such as Prince William and Stafford Counties.

Here are some market stats for the month of September 2008: In September, the total number of active listings on the market in Alexandria City was 672. Of those active listings, the minimum list price was $85,000 while the maximum list price was $3,500,000. The average list price was $543,508. The average number for property days on the market is 117. The number of listings under contract was 124. Of those listings under contract, the minimum list price was $93,900 while the maximum list price was $1,645,000. The average list price was $434,687. The average number for property days on the market was 86. The number of listings that were sold & settled in September was 155. Of those listings sold, the minimum list price was $109,000 while the maximum list price was $2,500,000. The average list price was $467,687. The average number for property days on the market was 85.

Texans are not the only ones retiring in Northern Virginia, but it seemed like a good place to start. Our area is experiencing a phenomenal growth in retirement communities. There are several reasons

• Many colleges and universities offering educational and cultural opportunities
• Moderate climate - we really don't have climate extremes
• Transportation hubs that facilitate transportation north,west and south - east is an option if you plan to travel "across the pond"
• Mountain and ocean resorts within a few hours

Some of the communities available are

• GREENSPRING VILLAGE
• FOUR SEASONS
• GOODWIN HOUSE
• THE JEFFERSON
• THE FAIRFAX

Here in Northern Virginia we welcome folks from all 50 states.

I have extensive experience assisting senior citizens find the retirement situation that meets their individual needs.

Planning to retire in Northern Virginia? Contact Karen and Art by Email or call us at 703-562-1532. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.