Alexandria, VA Market Report – 5/20/11

20 May
May 20, 2011

As we get deeper into the spring season, real estate activity continues to slowly improve. While it is slow, the key is that it is improving. In most major cosmopolitan areas of the country there is still a decline in prices and an inventory of foreclosed properties.

The city of Alexandria was hit hard by the recent storms causing major flooding. When crises’ like this happen people tend to step back and wait to see how things will turn out. In this case it has turned out fine and April saw positive results.

 

April 2011 April 2010 March 2011
Total Revenue $79,500,275 $87,499,533 $75,427,991
Average Sales Price $476,050 $444,160 $441,099
Units Sold 167 197 171
Avg Days on Market 66 57 83
New Listings 618 646 540
Total Contracts Pending 325 338 304
Active Listings 618 646 540

 

Interest rates continue to be favorable and prices are still relatively low compared to 5 years ago. If you are sitting on the fence waiting to see how low the prices go, you may miss out. A small hike in the interest rate could offset any price decrease. Chances are the rates will rise and statistics show that prices are already going up. Don’t miss out. Call your favorite Realtor and get in the game.

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

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