The real estate market in February was the best we have seen in Alexandria in many years.
Compared to December, twice as many homes went under contract — 200 in February compared to 102 in December. In January, 126 homes went under contract. This was the strongest improvement in Northern Virginia.
The strong sales were across the board–condos, townhomes and detached homes. The market for townhomes was the strongest, with 81 properties selling with 98 townhomes remaining active – a 45.5% absorption rate. Single family home sales came back to what had been the yearly average – 35 under contracts, as compared with 13 in January and 14 sales in December. That movement left inventory low, which will likely change as the spring market becomes more active. Most of those single family homes were sold in the $500,000 to $1,249,000, with eight selling in the $800,000-$899,000 price range.
Townhome sales were smoking hot in the $400,000-$700,000 range, where 46 properties went under contract out of a 81 total sales. Just six $1 million dollar plus townhouses (typically in Old Town) went under contract in February.
We are looking forward to a strong spring market here in Alexandria as property values have finally recovered from the lows of the last decade. Buyers are demanding that properties be in great condition and are being very careful about price. That being said, those sellers who show their homes well and price them reasonably are selling their homes quickly.
If you would like an Alexandria real estate market update or a report on comps for your home, please contact Sue or Allison at 703-362-3221, firstname.lastname@example.org email@example.com. We are always happy to help!