City of Alexandria Real Estate First Half 2019
2019 has proven to be a mixed bag of results thus far in the Alexandria region. However, we all know what happens in one neighborhood is not proven to be the trend in another. This is definitely proven in areas like Del Ray & Rosemont where these two neighborhoods had the largest increase in sold dollar volume in the City over the first half of 2018.
In the first half of 2019, the average sold price for the City of Alexandria went up 2.64% over first half 2018. This reflects a tighter market as total sold dollar volume dropped ay 3.69% from $798 million to $769 million in first half 2019 compared to 2018. Fewer housing units sold in the first half– down 6.17%– compared to the same time in 2018. While the average sold price increased, the median sold price dropped from $529,000 to $520,000 meaning more homes are selling in the lower end of the market this year. This is further reflected when comparing the “attached” unit (townhomes and condos)average sold price which went up by 6.26% while the average detached (single family home) sold price dropped by 7.32%. Your choices for single-family homes in Alexandria dropped by 3.70% the first half of the year compared to the same time in 2018 as only 234 single-family homes sold in that time. Attached units also sold in lower numbers by 6.86% down from 1,166 to 1,086. Properties sold fast, with 45% of them selling within 10 days and dropping from 52 days on market last year to 31 this half year a whopping 40.38% change.
22301 First Half 2019
Rosemont and Del Ray had the largest increase in sold dollar volume in the City over last year for the same time frame. The number of attached units sold went up by 17.33% and detached units went up 7% with a total units sold of 149 properties almost 13% more than last year at this time. The average sold price was $795,616, the highest in the City – even higher than Old Town – but that was a drop of 2.6% from 2018. As for days on market, the numbers show the market moving incredibly fast in 22301 with an average of 17 days on market, a change of 57% from the same time last year when homes sold in 40 days. Of the 149 properties sold, 88 were attached units and 61 were single-family homes. That is an average of 6 single-family homes and 13 attached homes selling each month in the first half of 2019 in 22301, not much inventory if you are a buyer!
22302 First Half 2019
The area encompassed by 22302 is quite broad and the statistics reflect that. The average price sold in the first half is $484,028 but that reflects the combination of Parkfairfax condo sales and single-family homes. Prices are increasing rapidly with the attached average sold price increasing 12% over last year. If you are looking for a single-family home in this zip code you had better act fast – only 41 sold in the first half compared with 61 in the same time frame last year that is a 33% drop in inventory! The average days on the market prove the market is faster across the board with homes selling in 24 days which is 49% faster than the same period last year. 51% of the properties sold in 1-10 days. The total sold volume in this zip code decreased by 17% reflecting scarce inventory.
22304 First Half 2019
Like 22302, the 22304 zip code covers a large area of attached homes–condos and townhomes as well as single-family homes. Unlike some other zips in the City, the Total Sold Dollar Volume is up from last year by 2.5% and the sold price is up by 3.23% over last year. At the same time, however, it is important to break down the numbers. The Single-family average sold price is down by 12.25% from 752k to 660k while the number of single-family sales rose from 51 homes to 66 homes. Homes are selling at a quicker pace than last year with the average days on market going down to 32 days from 52 in 2018 with 44% of the listings sold selling in 1-10 days.
22305 First Half 2019
The 22305 zip code of Beverley Hills, Warwick Village and parts of Del Ray has seen dramatic changes compared to 2018. The most alarming stat is that only 21 single-family homes sold in the first half of 2019 which is 38% lower than last year. To illustrate how few single-family homes sold in 6 months of the first half only 3.5 single-family homes sold each month this year in 22305. Inventory in this zip code is down almost 30% from last year going from 105 units sold to 74 units. The total sold volume for the same time last year is also down, making it the biggest drop in sold volume in the City. Perhaps sellers are waiting on Amazon before deciding to sell? When a property does come on the market, it moves fast with 54% of all properties sold in 1-10 days. On the flip side, attached properties (condos and townhomes) sold higher than last year at this time with an increase of 7.73% over last year in the first half. On the other hand, Single-family home sold prices dropped by almost 4%.
22314 First Half 2019
Old Town, Clover and Quaker Hill make up the majority of the neighborhoods in 22314. It makes up the largest area for homes sold. The sold volume for first half 2019 is about 40% of the total sold dollar volume of the City of Alexandria in the first half of 2019. The average sold price rose by 5.4% from the first half of 2018 but this was mostly in attached units where the attached average sold price went up 6.40% while the detached or single family home average sold price dropped by 1.3%. The total number of units sold in the first half 2019 dropped by 9% from 441 in the first half of 2018 to 401. The ratio of Avg SP to Avg Original list price is trending lower than the rest of the city sitting at 97.9%. Only 38% of properties sold within 1-10 days which is a bit slower than the rest of the city.