Picturesque Alexandria, Virginia is best known for its' "Old Town," an 18th century seaport and favorite haunt of George Washington, says Realtor Karen Kruschka.
"Old homes and newer condominiums in Old Town are extremely expensive due to the colonial atmosphere," explains Kruschka. "The 'Landmark' area at the western end of the city is the location where you will find mid and high rise condominiums. The center of the city has everything from 50-year-old duplexes to extremely expensive single family homes.
In addition to the historic significance of the area, commuting into Washington, D.C. is easy, due to numerous Metro stops and short driving time to the District. "Alexandria appeals to those who prefer "in-town" living," suggests Krushka, "Any new construction is usually high-priced, high-rise condominiums."
"Strong demand and low supply have been in effect for the last three years," explains Realtor Casey ONeal. "In the first quarter of the year it is typical to see many buyers looking and not many choices."
"This time of year is an opportune time to be a seller because of the lack of competition," he adds. "Multiple offers are commonplace, which is all the more reason to be represented by a professional who can analyze and recommend strategies to negotiate the best contract."
Is there any hope for any softening? "With news of a regional economic recovery on its way and a warm January, home sales rocketed forward at 25% for both Northern Virginia and Greater Northern Virginia," explains ONeal. "The average price of a home in the Northern Virginia area topped out at $293,809, passing January 2001's average price by nearly 9%. In Northern Virginia, listings slipped just under 2% while the number of listings throughout the greater Northern Virginia jurisdictions jumped more than 16%."
"Buyers are now enjoying this softening or stabilization period," says Realtor Scott Fortney, "but they did not see a decrease in home value like they were expecting. Our market is very well "insulated" and we will not see a "down" market for a while."
"Recent price trends are stable," he says, "but with Spring market just around the corner, we will start to see the inevitable increase in demand for homes. Low rates combined with a shortage of homes on the market are causing anxiety among buyers."
And that's why Alexandria has a 100 percent absorption rate, says Realtor Barbara Northam. "The absorption rate
reflects the number of homes available vs. the homes that have gone under contract since 03/16/02," explains Northam. "Prices are increasing, but not as dramatically as in the prior month."
"The Washington DC area real estate market is and always will be one of the strongest, healthiest and most resilient real estate markets in the United States," says Fortney.
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Published: April 23, 2002
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