Old Town Market Data in Alexandria City for Townhouses and Condos
Keep in mind the company that provides this research on the market just started collecting the data in May-ish 2007 so until there is a full year of data/numbers on Alexandria real estate & townhouses, just look at the numbers since July to have a better idea the data. All the variables started at 0 in May so ignore those 1st few months. Double click on the graph for a more detailed look at condo versus townhouse—just send your question in via email after double clicking and some specs will be emailed to you about the Old Town Alexandria market. But state your specific interest if you do send in the question so your question can be answered to your satisfaction.
The Greater Alexandria Virginia Market Data and Stats for Price–condo vs house
Real estate in Alexandria is located on the west bank of the Potomac River, several miles south of Washington DC real estate and west of the Potomac. It offers a nice mix of business use and residential property including more and more mixed use projects in which new condos sit on top of grocery stores such as Whole Foods (i.e. The Royalton — my favorite condo in Old Town). Old Town with its historical townhouses dating back to the early 1800s has a charm to it and is filled with a plethora of restaurants, art galleries, antique shops and Torpedo Factory. Like the rest of Fairfax County, home prices have appreciated rapidly. The average sales price of home for sale increased 20.39% in 2005.
Why has their been in such high demand for homes for sale the last few years. Of course the answer is jobs, jobs, jobs. Northern Virginia added over 100,000 jobs in the last several years and many of them found Alexandria to be a convenient place to live.
Old Town and Del Ray and MLS Alexandria VA Real Estate, Townhouse, Condo, Homes for Sale in Alexandria Virginia
In 2006 another 2000+ jobs have been added as of Sept and the unemployment rate has fallen to 2.4%. Not too shabby, eh? What is interesting is that homes sales went down dramatically (25-35%) like the rest of Fairfax County but homes values have remained rock solid and have appreciated in most Alexandria City zip codes 1-10%. It should be noted that prices did not appreciate in 22314 (+1.1%) Old Town this year but did not decrease either compared to 1st quarter. So the market is much more stable than the hype based media would have you believe. And as of 2007 here are some numbers on real estate sales versus 2006 sales:
So you see a few more transaction in 2007 vs 2006 and the median sales price has increased so far 7.75%. This probably means some homes that didn’t sell got rented out so they didn’t drag the average sold home price down statistically. Any depreciating has already occurred for the most part and the market is stable. To search for townhouses in Old Town click here and go to detailed search selecting “subdivision” instead of “county/city”, then scroll down to Old Town–Alexandria and add it to search area. To learn more about Alexandria City Public Schools click here. The MLS tool for consumers for Alexandria Virginia real estate is here and is called home buyer scouting report.
The Old Town Area of Alexandria Virginia and History
One of the neat things about Alexandria real estate is Old Town. It’s history goes back to the 1600s when the governor awarded 6000 acres to a ship captain Robert Housing who brought 120 people to live in Virginia. He promptly sold it to John Alexander for 6,000 pounds of tobacco and the rest is history. I’ve sold and been in some of the townhouses that date back to the early 1800s and you can’t help but wonder who lived there in the past, did a founding father ever eat dinner at the home, etc. It’s as if history is screaming out at you from the walls. For more about Alexandria Virginia history one can access wikipedia’s entry. A great Alexandria Daily photo blog captures much of its charm and focusses on Old Town.
Click here to learn more about real estate in Alexandria and to search the MLS or Old Town homes for sale! Besides the charming townhouses in the area there have been several new condos built recently and if you’d like to see them just fill out the contact form on the menu bar.