The January 2010 Real Estate Market Report for Old Town shows an increase of 42 percent in the number of listings from January 2009 to January 2010 but a decrease of almost 26 percent in the average sold price for the same time period.
The number of days on the market (DOM) dropped from 184 in 2009 to 106 in 2010. One 2010 listing took almost 600 days to sell while two listings sold in a day.
Interestingly, this is almost the complete opposite of what our December 2009 Real Estate Market Report showed. In that case, the number of listings were down but the prices were up as were the days on the market.
Overall we do not think this is cause for concern. Of the eight properties sold in January 2009, five were over a million dollars and the lowest sold price was $479,000. In January 2010, only five of the nineteen properties sold were over a million and the lowest sold price was $280,000.
The numbers below represent sales of single family dwellings, condominiums are not included.
For details on any of these listings or other properties in Old Town Alexandria, call me at 703.927.455.