Alexandria and Northern Virginia Real Estate Market Report for May 2010
June 9th, 2010 Categories: Market Reports, Real Estate News
The May 2010 Real Estate Market Report for Alexandria and Northern Virginia was released earlier this week by Coldwell Banker Residential Brokerage and the news continues to be good. Just like we said last month:
Sales are up, prices are up and days on the
market are down.
As Vicki Cox Golder, president of the National Association of Realtors (NAR) noted, there has been a change in market psychology.
“Buyer confidence is back and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the ‘flipping’ mentality behind us and most people see housing for what it is – shelter that provides social benefits and is also a good long-term investment.”
Let’s take a closer look at what happened in The City of Alexandria:
- The number of May sales were up >6.6% from 196 in May 2009 to 209 in May 2010. Sales were also up 6.6% from April 2010.
- The median sales price was up>13.3% from $384,000 in May 2009 to $426,000 in May 2010. The price increase from April to May 2010 was 2.1%.
- The Days on Market (DOM) was down<6.5% from 46 in April 2010 to 43 in May 2010 and down<12.2% from the 49 DOM of May 2009.
- May YTD sales of 774 are running 9.0% ahead of last year’s year-to-date sales of 210. Excellent news!
For a more detailed look at the May 2010 market reports in your area of Alexandria or Northern Virginia, check out the locations below:
Alexandria
Arlington
Fairfax County
Fauquier County
Loudoun County
Washington, DC
We’ll be bringing you more information about specific neighborhoods – Old Town Alexandria, Del Ray/Rosemont/Temple Hills and Potomac Greens – in the next few days.
In the meantime, we’re going to use these great long summer hours to look for your perfect house.
Give me call at 703.927.4554 and let’s get started.
Michael
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