Alexandria and Northern Virginia Real Estate Market Report for June 2010
July 6th, 2010 Categories: Market Reports
The June 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 positive for the most part.
Dominating the news was government legislation that extended the closing date for the Tax Relief Credit. Purchasers who were under contract by April 30 now have an extra 90 days to close on their home purchase.
For home buyers who could not take advantage of the tax credit, the time is still ripe to purchase a home. Interest rates are holding at all-time record lows, offering an excellent opportunity to get into the market.
As the market recovers, experts look for interest rates to climb. Even the slightest bump in rates can price a buyer out of their dream home.
The message here? If you are financially stable and if your credit rating is in order, don’t wait or you could miss your opportunity.
Let’s take a closer look at what happened in The City of
Alexandria:
- The number of June sales was down <7.1% from 210 in May 2010 to 195 in June 2010. Sales were also down 10.6% from June 2009.
- The median sales price was up>3.0% from $431,250 in May 2009 to $440,000 in June 2010. The price increase from June 2009 to June 2010 was up> 5.7%.
- The Days on Market (DOM) was up >11.9% from 42 in May 2010 to 47 in June 2010 and up 9.3% from June 2009.
- June YTD sales of 978 are running 6.3% ahead of last year’s year-to-date sales of 920. Excellent news!
For a more detailed look at the June 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.
Remember that there is a lot of house hunting that can be done indoors (thanks to the internet) and you can stay cool doing it!
Give me call at 703.927.4554 and let me get you started on your search,
Michael
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