Market Watch 22314: Old Town, Carlyle and Taylor Run in Alexandria

• March 14th 2011

by Keith Gibbons

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Housing Market Watch is a weekly feature on UrbanTurf in which Keith Gibbons, the brains behind DCHousingPrices.com analyzes recent MRIS statistics for a specific DC area zip code to help paint a picture of the housing market in that area.

In Housing Market Watch this week, UrbanTurf crosses the Potomac River and takes a look at home sales statistics for the Northern Virginia zip code of 22314.

22314 is roughly bordered by the Potomac River on the east, I-495 on the south, North Quaker Lane/the Metro rail line on the west, and Janneys Lane/Route 7 on the north. A large portion of Alexandria — including all of Old Town — is located in this zip code.

Fifty-one units sold in 22314 in February and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

• Compared to February 2010, aggregate dollar volume was significantly higher (up 75.08 percent) as were the number of units sold (up 54.55 percent). The average sales price increased 13.29 percent, but the median sales price was down about one percent.
• Condos accounted for 23 of the 51 units sold, a 27.78 percent increase compared to February 2010. While unit sales were almost evenly divided, single-family homes trounced condos in dollar volume, not surprising since the average price of a home was 72 percent higher than that of a condo. Twenty-eight homes were sold, an 86.67 percent year-over-year increase, and the average price rose 15.29 percent.

At February’s sales pace, there is a 3.65-month’s supply of condos and 3.89-month’s supply of single-family homes listed in 22314. A closer look at the market by price point reveals that it is a seller’s market for all segments listed under $1 million. Those homes above $1 million will have a tougher time selling. Thirty of the 109 active listings are priced above $1 million, and based on February’s sales pace for that price point, that works out to a 15-month supply.

The market in 22314 is recovering from its 2008 low, but it hasn’t yet returned to the glory days of 2007. However, if you’re in the market for a home or condo in 22314 that’s priced below $1 million, fast action and financial preparedness will be important. If you can afford the pricier things in life, time may be on your side.

Below are charts that provide more detailed statistics of the market in 22314.

Next Week: A look at the housing market in 20011, a zip code that includes portions of Petworth, Crestwood, 16th Street Heights and Fort Totten.

Similar Posts:

• Housing Market Watch: 20015
• Housing Market Watch: 20002
• Housing Market Watch: 20003
• Housing Market Watch: 20009

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/housing_market_watch_22314/3147.