This week’s Q&A column is written by David Howell, Executive Vice President and Chief Information Officer, of McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant market news, contact David at 703-738-9513 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: How did the real estate market in the City of Alexandria for the 3rd quarter of 2020 compare to 2019?
Answer: As we discussed back in July, the first half of the year saw a significant impact on Alexandria’s real estate market from the COVID-19 pandemic. After a solid start from January 1 to March 15, contract activity dropped off 13% through the end of June. Decreases were greatest through April and almost “normal” by mid-May. Activity in June actually surpassed 2019 and that growth has increased significantly through the third quarter of this year.
Overall contract activity in the City of Alexandria increased 33.3% in the 3rd quarter of 2020 compared to the 3rd quarter of 2019. As the chart above indicates, homes priced $300,000-$749,999 saw the most significant increases by quantity, but the number of contracts for homes priced $1+ million has more than doubled in that time period.
If we look more closely at contract activity by property type, the most significant increase was for attached homes which includes townhomes and duplexes — up 64.6% for the third quarter. Detached homes are the smallest part of the Alexandria market. The modest increase of 5.2% may have been held down by lack of inventory, not lack of demand. Contract activity for condos in Alexandria City also saw a sizeable increase of 26.5%.
Despite the market contraction brought on by COVID-19 in the spring, contract activity has come back strong. Inventory is low and we expect to see very tight supply for the foreseeable future, which is great for sellers and a bit challenging for buyers. That tight supply will put upward pressure on home prices.
For more in-depth, local real estate news and to search for your next home, please visit our website.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703-549-9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria
One year after a plan to open at 128 N. Pitt Street seemingly fell through, hyper-popular D.C. bagel shop Call Your Mother Deli says an Alexandria location in Old Town…
No one was injured or arrested after a report of gunfire in Old Town on Tuesday. The incident occurred at around 5:25 p.m. in the 600 block of S. Fayette…
(Updated 12:35 p.m.) Virginia Railway Express (VRE) trains were stopped last night after a vehicle struck the bridge over King Street — again. The delay is the latest in a…
Meet Senor Pug, an 8-year-old pug with expressive eyes who is searching for his forever home. He is currently up for adoption at the Animal Welfare League of Alexandria. His…
Monarch Montessori School located in the heart of Del Ray is enrolling children 6 weeks to 6 years of age for our half day and full day program.
Our hours of operation are 8:00 AM to 5:30 PM, Monday-Friday. Monarch Montessori School is open year round, with intermittent breaks.
Children engage in self-directed, self-initiated activities under the guidance of a trained Montessori teacher. Classroom sizes range from 8-12 students. Our robust curriculum includes botany, sensorial activities, the social graces, culture, math, science, practical life, geography, music appreciation and language arts.
You’ll get half off of the registration fee when you register and begin care with us before April 30, 2023.
EDBS Dental Billing Solutions is pleased to announce that it has achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group’s proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
The HIPAA Seal of Compliance is issued to organizations that have implemented an effective HIPAA compliance program through the use of The Guard, Compliancy Group’s proprietary compliance tracking solution.
Clients and patients are becoming more aware of the requirements of HIPAA compliance and how the regulation protects their personal information. Forward-thinking providers like EDBS Dental Billing Solutions choose the HIPAA Seal of Compliance to differentiate their services.
Del Ray Dog Fest & Yappy Hour
The 1st Annual Del Ray Dog Fest is a fun outdoor event that will include dog-centered activities, dog menu items, live music, vendors and food on Sunday, April 2 from 11am- 3pm at the George Washington Middle School parking lot.