Alexandria, Lorton, Woodbridge Virginia Real Estate: Alexandria Foreclosures Real Estate Update

With less than a week remaining in Year 2011, let's take a final look at the foreclosures market in Alexandria VA. Currently, there are 55 active foreclosure listings in Alexandria. This list includes 14 single family homes,17 townhouses, and 24 condos. Whether you are looking for a primary residence, second home, or an investment property, there are several well-priced foreclosures available in the City of Alexandria as well as Fairfax County, Alexandria. In addition, there are 44 Alexandria foreclosures currently under contract.

Since January 1, 2011, a total of 394 foreclosures have sold in Alexandria. This list includes a variety of Alexandria condos, townhouses, and single family homes. The average price for the homes sold is $240,780. The minimum and maximum price points for these homes are as follows: $49,500 for a 1 bedroom, 1 bath condo in Colchester Towne and $1,010,000 for a 4 level, 3 bedroom, 3.5 bath townhouse located in the heart of Old Town Alexandria.

SOLD 2011 (394)
		List Price	Orig Price	Close Price
	Min	$44,900	$44,900	$49,500
	Max	$1,010,000	$972,700	$1,010,000
	Avg	$244,808	$257,000	$240,780
	Sum	$96,454,420.00	$101,258,100.00	$94,867,170.00

During the same time period in 2010, a total of 505 foreclosures were sold in Alexandria. The average price of the homes sold was $237,003. The minimum and maximum price points for these homes were $49,900 for an efficiency condo unit at The Seasons and $1,100,000 for an 8 bedroom, 7.5 bath luxury single family home located in Collingwood.

SOLD 2010 (505)
		List Price	Orig Price	Close Price
	Min	$39,900	$39,900	$49,900
	Max	$1,329,000	$1,399,000	$1,100,000
	Avg	$240,289	$249,885	$237,003
	Sum	$121,346,000.00	$126,191,800.00	$119,686,400.00

Evaluating the statistics for homes sold in 2011 and 2010, we see that the number of foreclosures sold differ by a total of 111 homes, with the majority of homes sold in 2010. This tells us that the number of foreclosures in Alexandria decreased by 22% from 2010 to 2011.

Comparing price statistics for homes sold in 2011 vs. 2010, we see that the minimum and maximum price points for closed sales were relatively consistent. Although there is only a slight difference of $3,777 between the average price of foreclosures sold in 2011 and those sold in 2010, this number is highly significant when we consider the number of homes sold over the two year period. A total of 394 foreclosures sold in 2011 and 505 in 2010. Because fewer homes were sold in 2011 and the average price of homes sold was also higher in 2011, this is a strong indication that the price of foreclosures in Alexandria increased from 2010 to 2011. Of course this is great news for home sellers! As the price of foreclosures in Alexandria continue to increase, so does the price and value of other homes being sold in Alexandria VA.

For additional information on how to buy a foreclosure in Alexandria or for information on foreclosure prevention and alternatives to foreclosure, please contact me for assistance.

Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia? Contact me for assistance! My expertise include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.