The combined value of condos and single-family homes in Alexandria dropped 2 percent last year, with every section of the city seeing a dip in condo values, according to 2008 real estate assessments.
The dip in value poses a sharp contrast to the climbing residential real estate values seen in Alexandria over the past five years, but is a smaller drop than farther-out counties such as Loudoun and Prince William are expected to experience.
Arlington County saw a slip in residential real estate values similar to Alexandria’s this year.
The average assessed value for single-family houses in Alexandria dropped about $5,700 — less than 1 percent — to $656,984, with 59 percent experiencing a drop.
Several areas of the city saw slight increases in single-family home values, including Potomac Yard, Northeast, Southwest Quadrant and Carlyle.
No area saw an increase in condo values.
More than 83 percent of the city’s condos declined in value, with Potomac Yard, Potomac West, Carlyle and Southwest Quadrant seeing drops steeper than 6 percent.
The city’s commercial sector, which represents 43 percent of the real estate market, continued to increase in value, officials said.
Existing commercial properties increased in value by an average of about 10 percent, with office buildings and hotels seeing the steepest climbs, according to Cynthia Smith-Page, director of real estate assessments.
“This increase reflects lower vacancy rates and the continued stability and health of city of Alexandria economy,” a city spokeswoman said.
