Report reveals valuable real estate, high earnings, construction lag


City staff presented council with a financial report for the month of March showing property values are significantly up and Alexandrias per capita income ranks among the countrys highest.
The average sale price of a home in Alexandria is $506,192 about 25 percent higher than this time last year, according the report. The figures represent the markets highest point since August 2006.
Alexandrians made more money per capita than all but eight jurisdictions in the country in 2009, according to the report. The citys average resident makes $70,846 annually, which ranks ninth nationally. 
The interesting news about this is that actually our per capita income from 2008 to 2009 went down 3 percent, said Laura Triggs, acting chief financial officer.
The pattern echoed throughout the region. Arlington ranked seventh with an average income of $73,187. Fairfax County ranked 12th and Washington, D.C., ranked 13th.
While the city has collected more revenue than at this point last year, some cautionary indicators remain, Triggs said. New commercial construction continues to lag, declining 98.7 percent since this time last year.