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Ask Eli: 2022 Arlington mid-year single-family home review

By ARLnow.com Sponsor

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: How did the Arlington single-family home market perform in the first half of 2022?

Answer: We have reached two years of the average single-family home (SFH) in Arlington selling for over the asking price, but like the rest of the economy, things are finally cooling down. However, the “cool-down” data won’t start showing up for another month or two and the data you’ll see here, a review of the first half of 2022, reflects what was mostly a red-hot market.

More Competitive, Less Price Growth?

By nearly all measures, the first half of 2022 was more competitive than the first half of 2021, yet we got lower average and median price growth in ’22 than in ’21, compared to the first half of the year prior.

The competition in the first half of 2022 was unlike anything we’ve seen in Arlington before with the average SFH selling for 4.2% more than the asking price, compared to an average of 1.8% over ask in the first half of 2021. In 2022, an insane 79% of homes sold within the first 10 days on market, compared to 70% in 2021 and 73% of homes sold at or above asking price in 2022, compared to 66% in 2021.

With such intense demand, one would expect to see higher price growth in 2022 than in 2021, but that’s not the case. The average and median price change in the first half of 2022 was 7.1% and 5.6%, respectively, compared to the first half of 2021. From 2020 to 2021, the average and median price change was 9.6% and 16.6%, respectively.

I think the reason for conflicting demand and appreciation data is two-fold. First, the 2021 appreciation is based on the first half of 2020, which included the first few months of COVID lockdowns when the market basically froze, so those prices may have been somewhat artificially deflated. However, the counter argument to that is comparing the first half 2020 prices to 2019 prices, we got a healthy 5% appreciation in average price.

The second reason, and this is just a theory, is that by 2022 the market (sellers and listing agents) knew that buyers were accustomed to paying significantly over the asking price and thus set more conservative (lower) asking prices to ensure competition instead of setting prices that were more reflective of actual/likely market values. Doing so would artificially inflate some demand measures without causing a coinciding explosion in prices.

Since the beginning of the pandemic in the first half of 2020, the market has experienced the following:

  • Median price increased by $225,000 or 23%
  • Average price increased $197,000 or 17.5%
  • Average seller credit (towards buyer closing costs) decreased by 75%
  • The number of homes sold for $2M+ increased from 5% to 11% of total sales
  • The number of homes sold for under $1M decreased from 53% to 31% of total sales

22205 Leads Growth, 22201 Still Most Expensive

The 22201 and 22207 zip codes remain significantly more expensive than other Arlington zip codes as the only two with an average price higher than the county-wide average. The 22205 zip code has benefitted from tremendous growth over the past five years and led the way in the first half of 2022 price growth, adding 12.7% to its 2021 first half average.

After gaining 19.8% in 2021, 22204 settled back down to a 5.1% increase on average price in 2022 and remains the only zip code with an average price below $1M, but with more new construction popping up throughout the 22204 neighborhoods, I don’t expect the sub-$1M average price to last much longer.

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Legal Insider: FTC considers banning non-compete agreements

By ARLnow.com Sponsor

This is a sponsored column by attorneys John Berry and Kimberly Berry of Berry & Berry, PLLC, an employment and labor law firm located in Northern Virginia that specializes in federal employee, security clearance, retirement and private sector employee matters.

By John V. Berry, Esq.

In a move that will affect Virginia executives and employees, it appears that the Federal Trade Commission (FTC) is considering new regulations to curtail the use of non-compete agreements. Non-compete agreements limit the ability of employees to work for potential competitors or start their own businesses.

The President issued an Executive Order in July 2021 urging the FTC to consider limiting the unfair use of non-compete agreements that unfairly limit worker mobility. It now appears that the FTC is on the verge of taking action.

Non-compete agreements in recent years have gotten out of hand, with some companies barring even fast food workers or coffee baristas from taking similar positions elsewhere. Traditionally, non-compete agreements were reserved for very senior-level executives, but the practice has now been extended to all types of employees.

Lina Khan, the Chairperson of the FTC, recently told the Wall Street Journal, “We feel an enormous amount of urgency given how much harm is happening against the workers. This is the type of practice that falls squarely in our wheelhouse.” While non-compete agreements have typically been controlled by state law, it is time for action on the federal level. Locally, in 2020, Virginia exempted low-wage workers from non-compete agreements; this was a move in the right direction.

Many lawyers who draft non-compete agreements disagree with the FTC taking any action to limit them. Our firm represents executives and employees who have been issued unfairly broad non-compete agreements, and we believe that the FTC should take action to limit this practice.

Contact Us

If you are employed in Virginia and have signed or are considering signing a non-compete agreement, you should seek the advice of a qualified Virginia employment lawyer. Please contact our office at 703-668-0070 or through our contact page to schedule a consultation.

Adoptable Pet of the Week: Benedict and Bertram

By ARLnow.com
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Meet Benedict and Bertram, the latest Adoptable Pet of the Week duo! These two friends are a bonded pair looking for a forever home together.

Their friends at Animal Welfare League of Arlington, had this to say:

Meet Benedict and Bertram!

Admittedly, it is difficult to tell these two apart; same size, same age, same coloring! But when it comes to personality, you’ll quickly see Benny is the more curious of the pair, especially when it comes to questioning why you have stopped petting him. He’s the first to sniff out any changes to his space, including any new humans. His favorite thing is to snuggle up next to Bernie (Bertram) and spend the afternoon dozing off.

Bernie likes to sit back and let Benny do all the hard work of exploring anything new in the environment. If something/someone is deemed to be interesting enough, he quickly joins to see what all the fuss is about. Much of the time Bertram can be found content in a loaf, just happy he gets to hang with his bestie all day, everyday.

AWLA expanded their “Empty the Shelters” event through this weekend (July 22-24) as its kennel capacity has reached a “critical” level. Small animal adoption fees are free during the event.

Have Benedict and Bertram finally found their forever home? Check out their profiles to learn more.

Want your pet to be considered for the Arlington Pet of the Week? Email [email protected] with a 2-3 paragraph bio and at least 3-4 horizontally-oriented photos of your pet. Please don’t send vertical photos — they don’t fit in our photo galleries!

Just Listed in Arlington

By ARLnow.com Sponsor

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.

Welcome to Just Listed!

Interest rates inch up three basis points, from 5.51% to 5.54%. We’re expecting another .75% rate hike from the Fed soon. I won’t get too in depth, but remember that doesn’t directly correlate to mortgage rates, but everything is related. These continued rate hikes are putting downward pressure on growth, and mortgage rates are likely to continue to rise.

At the time of publication, in Arlington there are 459 residential properties available across all property types, eight more than last week. Of those 459, 141 are detached properties, 66 are town homes/semi-detached properties and the remaining 252 are condominiums.

This past week, sellers listed 75 homes for sale, a decrease of 19, while buyers ratified 55 contracts. 19 of the ratified contracts were on homes just listed within the past seven days.

Average asking price of currently available homes is $865,183 and the median is $685,000. Currently available homes have been on the market for an average of 47 days and a median of 32 days.

This week last year, rates were sitting at 2.78%, sellers has listed 97 homes for sale and buyers ratified 82 contracts. There was a total of 545 properties for sale!

Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!

809 21st Street S.

Building your dream home: New construction seminar

By ARLnow.com Sponsor

Building a new home is a rewarding and memorable experience. That’s why a custom-built home requires personalized service!

Here’s your chance to learn everything you need to know about new construction properties from successful agents on the top-selling real estate team in the D.C. metro area.

Two of Keri Shull Team’s seasoned Client Success Agents, Bridget Mendes and Sofia Luna, will be leading this seminar at our Rosslyn office.

You’ll learn:

  • Advantages of New Construction — We’ll take an in-depth look at how you can design the exact home you are dreaming of!
  • Buying a Builder-Owned Lot vs. Finding Your Own — Which solution is best when finding a lot? In the D.C. metro area, land can be rare, we’ll show you how to find it.
  • Choosing the Right Agents and Specialists — Don’t risk costly problems or losing your dream home! A good agent will help you close faster and pay less.

Join us at 1600 Wilson Boulevard, Suite #101, on Thursday, July 28 from 6-7 p.m. for this FREE seminar. Make your new construction dream home a reality with experts by your side!

Reserve your seat today!

Statutes of Liberty: The virtues of the immigration racket part 2 — The old way at Ellis Island

By ARLnow.com Sponsor

This sponsored column is by Law Office of James Montana PLLC. All questions about it should be directed to James Montana, Esq., Doran Shemin, Esq., and Laura Lorenzo, Esq., practicing attorneys at The Law Office of James Montana PLLC, an immigration-focused law firm located in Arlington, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.

Note: In this Guest Essay, our anonymous friend, Prof. Erasmus, explains his rather unusual thoughts about U.S. asylum law, which — of course — we do not endorse or even pretend to understand. If you like Prof. Erasmus’s work, stay tuned, because he intends to make this a regular feature. We’ll see if he intends to pay our advertising bill.

Guess who’s back, back again/Razzy’s back, tell a friend

I, Professor Erasmus, am here to further educate you on how American immigration law works. Remember the rule: We do not judge law by what it purports to do, but by what it actually does.

Today, I would like to remind you about the Old Way that the United States used to do immigration — what I will call the Ellis Island system. The rules at Ellis Island, circa 1910, were simple and clear:

  • No passport or visa was required. Immigration officers checked your name against the ship’s manifest to determine whether your identity could be verified. Fraud was frequent.
  • A government doctor would examine you to determine physical and mental fitness. About ten percent of people were held for further examination — heart trouble, mental instability and inability to do physical labor were all reasons for detention. (Think little Vito Andolini from The Godfather Part II.)
  • Brief questioning from officials, aimed at determining whether you were a dangerous anarchist, led to a tiny fraction of migrants being detained and then deported.

98% of applicants for admission made it in. 98%!

Upon admission, immigrants received no paperwork of any kind — no summons demanding a court appearance, no green card, no work permit, no identification. Do you think that the Ellis Island system differs from our current system? It does not. If you think it does, you’re a fool, a lawyer, or quite possibly both.

In my next essay, I will explain to you how our current immigration system is, in fact, just like Ellis Island in every particular. Every border crossing station is a miniature Ellis Island. Lawyers, judges and bureaucrats pretend otherwise; let them pretend. Here, we tell the truth.

Catalytic converter theft: What you need to know

By ARLnow.com Sponsor

There is an epidemic of catalytic converter theft sweeping the nation and the Arlington and D.C. area is no exception.

Over the past few years, the price of commodities has skyrocketed and that includes the rare metals that help catalytic converters do their job of filtering your emissions. One of them, Rhodium, recently cost $14,000 an ounce compared to gold which was at about $1,740 an ounce. No wonder these are in such high demand. You can find anything else you have ever wanted to know about catalytic converters but were afraid to ask here.

This can happen to any car, but Priuses are being targeted heavily by catalytic converter thieves. They actually have two catalytic converters and are more valuable because the hybrid engine means they get less use.

So what to do?

First, make sure that your insurance covers replacement of your catalytic converter if it is stolen. Second, follow these guidelines to reduce the risk of your catalytic converter being stolen.

Third, if you are the victim of catalytic converter theft, you’ll need to get it replaced. The easiest way to do that is with auto service start-up CarCare To Go. They provide maintenance and repairs, (including catalytic converter replacement) for all car brands.

In addition to being the most trusted and transparent service center you’ve ever used, every appointment comes with a free valet pick-up and return of your vehicle from home. And they’re used to working with your insurance company.

If you’re lucky enough not to have any issues with your catalytic converter, you should still use CarCare To Go for all your car needs. Right now, they’re running a crazy special on your first oil change. It’s just $20.22. No catch. Seriously. It even covers synthetic oil.

You’ll wonder why you ever took care of your car any other way. Learn more here.

Biz Talk: Growth and employee collaboration drive new office leases

By ARLnow.com Sponsor

This article was written by Arlington Economic Development.

The pandemic has forever altered the commercial real estate landscape.

Flexible work environments have become one of the most critical factors in attracting talent, but many people are unsure about the role that office space will play in the future of work. While many companies put real estate decisions on hold, commercial real estate brokers are reporting more interest in office tours, and some companies chose to expand their office footprint despite the uncertainty brought on by the pandemic.

Arlington Economic Development interviewed a local broker and companies that have recently expanded or are looking to expand their office footprint to understand more about what is driving these decisions and how the pandemic has changed how company leadership and employees think about the office.

Business and employee growth is the number one driver for those that have taken new office space during the pandemic or are seeking to expand.

“The National Capital Region has recently received a significant amount of equity funding, and there is a lot of merger and acquisition activity in the area,” said Edward Saa, Co-Founder and Managing Principal at Ethos Tenant Co. “These businesses are securing funding and growing out of their existing footprint. This is especially prevalent among companies currently headquartered in a coworking environment that are ready for their own standalone office space.”

Rios Partners started working with Ethos Tenant Co. about two and a half years ago to identify new office space. Rios put its search process on hold during the early days of the pandemic. When Rios decided they were ready to return to the office, their space needs had more than doubled from the amount of space they had identified before the pandemic due to rapid company growth.

Rios Partners CEO Joshua Riojas said that employees, not company leadership, drove their decision to return to the office. “Employees asked to come back to the office and meet people. Everyone didn’t want to come daily, but our work is generally team-oriented, and video calls cannot fully replicate in-person meetings,” Riojas said.

Lynch Consulting also recently moved from Rosslyn to Crystal City and is looking to hire about 20 more employees. “Crystal City is just a few Metro stops from the Pentagon, and we have a lot of Department of Defense contracts,” said Patrick Lynch, CEO and Managing Partner. “We also have civilian clients in D.C., and we are just a few metro stops from them. Arlington and Virginia are very business-friendly locations for our company.”

Lynch also cited employee interaction as the primary value of office space. “Having face-to-face interactions is important,” he said. Lynch Consulting still has a flexible schedule and no required days in the office, but Lynch reported that his teams still come to the office for staff and client meetings.

Marine Acoustics, a Ballston-based engineering firm, is looking to expand its office space. “We are posturing to grow, so expanded office space will give us a bit more breathing room,” said Steve Psaras, Vice President, Virginia Operations.

Psaras said the new office space would accommodate more client meetings and secure teleconferences for their government clients. Their clients, including the Office of Naval Research, have an increased need for meeting space during the pandemic.

“We sometimes host up to a couple of meetings a week in our spaces. The Office of Naval Research all but stopped hosting live conferences during the pandemic,” Psaras said. “With the ease of access that we allow within our facility as well as safety controls in place, it becomes more convenient for them to host live meetings at our facility rather than in their own.”

Marine Acoustics also has a flexible telework policy. “We’re not dictating where employees complete their work, but people are finding the office to be more productive for certain kinds of work. Most employees will spend at least three days in the office per week because they know that more synergy and face-to-face communication are required to get things done,” Psaras said.

“Companies are still navigating the uncertainty of the past few years,” said Tim Jacobs, Co-Founder and Managing Principal at Ethos Tenant Co. “But as we’ve seen with our clients Rios Partners, Lynch Consulting and Marine Acoustics, businesses are still finding value in gathering in the office, while also maintaining a flexibility for their employees.”

Just Reduced Properties in Arlington

By ARLnow.com Sponsor

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes. 

As of July 18, there are 165 detached homes, 66 townhouses and 261 condos for sale throughout Arlington County. In total, 53 homes experienced a price reduction in the past week, including:

303 N. Upton Court

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

Job of the Day: Youth Travel Baseball Coach at Arlington Travel Baseball

By ARLnow.com Sponsor

Arlington Travel Baseball (ATB) is a 501(c)3 non-profit youth baseball organization that provides an opportunity for players ages 9-14U to acquire superior skills through higher levels of competition.

ATB is seeking head and assistant coaches who have a passion for the game and want to join a “winning” team. Ideally, we are in search of former college baseball players who want to teach the game they grew up playing.

Coaches will be compensated a competitive wage and required to pass a background check. Coaching experience is a plus but not required and training is available as needed. Coaches will report to the Director of Player Development, who will set team goals and assist with practice plans and specific skills development.

Typical responsibilities include:
– Manage the day to day field activities of the team. Teaching relevant skills, tactics and techniques
– Arrive on time and have a practice plan for each practice
– Lead the team at all regular season, playoff and tournament games
– Coach in a positive manner (Coaches will have coach of conduct form)
– Communicate with Team General Manager with administrative needs of team
– Prepare the players for the physical and mental challenges of competitive baseball
– Identify player strengths and weaknesses and provide progress reports at end of summer season

If you’re interested or know someone who might be please contact us at [email protected] or call 703-679-7756.

Job details

Position: Youth Travel Baseball Coach
Type: Part time
Contact: [email protected]

 

[su_button url=”mailto:[email protected]” target=”blank” style=”flat” size=”8″ center=”yes”]APPLY FOR JOB[/su_button]

 

Ask Eli: 2022 Arlington mid-year condo review

By ARLnow.com Sponsor

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: How did the Arlington condo market perform in the first half of 2022?

Answer: It has been quite a ride for the Arlington condo market over the past four years!

After a long stretch of relatively little appreciation from ~2013-2018, the condo market surged on the November 2018 news of Amazon HQ2 and then flatlined when COVID lockdowns began in the spring of 2020. Beginning in the summer of 2020, condo inventory flooded the market in record volume, causing the market to soften and prices to drop.

Conditions were improving by the summer of 2021 as demand picked up. By early 2022, competition return to the market with more multiple offers and escalations. The competition didn’t last long, as the entire housing market began to slow due to high interest rates and worsening economic conditions.

After much volatility in the condo market since late 2018, I think we are finally seeing signs of the market finding its natural balance — moderately favorable for sellers, while providing buyers with a range of options and the occasional opportunity for a discount.

Let’s look at the stats behind the first half of the 2022 Arlington condo market…

Pace of New Inventory Evens Out

From 2013-2018, the Arlington condo market averaged ~500 and ~700 new listing in the first and second quarter, respectively. Those numbers dropped off a cliff in 2019 and 2020 because people chose to hold properties because of Amazon’s announcement (Q1 2019-Q1 2020) and then held in Q2 2020 because nobody knew what to do when COVID hit. Then the pace of inventory surged at a record-shattering pace from the summer of 2020 through the end of 2021.

Inventory levels finally came down to earth, closer to their 2013-2018 averages, with 576 and 651 new condo listings in the first and second quarters of 2022, respectively.

Supply/Demand Levels Back to Normal-ish

With the easing of new inventory volume and demand coming back to level, Months of Supply (a measure that combines supply levels with the pace of demand) has returned to levels more in-line with pre-Amazon years and what I would consider to be the Arlington condo market’s natural balance.

Housing economists consider six months of supply to be a truly balanced market for buyers and sellers, but we rarely see a sub-market around here that gets close to six months. 1.5-2 months of supply is a favorable market for sellers, but it usually takes less than one month of supply for multiple offers and escalations to become a common occurrence.

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