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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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Listing of the Day: 5424 21st Street N.

By ARLnow.com Sponsor
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Address: 5424 21st Street N.
Neighborhood: Broyhill Heights
Listed: $800,000

The original owner lived in this home for nearly 70 years and is now passing it on to those who will trade sweat equity and a Pinterest eye for a solid house in a wonderful area.

Located between Lee-Harrison Center and Westover Village, the home is well sited on an 8,000 square foot lot with mature trees and shrubbery. The living room is anchored by both a wood burning fireplace and a wall of built-ins. It flows into the dining room and then to the vintage kitchen with original 1951 cabinets and countertops. A door from the kitchen opens to the patio and big, fenced backyard.

Three bedrooms are on this level along with a classic Arlington bathroom with white tile, capped in black. A linen closet is in the hall along with pull down stairs to a large attic for excellent storage or expansion potential. Pop the top, renovate, expand and make this well-loved home your own.

Glebe Elementary School, Swanson Middle School, and Yorktown High School.

Listed by:
Betsy Twigg
McEnearney Associates
703-967-4391
[email protected]
www.betsytwigg.com

Neighborhood Spotlight: Touring Fairlington

By ARLnow.com Sponsor

Fairlington has so much to offer and is one of Arlington’s best-kept secrets.

With immediate access to I-395 (and located adjacent to Shirlington), residents can easily get to downtown Washington, D.C. in minutes and many other key destinations throughout Northern Virginia and beyond. 

The neighborhood dates back to the 1700s when it was owned by John Carlyle and even George Washington. In the 1930s, FDR enacted a decree to have the land developed for defense workers and their families. What you see as Fairlington today (primarily townhouse-type condominium apartments) was built in the 1940s as the largest housing project financed during World War II. Fairlington is listed on both the National Register of Historic Places and on the Virginia Landmarks Register. 

A big draw to Fairlington is the access to many amazing neighborhood amenities, such as the Fairlington Community Center — which hosts a seasonal farmers market, and Fairlington Park featuring basketball courts, a fitness area and a playground. Fairlington is also a wonderful place for pets with a dedicated park (Utah Dog Park) and easy access to numerous trails including the famous Four-Mile Run Trail and the Washington and Old Dominion (W&OD) Trail. 

Fairlington borders Alexandria and residents have easy access to the Bradlee Shopping Center which is anchored by a Fresh Market and it is just down the road from the Green Street Gardens of Virginia. Also, minutes away is Shirlington, a vibrant, welcoming, and diverse community that has everything you need whether craving food or entertainment. Check out my video and article on Shirlington here.

There is so much more to discover! Connect with neighborhood expert Sallie Seiy to learn more about Fairlington and other surrounding areas! 

Sallie Seiy | 703-798-4666 | [email protected] | www.SallieSeiy.com | www.McEnearney.com | @soldbysallie on Instagram  

Fairlington Neighborhood Links & Recommendations

Shirlington Neighborhood Links & Recommendations

For 40 years, McEnearney Associates has been a premiere residential, commercial and property management firm with 11 offices located in the Washington metro region. With service excellence, hyper-local expertise, powerful data insights, innovative technology and cutting-edge marketing, McEnearney Associates have helped their clients make informed decisions on their most valuable real estate investments. There is an important difference at McEnearney: It’s not about us, it’s about you. To learn more, visit us at www.McEnearney.com.

Adoptable Pet of the Week: Narwhal

By ARLnow.com

Meet Narwhal, the newest Adoptable Pet of the Week! This gorgeous girl is an extrovert who loves to meet new people and looking for a forever home.

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

She is a unique and gorgeous girl who has an amazing personality to go along with her look. Narwhal is the extrovert in the group that loves to meet all the neighbors and spend her time hanging out with her people.

Narwhal came to us as a timid dog, but has opened up to be a sweet and playful dog! She is quite the extrovert and hasn’t met a person she doesn’t like. Her favorite thing is so to play tug, chase balls, or smell new things in the neighborhood. She will nap happily during most of the day so she’s ready to play in the evenings.

While she doesn’t bark at things outside the house, she does like to share her thoughts and opinions with the people she loves.

AWLA is currently holding an “Empty the Shelters” event as its kennel capacity has reached a “critical” level.

“Our kennels are very full and more pets are coming in every day. We desperately need adopters and fosters,” said AWLA spokeswoman Chelsea Jones. “Until the end of the day Sunday, AWLA is taking part in Empty the Shelters, an adoption event with Bissell Pet Foundation. Adult dogs and cats are just $25 and small animals are FREE.”

Is Narwhal the furry companion you’ve been searching for? Check out her complete profile to arrange a meet and greet!

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.

Good morning Arlingtonians!

The inventory run-up continues, with another very strong week of new listings in the books.

After two weeks of declines in the interest rates, half of those have been given up as the average 30-year fixed rate mortgage went from 5.3% to 5.51%. Buyers really did take note last week and it showed up in an increase in the number of ratified contracts.

As of right now, in Arlington, there are 451 residential properties available across all property types, 19 more than last week. Of those 451, 145 are detached properties, 68 are town homes/semi-detached properties, and the remaining 238 are condominiums.

This past week, sellers listed 94 homes for sale, an increase of 32, while buyers ratified 50 contracts. 24 of the ratified contracts were on homes just listed within the past seven days.

Average asking price of currently available homes is $883,895 and the median is $685,000. Currently available homes have been on the market for an average of 45 days and a median of 30 days.

This week last year, rates were sitting at 2.88%, sellers has listed 100 homes for sale and buyers ratified 68 contracts. There was a total of 550 properties for sale!

Pick Of The Week — The Andors Real Estate Group is proud to have  JUST LISTED 2013 S. Lynn Street, Arlington, VA 22202 — $1,395,000.

Welcome home to this stunning Arlington Colonial tucked into one of the quietest parts of Addison Heights with views from Arlington Ridge down to Amazon HQ2 and the Crystal City skyline. Beautifully maintained, including a home magazine worthy owners suite spa-like bathroom, this four bedroom, three full and one half bathroom home boasts nearly 3,400sf of finished living space. Private rear decks and a tranquil backyard, one-car attached garage, soaring ceilings and gorgeous hardwood floors, this home does not disappoint!

Find me here THIS SATURDAY from 1-4 p.m. for a public open house to see this gorgeous home and take in the views!

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.

Home buying seminar: Make the most of your home search

By ARLnow.com Sponsor

Homeownership is the best investment toward stable long-term wealth. However, purchasing a home can be a stressful and confusing process to navigate without expert help.

That’s why the Keri Shull Team, the top-selling real estate team in Virginia, is hosting a seminar to help home buyers understand today’s competitive DMV real estate market and better maximize their home search.

Angela Decint, ranked as a top realtor by the Washingtonian, and listing specialist Lane Brenner, will be leading this seminar for aspiring homebuyers at Keri Shull Team’s Rosslyn office. Bring us your burning real estate questions as you begin the search for your dream home!

Attendees will learn:

  • How to find off-market homes — hidden gems that don’t appear on popular home search websites
  • How to get out of your lease so you can move on your own timeline
  • The “4 C’s” that determine home prices in any market
  • How to set a realistic budget for your home search
  • And much more!

Are you ready to stop giving your hard-earned money to a landlord?

Join us on Wednesday, July 20, from 6 to 7 p.m. for this FREE in-person seminar! We validate parking for those commuting by car.

Register today!

Boring Title: Meet the team — Allied Title’s CEO!

By ARLnow.com Sponsor

This biweekly feature is sponsored by Allied Title & Escrow.

Visionary leaders are at the core of a company’s success. This week we’d love to introduce you to our visionary Co-founder and CEO of Allied Title, Latane Meade!

Latane (pronounced LAT-Nee), started the Allied Vision of being the BEST (not the biggest) in August of 2016 after noticing how so many title companies often made the entire process feel even more CONFUSING and daunting for their clients and customers… he wanted to change that!

Latane lives by the motto: ‘bring fun to life’ and is passionate about turning a once-archaic industry into something that people can better understand and enjoy.

Some fun facts about Latane:

  • He is a JMU Alumni with a double major in Finance and Marketing Information Systems.⁣ Any other dukes in the house?!?
  • Outside of work, he is an avid golfer and some of his friends refer to him as ’79-Watch’.
  • In addition to leading the Allied Family, he also takes pride in spending time with his wife and their 3 kids!

Shoutout to Latane for everything he does for the Allied Team and for bringing our vision to life with over 60 people who are now part of the Allied Family!

Have questions related to title insurance? Email [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company! 

Listing of the Day: 5615 3rd Street S.

By ARLnow.com Sponsor
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Address: 5615 3rd Street S.
Neighborhood: Glencarlyn
Listed: $940,000
Open: Sunday, July 17, 2-4 p.m.

What do you look for in a new home? A warm, inviting neighborhood? Check — that’s Glencarlyn!

A parade in June, Picnic in September, Halloween, Pancake Breakfast, so much fun. Close-by facilities? Library and Rec Center are within 2 blocks, and so many options for shopping: Ballston, 7 Corners, Baileys Crossroads! Easy commuting options? Bike paths, nearby Routes 50, 395 and 66, and Ballston Metro. Fresh air and activities? 100-acre Glencarlyn Park is down the block, with playgrounds, picnic shelters, dog park and more.

What about the actual house? You want a well maintained, updated home with space to enjoy your life both inside and out. We have that here, too. Updates include replacing most windows, motorized shades throughout, HVAC (2021), deck rebuilt and stained (2021), water heater (2019), gutters (2018), roof (2017), all baths remodeled (2022) and fresh interior paint (2022). Tons of space in this 4 BR/3.5 BA home, with over 2500 finished square feet.

This charming home features hardwood floors on the main and upper levels, a kitchen with 42″ cabinets, granite counters and S/S appliances, and an adjacent family room. Doors open to the deck and backyard. Upstairs, the primary bedroom has a sitting area and private bath; plus two secondary bedrooms and a remodeled hall bath. Downstairs you’ll find high ceilings, walk out, huge 4th bedroom, full bath, laundry/utility room and rec room.

Listed by:
Coral Gundlach
Compass-Arlington
703-200-3631
[email protected]
Sellwithcoral.com

Small Business Focus: Be running up that hill, be running up those stats

By ARLnow.com Sponsor

This column is sponsored by BizLaunch, a division of Arlington Economic Development.

In a previous Small Business Focus, we presented information from our market research database Demographics Now. In this month’s Small Business Focus, we wanted to revisit those databases and highlight another report that business owners can access called Consumer Expenditure Food, Beverage, Grocery Detail Comparison.

How is this helpful?

If you’re considering opening a restaurant or food service venture, data from the Consumer Expenditure report can give you helpful data on average household annual expenditures on various categories such as food away from home, bakery products and alcoholic beverages. Additionally, this report provides a five-year forecast.

For example, after looking at the data, it shows that Arlington households spend more on purchases of alcohol than neighboring jurisdictions do. On average, Arlington households spent $705.92 in 2021 on alcohol purchases, whereas our neighbors in Alexandria, D.C. and Fairfax spent $651.26, $667.13 and $673.76, respectively.

So how much do households in other jurisdictions spend annually on alcohol? Here is how Arlington compares to the region regarding annual alcohol expenditures.

Therefore, if someone is looking to open a restaurant, they’d want to also serve alcohol to capture additional sales. Many restaurants opt to have alcohol because of the added markup that alcohol sales provide.

Starting a business is like running up a hill, but with BizLaunch’s free database, you have the power to make smart business decisions. Our free databases provide up-to-date information on demographics, industries and business intelligence so your small business can start successfully.

For more information about BizLaunch visit www.bizlaunch.org, or book an appointment with one of our BizLaunch experts today.

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 11, there are 169 detached homes, 70 townhouses and 266 condos for sale throughout Arlington County. In total, 53 homes experienced a price reduction in the past week, including:

3527 18th Street S.

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.

Life Hack #4: Car repair and maintenance without leaving home

By ARLnow.com Sponsor
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This idea seems so obvious (and so needed!) we’re wondering why someone hasn’t done this sooner. New local business CarCare To Go makes getting your car repaired or maintained as easy as ordering groceries online.

It’s celebrity-level service at reasonable prices. (Including a crazy special on your first oil change. It’s just $20.22. No catch. Seriously. It even covers synthetic oil.) Every appointment includes a FREE valet pick-up and return.

Here’s how it works:

  • Schedule online for any service for any kind of car.
  • A valet picks it up at your house or office and brings it to their full-service shop.
  • They communicate via video and photos so you get to see — and approve — all work.
  • The valet returns your car to you.

It sounds too good to be true, but with hundreds of happy customer reviews including the recent one below, this looks to be the real deal.

This is the second time I have used CarCare To Go, once for brake replacement and maintenance work, and just recently for interior detailing. I could not be more pleased with the quality of work and the service on both occasions. The pricing is transparent and very highly competitive. The car was picked up from my home and delivered back with no hassle. Everything was on time and with reminders and updates all along the way. I was able to go about my day working at home as normal without any disruption or inconvenience. Getting my car repaired, serviced and cleaned has never been easier. I highly recommend this group and plan to keep CarCare To Go as my “go to” auto service center. — Cynthia S.

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

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