In the past seven days, 49 properties were sold across Arlington, including a $1.8 million Lyon Village home featured in Better Homes and Gardens.
Overall, as of March 21, there were 599 homes listed for sale in Arlington, according to Homesnap. This included 428 condos, 137 detached homes and 34 townhomes.
“The median list price is $549,900 and the median sales price is $624,900,” Homesnap reports. “There have been 228 new listings in the last 4 weeks and 257 sales.”
Here’s a look at a few of the properties sold in the past seven days:
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.
Spring Break season is upon us!
For Arlington County Public Schools, the big break is March 29 through April 2. As the pandemic lingers on, this will hopefully be the last of what will be a very different (to say the least!) spring break.
However you and your family enjoy the break, we hope it is safe and full of memories. And, if your spring break adventure entails hunting for a new home, the time-tested team at Arlington Realty, Inc. is here and ready to help.
And now to this week’s Just Reduced figures…
As of March 22, there are 123 detached homes, 45 townhouses and 322 condos for sale throughout Arlington County. In total, 30 homes experienced a price reduction in the past week, including:
Please note 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.
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. Enjoy!
Question: How has the market for high-rise condo buildings compared to low-rise/smaller condo communities through the pandemic?
Answer: The condo market began to turn last summer and got progressively worse through November/December but has improved slightly and stabilized a bit since December. The next few months will give us a lot of good information on whether the condo market will improve or if we can expect a rebalancing as buyer priorities shift more permanently due to their COVID experiences and new telework policies.
This week I took a look at some of the underlying condo market data to see if there has been a noticeable difference in how garden/townhouse-style (garden-style meaning low-rises of one to four stories) condo communities have performed compared to mid/high-rise buildings. I also broke down the condo market by bedroom to see if one-bedrooms have been impacted more than larger two- and three-bedroom units.
Arlington/D.C. Metro Condo Market Overview
First, let’s take a zoomed-out look at the Arlington and D.C. metro markets. We are still experiencing a rush out of condos (see first chart, New Listings), with the D.C. metro and Arlington both recording record-highs in total condos listed for sale in January and February. The reasons for this range from people seeking more space/yard to investors unable to find tenants.
Months of Supply (measure of supply and demand) shown in the second chart shows us that Arlington experiences a slightly worse (for sellers) condo market than the D.C. metro overall after experiencing a much stronger market from late 2018 to early 2020 in the wake of Amazon’s HQ2 announcement. Both markets have shown signs of stabilizing over the last few months after getting progressively worse each month in the second half of 2020.
Garden/Townhouse-Style vs. Mid/High-Rise
The overall Arlington condo market is sitting at about 2.25 Months of Supply, still well below the 6 Months of Supply deemed by economists to be a balanced market for buyers and sellers. As of this writing, the mid/high-rise market has about 2.6 Months of Supply and the garden/townhouse-style condo market is sitting at 1.3 Months of Supply, making it a pretty good market to sell into.
Historically, the garden/townhouse-style market has performed better (faster sales, more competition/seller leverage) than the mid/high-rise market so the difference in Months of Supply doesn’t indicate a COVID-related shift. As you’ll see in the table below, the differences between the garden/townhouse-style condo market and the mid/high-rise market have remained relatively similar each year from pre-Amazon (2018) through the Amazon surge (2019) and now into the COVID-related pullback (2020).
Condo Market Performance by Bedroom Count
I also took a similar look at the Arlington condo market by bedroom count. Months of Supply for one bedrooms is highest at 2.5, followed by two bedrooms at 1.8 and then three bedrooms at 1.7. The early data for 2021 suggests that one-bedroom condos will suffer more in the market than larger two- and three-bedroom units, which makes sense from a COVID standpoint because most one-bedroom units don’t have a good dedicated office space.
I do expect the condo market to improve over the next few months as more people are vaccinated and warmer weather allows people to return to some semblance of a normal life — thus buying behavior that is more reflective of pre-COVID times. However, I think that how employers choose to handle telework long-term will ultimately determine whether we will experience a full return to the pre-COVID market or if we are going to see a more permanent rebalancing of condo values as commutes/convenience become less of a priority for buyers if they are no longer coming into an office every week.
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local Real Estate, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at 703-539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703-390-9460.
This regularly scheduled sponsored column is written by the Arlington Initiative to Rethink Energy team (AIRE). This county program helps you make smart energy decisions that save you money and leaves a lighter footprint on the environment.
Arlington’s real estate market is very tight. A recent Ask Eli column about housing supply notes, “Single-family homes in Arlington hit an all-time low for Months of Supply in December and January.” Because of this short supply of housing, more and more Arlingtonians are staying in their homes and renovating or expanding them to accommodate growing families.
Have you been thinking about a home renovation, expansion or new construction in 2020?
More than 350 Arlingtonians have already used Green Home Choice, a FREE county program to help you make their renovations, additions and new home projects healthier and more sustainable.
When buying a car, fuel efficiency and a comfortable ride are central considerations. Given the investment you make when renovating or building a new home, comfort and efficiency should be equally — if not more — important.
On average, a Green Home Choice home uses 50% less energy than Arlington homes of the same size and saves between $600 and $1,600 per year on utility bills. Green Home Choice also helps homeowners renovate their kitchens and bathrooms in a more sustainable way and offers a certification for participation.
Whether you are a homeowner, developer, architect or builder, Green Home Choice can help you rethink your next construction project to enhance the quality, value and overall sustainability of your home.
This neighborhood is the epicenter of higher education in Northern Virginia — but is moving here the smart move for you? Join the Keri Shull Team as we share everything that you need to know about Virginia Square.
Like all of Arlington, the real estate market in Virginia Square is thriving right now. We are seeing a ton of traffic as people are moving up from Arlington condos to the single-family homes in more suburban neighborhoods of Northern Virginia and D.C. This means the condo market along the Orange Line is shifting — in fact, it is a perfect market for first-time homebuyers!
And, as always, if you have any questions about Arlington real estate, contact the Keri Shull Team, the No. 1 top-selling real estate team in the Washington, D.C. area.
The Not-So-Central City Square
Virginia Square is an “urban village” of Arlington, located between Ballston and Clarendon. It is the second-to-last stop on the Rosslyn-Ballston Corridor, the stretch of urban neighborhoods that cuts through the heart of Arlington. Like other neighborhoods along the Orange Line, this means that residents of Virginia Square have unparalleled access to amazing dining, entertainment and transit options across all of the other urban villages.
Virginia Square is just a few stops away from some of the most famous neighborhoods and landmarks in D.C., such as historic Georgetown. This means that living in Virginia Square is perfect for people who want to experience all that the District has to offer.
Living the High Life in Arlington
Due to the proximity of George Mason University and a campus of The George Washington University, Virginia Square is often considered to be a younger neighborhood. Part of the energy that permeates Virginia Square comes from its high walkability — not only are there great public transit options, but the abundance of employers, entertainment and dining means residents can easily take care of all of their daily chores by foot.
Virginia Square is well-known for its urban atmosphere, job opportunities, outdoor activities and easy commuting. If you are looking for city living in Arlington, then Virginia Square might be the perfect neighborhood for you.
Getting Around ARL
Virginia Square offers terrific access to public transit. Residents can take the Orange and Silver lines of the Metro via the Ballston-MU or Virginia Square-GMU stations. This means that all of the entertainment and culture of NoVA and D.C. are just a short train ride away when you live in Virginia Square.
Plus, with a fantastic Walk Score of 88, it is very possible to take care of daily errands via foot, all while enjoying the urban atmosphere of downtown Arlington.
Owning a Home in Virginia Square
Most of the homes on the market in Virginia Square are apartment-style condominiums. The abundance of high-rise buildings helps contribute to the urban feeling of the Virginia Square neighborhood. With that said, there are also a fair number of townhomes for sale in Virginia Square, which offer a bit more of a suburban atmosphere.
In general, houses in Virginia Square hold their property value and appreciate well, meaning buying a home in the neighborhood can be a smart investment for many people.
So, why are homes in such high demand in Virginia Square? Residents of the neighborhood get to enjoy a vibrant urban atmosphere and access to great public transit. On top of that, the neighborhood is hyper-convenient for work commutes and local university students — and it even has tons of great options for nightlife and entertainment in Arlington. This means that if you want to find a home in Virginia Square you need to have every advantage that you can get!
How to Find a Home in Virginia Square
At the Keri Shull Team, we have hundreds of off-market properties that you cannot find online or anywhere else — and we want to give you priority access to these homes before they even go on the market!
And if you are selling a house in Arlington, it’s more important than ever to make sure you are taking the proper precautions to protect your investment. The best way to do that is to speak with a top-tier real estate agent and create a completely customized home-selling strategy.
Address: 5665 8th Road N. Neighborhood: Bon Air/Bluemont Listed: $1,550,000 Open: Saturday, March 20, and Sunday, March 21, 1-4 p.m.
This light-filled 5 BD/5.5 BA home with an oversized two-car garage sits on a rare quarter-acre lot in the sought-after Bon Air/Bluemont neighborhood. It has an open main level with a fantastic kitchen flowing into a dining room, breakfast area, and family room as well as a private bedroom and bathroom.
A stone gas fireplace anchors the family room and is flanked by French doors opening to the deck, patio and fenced, level rear yard. You’ll find a coffered ceiling in the family room, a bar with two fridges, plantation shutters, cove ceiling and wainscoting in the dining room give the room a polished look. A big island with a second prep sink and space for the participatory cook at the large breakfast bar, double ovens and gas cooktop will appeal to those with a newfound interest in cooking and baking.
Upstairs, the primary bedroom offers two walk-in closets fitted with organizers and a spa-style bath with a glass shower and deep soaking tub to soothe after runs or bike rides on the nearby W&OD Trail. The second bedroom has an ensuite bathroom while the third and fourth bedrooms share a hall bath with a double-sink vanity. A linen closet and laundry room with a deep sink, folding counter and additional cabinetry complete this level.
The lower level has a mudroom entry to the garage and to the deep level driveway, the site of basketball games and lacrosse practice. A second gas fireplace is in a cozy corner of the rec room, and the remaining space accommodates media, foosball, pool, or ping pong tables and areas for play. With a full bath on this level, the office and gym could be used as a private spot for a guest or for a distance-learning college student. A walk-in closet and separate storage room are bonuses.
This is an exceptional home in an excellent location near Ballston, Westover Village, bike and walking trails and the new Lubber Run Rec Center.
934 Cleveland Street N.
7 BD/4 BA, 1 half bath single-family home
Agent: Keller Williams Realty
Listed: $2,700,000
Open: Saturday, 10 a.m. to 12 p.m. and Sunday, 12-2 p.m.
2863 11th Street N.
3 BD/4 BA, 1 half bath townhome
Agent: Compass
Listed: $1,750,000
Open: Saturday and Sunday, 2-4 p.m.
2353 N. Oakland Street
4 BD/4 BA single-family home
Agent: Compass
Listed: $1,350,000
Open: Sunday, 1-3 p.m.
Alleged Carjacking Crew Busted in Arlington — “The audacious spree, police officials said Thursday, accounted for five of 21 armed robberies and armed carjackings in the D.C. region linked to the same four-person crew in January and February… Two were arrested Feb. 5 and Feb. 19. The other two were apprehended a week later after a SWAT team converged on them in a hotel in Arlington.” [Washington Post]
Va. Expands Eligibility for Retail Vaccinations — “The Virginia Department of Health (VDH) announced today that Federal Retail Pharmacy partners will expand within Phase 1b to offer vaccines to individuals who are 16-64 with high-risk medical conditions, as well as frontline essential workers.” [Virginia Dept. of Health]
Still a Thing: Homes with Septic Tanks — From Chris Slatt on Twitter: “I was today years old when I learned that there are 38 residences in Arlington County with septic tanks.” [Twitter, Arlington County]
Maintenance Worker Exposes Himself — “5300 block of N. Carlin Springs Road. On March 16, police received a message on the Telephone Reporting Unit phone line regarding an indecent exposure. The victim stated that at approximately 3:30 p.m. on March 15, while having maintenance completed inside her residence, the suspect exposed his genitals to her.” [ACPD]
Rosslyn-Based Rosetta Stone Acquired — “IXL Learning, developer of personalized learning products used by more than 12 million students, announced that it has acquired Rosetta Stone, the leader in technology-based language education.” [PRNewswire]
Origin Coffee Lab Profiled — “For the coffee, Mekonnen relies on a 5-kilo-capacity Probat P5-2 roaster to turn out fresh roasts. The machine also serves as an industrial centerpiece and natural focal point, one the company plans to highlight more through educational events and tastings as the COVID-19 pandemic subsides.” [Daily Coffee News]
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.
Hello, Arlington!
Holy mortgage rates rising! As conviction sets into markets about rising inflation, this is pushing the 10-year treasury yield upward, taking mortgage rates with it. Rates for a 30-year fixed-rate mortgage are the highest they’ve been in 11 months. Still, with rates in the low 3% range, this will continue to keep many buyers interested in a home purchase.
Sellers listed 120 homes on the market this past week, while buyers ratified 91 contracts. A whopping 51 of those were on homes just listed within the past seven days.
This week, there are 417 available properties for sale throughout all of Arlington and across all property types, three fewer homes than last week.
At just 77 detached properties available for sale, down 11 from last week, the bidding wars and stiff competition aren’t going anywhere anytime soon. There are 37 townhomes/semi-detached homes to choose from in Arlington, and condos remain extremely plentiful, with 303 currently on the market.
Condo prices are stagnant and are spending much more time on the market than detached/attached dwellings. This can mean there may be a deal to be had and potentially no competition. Contrast this with trying to purchase a newly listed detached home and you’re almost guaranteed to pay multiple percent above list price and have to waive some or all of your contingencies.
A quick comparison to last year, for the same week, sellers listed 84 homes and buyers ratified 52 contracts. There were also only 202 available properties for sale this week last year.
The average list price for currently available properties is $739,181 and the median is $509,000.
Currently available properties in Arlington have an average of 65 days on market (DOM) and a median of just 30.
Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, give us a call.
Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings I think you might like to check out:
This past week, 52 properties in Arlington were sold, ranging from a $1.9 million 4 BD/5.5 BA home in Lyon Village to a $209K 1 BD/1 BA corner condo with views of D.C.
Overall, as of March 7, there were 582 homes listed for sale in Arlington, according to Homesnap. This includes 415 condos, 137 detached homes and 30 townhomes.
“The median list price is $549,450 and the median sales price is $624,900,” Homesnap reports. “There have been 210 new listings in the last 4 weeks and 263 sales.”
Here’s a look at a few of the properties sold in the past seven days:
Grants for National Landing Restaurants — “The National Landing Business Improvement District and the Restaurant Association of Metropolitan Washington have a new round of grant aid for restaurants and small businesses… Grant applications will be accepted online until March 28. They will be reviewed on a first-come, first-served basis, and will amount to at least $1,000 for each approved business.” [WTOP]
New Clarendon Salon Opening Next Week — The new Smitten on Washington salon is set to open on Tuesday, March 23, at 3000 Washington Blvd in Clarendon. The salon replaces Hendricks Gentlemen’s Barbershop, a men’s venture from the Smitten owners that closed in December after four years in business. [Facebook]
Silver Line Ext. Not Opening Until 2022 — “Metro officials say that the Silver Line extension to Dulles International Airport will open for use in early 2022, most likely in February. ‘What we’re looking at is early 2022, first quarter in calendar 2022, as the likely start of operations,’ Laura Mason, Metro’s executive vice president for capital delivery, said at a board meeting Thursday.” [DCist]
Local Leaders Want Metro Changes — “Representing the cities and counties that fund Metro in Virginia, the Northern Virginia Transportation Commission outlined its priorities for Metro’s proposed FY 2022 budget… While the Commission recognizes the major funding relief made possible by the American Rescue Plan Act, the Commission presses Metro to: Maintain a dependable and sufficient level of rail and bus service throughout FY 2022, Open Silver Line Phase 2 as soon as possible, Rebuild ridership, [and] Minimize shifting operating expenses to the capital program.” [Press Release]
Single-Family Homes Are Red Hot — “Typically, markets tend to favor sellers when the supply of homes drops below six months. For much of the last decade, the local supply has hovered at around two months, but has been trending ever lower in recent years. For single-family homes, the D.C. region’s supply dropped to a mere 0.6 months in February, according to the data, and those homes are selling within seven days on the open market.” [Washington Business Journal]
