real estate

Ask Eli: Condo Values Fall as Inventory Builds

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. Enjoy!

Question: Have you seen a decrease in condo values with all the inventory currently on the market?

Answer: Over the past few months, I’ve written about the shift in the condo market, which began around July and can be attributed to a historical number of units listed for sale while demand simultaneously dropped due to COVID. Indicators such as Months of Supply, Absorption Rate, Days on Market and Sold to Ask Price Ratios have shown a more favorable market for buyers for the last four months, but it takes longer to establish changes in pricing (which requires having enough data).

It’s been my experience working in this market over the past few months that prices seem to be down about 2-5% in many sub-markets, compared to late 2019 and the first half of 2020 (after surging since 2018). However, I dug into the data a bit more to see how condos that went under contract after July 15 compare to the sales of condos that went under contract from January 1 to July 14, 2020. I used July 15 because that is when I really start to see changes taking shape in the condo market.

One point I’d like to make prior to sharing the data findings is that the data is based on condos that have sold/closed, and there are many condos still sitting on the market or under contract that won’t show up in this analysis. The market has also worsened (for sellers) each month since July, so properties that went under contract in July/August likely did better than those later on in the year. Therefore, it’s likely that, as the units close that are currently struggling to sell or just now coming to market, the data will get worse (larger decrease in values).

Data Summary

I chose to segment the market in a few different ways to get a sense of how different sub-markets are experiencing the condo shift. When comparing relatively small data sets (like we have here), the best conclusions can be drawn by analyzing market segments that have lot of similarities, such as condos along the R-B Corridor built in the last 20 years or mid-1900s (older) buildings.

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Open Houses in Arlington This Weekend

By ARLnow.com Sponsor

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

2411 N. John Marshall Drive
6 BD/6 BA 1 half bath single-family home
Agent: Keller Williams Realty
Listed: $1,725,000
Open: Saturday 2-4 p.m.

 

3115 1st Place N.
4 BD/4 BA, 1 half bath single-family home
Agent: Optime Realty
Listed: $1,200,000
Open: Sunday 2-4 p.m.

 

1881 N. Nash Street #409
1 BD/2 BA condo
Agent: KW Metro Center
Listed: $1,049,999
Open: Saturday 2-4 p.m.

 

1174 N. Vernon Street
3 BD/2 BA, 1 half bath townhome
Agent: KW Metro Center
Listed: $965,000
Open: Saturday 1-4 p.m.

 

3229 N. Arlington Boulevard 
4 BD/3 BA single-family home
Agent: Re/Max Distinctive Real Estate Inc.
Listed: $849,000
Open: Sunday 2-4 p.m.

 

3303 S. Kemper Road
3 BD/3 BA 1 half bath townhome
Agent: Long & Foster Real Estate
Listed: $799,000
Open: Sunday 1-3 p.m.

 

Morning Notes

By ARLnow.com

COVID Case at County Jail — “An inmate in the Arlington County Detention Center has tested positive for COVID-19. The individual is doing well and the medical contractor of the Detention Center will be closely managing his symptoms. This is the first inmate to have contracted the COVID-19 virus and the Sheriff’s Office is taking all necessary steps to ensure the well being of those incarcerated.” [Arlington County]

Historic Designation for Rouse Estate? — “Members of the Arlington government’s Historical Affairs and Landmark Review Board (HALRB) voted 10-0 on Nov. 17 to move forward on a preliminary study toward determining whether the 9-acre Rouse estate at the corner of Wilson Boulevard and North McKinley Road meets qualifications to be designated as a local historic district.” [InsideNova]

Rainy Night On Tap — “The calendar flipped to meteorological winter Tuesday, and the atmosphere is going all in. A strong storm system could drench the coastal Mid-Atlantic and Northeast with a soaking shot of rainfall late Friday night into Saturday, while inland areas risk being blanketed by the first big snow of the season.” [Capital Weather Gang]

Toy Donation Event Sunday — “With Federal unemployment ending and the Marine’s Toys for Tots program seeing record low donations, The Arlington Knights of Columbus chapter will be holding a drive-thru Toys for Tots drop-off event. The event will take place at the Arlington Knights of Columbus on Sunday, December 6 from 12 p.m.-6 p.m. at 5115 Little Falls Road.” [Event Calendar]

Flickr pool photo by Michael Coffman

Just Listed in Arlington

By ARLnow 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.

I don’t know about you, but I’m getting excited for 2021. While 2020 has been a banner year for real estate and we expect that to continue, I’m looking forward to leaving many other parts of 2020 in the dust.

I hope you ate well on Thanksgiving and enjoyed some time off — and suspect you hit the ground running again this week as I did.

Pick of the Week: The Andors Real Estate Group is pleased to have JUST LISTED 2728 S. Arlington Ridge Road at $924,900. You will fall in love with this updated Tudor’s soaring ceilings and old-world charm. Boasting 3 spacious bedrooms, 2.5 baths plus bonus rooms to meet all your needs, this one is move-in ready. It has a gorgeous yard, garage spaces for 3 cars, freshly refinished hardwood floors, loads of updates and is right in Amazon’s HQ2 backyard. Find me hosting open houses this weekend, Saturday and Sunday from 1-4 p.m.

Now, the winter slowdown is here… or maybe it was just a Thanksgiving slowdown. We’ll see next week if we jump back up a bit. Mortgage rates dropped — again — to their 14th all-time low: 2.71% for a fixed-rate 30-year mortgage.

This past week in Arlington, sellers listed some 36 properties for sale while buyers ratified 40 contracts. ONLY four of the ratified contracts were on homes listed just within the past week. This is uncharacteristic but indicative of the low new inventory during the Thanksgiving week. This will revert as soon as more new inventory comes back — buyers clamor for the new properties week over week.

There are currently 518 homes for sale in Arlington, 48 less than last week: 126 are detached homes, 54 are townhouses/semi-detached and 338 are condos.

On the topic of condos, there’s finally a substantial decline in condo inventory. Some went off the market, others received offers and ratified contracts, and we didn’t have many new ones come on the market. This is good for anyone trying to sell a condo in today’s market.

Average days on market (DOM) for currently available homes is 65 and median DOM is 50. These both jumped by over a week — again, it was truly a Thanksgiving break.

The median list price of currently available properties is $565,000, while the average is $770,949.

Last year for the same week, sellers listed about 34 homes and buyers ratified 35 contracts. One more new listing and 5 fewer contracts than last year–one of the few weeks we haven’t outpaced 2019.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

Listing of the Day: 4857 N. Williamsburg Boulevard

By ARLnow.com Sponsor
1/10

Address: 4857 N. Williamsburg Boulevard
Neighborhood: Country Club Manor
Listed: $1,385,000
Open: Sunday, December 6 1-3 p.m.

Step across the threshold of this stunning custom-built home and find yourself instantly relaxing in this spacious North Arlington retreat.

Beautiful architectural details are abound, from the smallest elements to the grand expanses of this 3-level, 5-bedroom, 4.5-bath home. There’s over 4,800 square feet of living space with generously sized rooms.

The oversized hallways and high ceilings create an extraordinary sense of spaciousness. Gleaming hardwood floors flow throughout the first and second levels, creating seamless transitions from room to room.

Find a sun-bathed living room and gracious dining room with wainscoting. Continue on to the chef-worthy kitchen boasting extensive custom cabinetry and a large island. The adjacent casual dining area opens to the bright and spacious family room. Double French doors lead out to the deck and beautifully manicured backyard.

Upstairs, the primary bedroom features a walk-in closet and en suite luxury bath. There are three additional bedrooms upstairs, one with another en suite bath and one with a convenient Murphy bed. A full hall bath and a convenient laundry room round out the upper level.

The fifth bedroom on the lower level is also perfect for an in-home gym as it has direct entry to a full bath with a steam shower. The rest of the walk-out level is an expansive rec room perfect for movie night with a remote-controlled screen and housing for a projector. And there’s still plenty of room for a billiard table next to the full wet bar!

Listed by:
Donna Hamaker
Buck & Associates
703-582-7779
[email protected]
www.BoulevardRetreat.com

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.

We’ve gone through quite the string of days here during the past week.

Thanksgiving. Black Friday. Cyber Monday. Giving Tuesday. We hope everyone has made the most of this mix of traditional, modern, quirky and awesome holidays.

So, where do we go from here after so many days of gifting, giving and harmonious fun?

Well, that’s up to you.

For many folks, it wasn’t feasible to check “real estate” off the Black Friday shopping list. But, there is still time here in 2020 to make your real estate dreams a reality. And guess what? You can get the best bang for your buck doing so, too.

While there may not be a formal or quirky day to zoom in on for the most savings, the team at Arlington Realty, Inc. is ready to advocate on your behalf any day, week or month of the year.

And now on to this week’s Just Reduced figures: As of November 30, there are 150 detached homes, 48 townhouses and 363 condos for sale throughout Arlington County.

In total, 28 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.

Ask Eli: Visualizing Arlington’s Explosion in Homes Listed for Sale

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. Enjoy!

Question: Did the volume of homes listed for sale recover after a slow spring/summer?

Answer: There has been a surge of new inventory coming to market since July. For condos, it has been historically high, by a wide margin, resulting in a 20% increase in 2020 over the 20-year average. While the single-family and townhouse listing volume has also spiked since July, overall, we’re just .5% above our 20-year average.

In July I wrote a column with charts showing how low Arlington’s listing volume was compared to the 20-year average, and I made some predictions that the inventory we lost in the spring/early summer would return in the late summer/fall. This week we’ll take a look at how those predictions played out and dig further into listing volume over the last four months and overall in 2020.

Inventory Comes Back, And More

Historically, March-June bring about the highest listing volume, but this year, due to COVID-19, many homeowners held off on putting their homes on the market. In July, I predicted that a lot of the “missing” inventory from March-June would be listed from July-October, which would result in a delayed spring market.

As it turned out, the number of condos listed from July-October FAR exceeded the amount of “missing” inventory from March-June, by nearly 3 times! For single-family homes and townhouses, July-October listing volume also exceeded the amount of “missing” inventory from March-June, but by a much smaller margin.

In the charts below, missing and excess inventory is calculated off of the 20-year average for monthly listing volume.

Condo Volume at Historical Levels, By a LOT

Just how extreme have the last four months of listing volume been in the condo market? There were 801 condos listed for sale from July-October. Prior to that, the highest four-month listing volume was 650 units from April-July 2004.

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Open Houses in Arlington This Weekend

By ARLnow Sponsor

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

2100 21st Road N.
4 BD/4 BA, 1 half bath townhouse
Agent: KW Metro Center
Listed: $1,345,000
Open: Saturday 2-4 p.m.

 

5148 11th Street S.
4 BD/5 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate
Listed: $1,049,000
Open: Saturday 1-3 p.m.

 

519 N. Livingston Street
4 BD/2 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate
Listed: $919,000
Open: Saturday 2-4 p.m.

 

1201 N. Garfield Street, #110
2 BD/1 BA, 1 half bath condo
Agent: KW Metro Center
Listed: $629,000
Open: Saturday 12-3 p.m.

 

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.

Happy Thanksgiving, ARLnow readers!

I have a lot to be thankful for this year and believe many of you feel the same way, despite the roller coaster of 2020 we’ve all been experiencing.

While this year has been anything but ordinary or predictable, there is one thing that remains true and all too persistent: Now more than ever there are a lot of people out there who need help and assistance, and the basic necessity of all human beings, regardless of race, income or education, is the need for food.

Arlington is a community, and communities come together in good times and in hard times. There are a lot of people doing a lot of good in our community, and it doesn’t go unnoticed, but the need is much greater than you might be aware.

As the weather gets colder and those of us who are fortunate enough to spend more time inside do, we may lose sight of those who are struggling. It’s harder to get by, to stay warm and to stay nourished through the winter for those who are less fortunate.

Even though Arlington is overall a very wealthy community, right now there are more families, seniors and others here who need help than usual. They have been deeply and adversely impacted by the pandemic and recession, and they do not have the resources to get through this on their own.

Arlington Food Assistance Center, or AFAC for short, is providing a lifeline by always distributing food to those in need. AFAC can’t do this on their own though — it takes volunteering efforts and donations from residents and local businesses to fill the gap and help those in need.

AFAC reported that they have seen a 45 percent increase of families in need since the start of the pandemic.

AFAC accepts food donations, monetary donations and volunteers to accomplish their mission — to provide dignified access to groceries for those in need.

Please consider donating to AFAC. Whether it is your time, a financial contribution or dropping off food, our community needs you ,and you can enable AFAC to continue serving our wonderful community.

This week the Andors Real Estate Group dropped off five turkeys, five hams and 10 grocery store gift cards to AFAC, and it’s nice to know that at least a few families have just a little bit more to be thankful for this year. We hope you’ll also consider making a contribution and making a difference. If every one of my ARLnow readers donated just $25 to AFAC, you would put over $50,000 towards feeding those who are truly in need, and I know they would be thankful.

You can easily donate online.

Now, since this is a real estate post after all, take a look at some listings.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out:

Listing of the Day: 5306 N. Washington Boulevard

By ARLnow.com Sponsor
1/10

Address: 5306 N. Washington Boulevard
Neighborhood: Lacey Forest
Listed: $825,000
Open: Sunday, November 29, 1-4 p.m.

This classic 1935 brick Cape Cod is nestled on a gorgeous lot between Ballston and Westover Village. With many recent updates and well loved by its long-time owner, the home is in pristine move-in condition.

The living room features built-ins, wood burning fireplace accented by wall sconces and a French door to the screened porch. From the porch, enter a large deck and the lushly landscaped yard. A garden shed provides storage for bikes, sports and yard gear while a tucked away patio is the perfect retreat on a lazy day weekend.

The renovated kitchen features cream cabinets, solid surface countertops and stainless appliances and is open to the dining room. Vintage light fixtures in this room and throughout the home provide a touch of character as do the gleaming wood floors.

Upstairs, the primary bedroom has a vaulted ceiling, built-in bookshelves and space for a desk or seating area. The second bedroom has a rare step-in closet and multiple windows for desirable cross ventilation. The bedrooms are served by a remodeled bathroom with crisp white tile and fixtures.

A stone fireplace is the focal point of the lower level rec room, and a wall of built-ins with desk provides office space. With comfy carpeting, the room is ideal for play, media, reading and relaxing. A remodeled bathroom is on this level so the rec room could double as guest space. The big laundry and storage room has a door with steps to the back yard, making it easy to enter the home after play and gardening.

The circular driveway at the front of the home accommodates at least three cars and leads to the kitchen side door for ease of bringing groceries directly into the kitchen.

The home is one block to Lacey Woods Park and four blocks to the bike path. Westover Village offers shops, carry-out friendly restaurants, a library, the venerable Ayers Hardware, a Sunday farmer’s market, and an hourly chime to remind you of the time. Ballston Quarter and the Metro can be reached by the bike path or a bus on Washington Boulevard. Whether working from home or commuting to government or business centers, the home is ideally located to meet your needs for a good work-life balance.

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

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.

A day early, a happy Turkey Day to our neighbors, friends and readers out there.

Sure, this Thanksgiving looks and feels a little bit different than ones in recent memory. While we may not be having the massive, elaborate gatherings some of us are accustomed to, there is much hope and optimism that we can soon return to normal in the near future.

Amid the current landscape, it never hurts to plan ahead. And, certainly for quite a few folks out there, stir craziness has become a big thing… and it’s time to relocate.

In a year like no other, we totally get it. Just as in times and decades past, the team at Arlington Realty, Inc. is  here to help you achieve your real estate goals wherever possible.

In the meantime, have a happy and wonderful Thanksgiving!

Now on to this week’s Just Reduced figures.

As of November 23, there are 157 detached homes, 59 townhouses and 374 condos for sale throughout Arlington County. In total, 51 homes experienced a price reduction in the past week:

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.

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