real estate

Ask Eli: Single-Family Demand Shifting From City to Suburb

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 shift in single-family home preferences away from D.C./Arlington further out into Northern Virginia?

Answer: Last week, I wrote about a clear shift in Arlington’s (and D.C.’s) condo market as historically high volumes of inventory have come to market and demand has tapered off. I received some follow-up questions about how the single-family market compares so this week we’ll take a look at some of the trends in single-family detached (SFD) homes in D.C., Arlington, Fairfax County and Loudoun County.

Across all markets, demand and competition for SFD homes is high, but there is a clear shift in preferences for SFD housing further away from the city that we’ve never seen before. Both Fairfax County and Loudoun County have reached all-time highs in absorption and all-time low months of supply.

Suburban Absorption Rate Sky-Rockets

The absorption rate, a strong metric for demand, has almost always been higher in D.C. and Arlington than in Fairfax and Loudoun Counties. An absorption rate of 1.0 equals one home under contract for every home listed for sale and greater than 1.0 means homes are going off the market faster than they’re being put in the market.

The first chart shows a dramatic increase in the absorption rate in Fairfax and Loudoun Counties since June, far outpacing the D.C. and Arlington markets. Loudoun County, the furthest/least densely populated of the four markets was on fire in August, with an already high absorption rate increasing nearly 50% over July.

Check out the difference between the Arlington County and Loudoun County 10-year Absorption Rate in the second and third charts below.

Listing Volume Up Seasonally

One of the trends that stood out in last week’s condo analysis is the historically high volume of listings that came to market in July and August, ranking among the highest of any month in the last 10+ years. While the volume of SFD listings is up in July and August compared to past summer months, volume is still well below peak spring listing volume.

The year-over-year change in SFD listing volume in Arlington for July and August is pretty extreme (see second chart below) simply because of how low volume was in 2019 due to the Amazon HQ2 announcement, but the numbers still fall well below a normal spring market.

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Listing of the Day: 2112 S. Knoll Street

By ARLnow.com Sponsor
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Address: 2112 S. Knoll Street
Neighborhood: Arlington Ridge
Listed: $1,225,000

An absolute jewel in Arlington Ridge nestled in this adorable neighborhood, lined with mature trees and well-kept lawns, this beautifully maintained and upgraded home is enchanting, and the location is ideal for commuting, shopping and exercising!

Gourmet eat-in kitchen with granite counters, Wolf range, 42″ cabinets and butler’s pantry. French doors lead out to the surprise of outdoor living with three separate seating areas with retractable awning and extensive landscaping — made for enjoying morning coffee, afternoon cocktails, and entertaining friends and family. Organization systems in each of the closets maximize storage, and the oversized upstairs bathrooms have been beautifully updated.

Hardwood floors on the main level and plantation shutters throughout add a level of sophistication, and the fully finished basement with full bath is the perfect extra space for a home gym, office and movie-watching. Fifteen minutes to two metro stations, a five-minute drive to D.C., close to Old Town Alexandria.

Listed by:
Steve Wydler
Wydler Brothers of Compass
703-348-6326
[email protected]
wydlerbrothers.com

Listing of the Day: 1045 N. Utah Street #310

By ARLnow.com Sponsor

Address: 1045 N. Utah Street #310
Neighborhood: Ballston | Windsor Plaza
Listed: $614,900
Open: Virtual Tour

Do you have moderate to severe discomfort from your AirPods. Do you wake up with nightmares that you are on a never-ending Zoom call? Do you have a fear of your boss finding out that you aren’t actually working from home? You, like many millions of people may have Labor Domicile Syndrome… Pure Insanity from working from home. Thankfully we have a cure.

At unit 310 Windsor Plaza with its expansive floor plan, huge kitchen, multiple large work spaces and a sunroom escape, you will never feel like you are working from home

The living room has a gas fireplace with stone surround and a tasteful stone accent wall. Just past the living room, you will find your next oasis, a huge panoramic glass enclosed sunroom with floor to ceiling windows overlooking tree lined Utah Street, your perfect built in city escape!

The Owner’s Suite has a separate private access to this beautiful sunroom, providing the suite with a vast amount of natural light from the floor to ceiling windows. The Owner’s Suite includes a dual sink vanity, a deep jetted soaking tub and a spacious walk in closet with built-ins.

The second bedroom and full bathroom, located next to the Owner’s Suite, offers ample closet space and two nice sized windows. The entire unit is newly painted and one parking space and one storage unit convey. At the Windsor Plaza, enjoy the outdoor swimming pool, large courtyard, grilling area and easy walkable access throughout the Ballston neighborhood.

This perfect community is located just around the block from the Ballston Metro and steps away from the new Ballston Quarter, shops, restaurants and everything Arlington has to offer!

Listed by:
Shawn Battle
Orange Line Condo | Century 21 Redwood Realty
703-999-8108
[email protected]
OrangeLineCondo.com

Listing of the Day: 1218 Perry William Drive

By ARLnow.com Sponsor
1/10

Address: 1218 Perry William Drive
Neighborhood: Everymay (McLean)
Listed: $1,725,000

Captivating home in sought-after Evermay with heated, saltwater pool! Beautifully updated, and thoughtfully designed to offer all the conveniences for today’s living.

There’s space for working from home, enjoying a Staycation while sipping beverages pool-side or under the covered patio, cooking for family or a small gathering of friends, and finding quiet spaces throughout. Find your inner chef while enjoying the spacious eat-in kitchen, fully updated with high-end appliances.

This turnkey home features five generously sized bedrooms, three are located on the upper level with two full baths including the primary bedroom with ensuite bath and private balcony, while on the lower level you will find two additional bedrooms and a Jack-n-Jill bath.

The Evermay neighborhood is 2.5 miles to the Chain Bridge and D.C., 2 miles to Downtown McLean, and close to Tysons with plenty of shopping and dining options.

Listed by:
Steve Wydler
Wydler Brothers of Compass
703-348-6326
[email protected]
wydlerbrothers.com

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:

3012 N. Oakland Street
4 BD/5 BA, 1 half bath single-family home
Agent: Re/Max West End
Listed: $1,950,000
Open: Sunday 2-4 p.m.

 

1722 S. Arlington Ridge Road
3 BD/2 BA, 1 half bath single-family home
Agent: Compass
Listed: $1,490,000
Open: Sunday 2-4 p.m.

 

2518 N. Columbus Street
4 BD/3 BA single-family home
Agent: Keller Williams Realty
Listed: $998,000
Open: Saturday 1-4 p.m.

 

125 N. Oakland Street
3 BD/1 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc.
Listed: $895,000
Open: Sunday 2-4 p.m.

 

851 N. Glebe Road #1705
2 BD/2 BA condo
Agent: Century 21 New Millennium
Listed: $739,900
Open: Saturday 12-4:30 p.m.

 

2174 N. Brandywine Street
2 BD/2 BA, 1 half bath villa/townhouse
Agent: Compass
Listed: $624,900
Open: Saturday 2-4 p.m.

 

1915 S. Kenmore Street
4 BD/2 BA villa/townhouse
Agent: Kw Metro Center
Listed: $529,900
Open: Sunday 1-3 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.

Unlike last year, our fall market is off to a great start, and it really never slowed at the end of summer.

Bolstered by low interest rates and a high level of white-collar jobs that allow remote work during the pandemic, Arlington continues the hustle and bustle. Despite inventory growing slowly and steadily, we’re still a strong seller’s market and I see nothing on the horizon that will change that.

A topic we haven’t talked about much is condo fees, but it makes sense to visit this subject briefly, considering around 60% of our inventory in Arlington has condominium ownership. As a reminder, a condo is a method of ownership, meaning you own your unit and a shared interest in the common spaces such as pools, parking lots, tennis courts, etc., and are bound by the rules, bylaws and covenants established and maintained by unit owners through a condo board — perhaps one of the smallest examples of a local government. You have access to those amenities through your ownership and payment of the association’s fees.

Condos can look like townhomes, high rises, garden style buildings and even appear as semi-detached homes. Monthly fees in Arlington vary widely, with some in the $200 range and not providing much in the way of amenities, to buildings that include all utilities, have 24-hour concierge and a wide variety of amenities and conveniences. The latter can run you towards $1,000+ in Arlington, but the average falls somewhere in the $400-$600 range depending on the amenities included.

Condo fees increase over time, sometimes the result of unexpected maintenance, or increases in costs of contracts and services such as landscaping, lifeguards or snow removal. Fees rarely decrease, and there are often rules contained in the individual organization placing a cap on how much they can increase year to year.

Townhomes are sometimes condo ownership, but more frequently part of a homeowner’s association (HOA) — and HOAs typically have much lower fees than condos. Usually there aren’t many utilities included; they don’t have elevators or other costly systems to maintain and the function of an HOA is more limited in scope, generally to architectural rules, landscaping and perhaps a pool or tennis courts.

We don’t have many examples of single-family homes belonging to HOAs in Arlington, but as you venture farther outside the metro area, this becomes much more prevalent from tract-development housing.

Now for your weekly stats…

This past week in Arlington, sellers listed some 84 properties for sale while buyers ratified 68 contracts. 32 of the ratified contracts were on homes listed just within the past week.

There are currently 444 homes for sale in Arlington, 16 more than last week. 128 are detached homes, 42 are townhouses/semi-detached and 274 are condos. Average days on market (DOM) for currently available homes is 49 and median DOM is 30.

The median list price of currently available properties is $628,500, while the average is $866,392. Last year for the same week, sellers listed 72 homes and buyers ratified 48 contracts.

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: 867 N. Lebanon Street

By ARLnow.com Sponsor
1/10

Address: 867 N. Lebanon Street
Neighborhood: Dominion Hills
Price: $799,000
Open: Sunday, September 20 from 1-4 p.m.

This classic three bedroom two bath Dominion Hills colonial is nestled on a well landscaped lot in the Ashlawn, Swanson, Yorktown school district.

Recent important updates include: heating and air conditioning (2019), gas 50 gallon water heater (2018), garden shed for bike and sports storage (2016), electrical panel box (2016), front portico, slate stairs and handrails (2014).

Desirable details include gleaming wood floors on two levels, double pane windows, gas fireplace in the living room, kitchen with plenty of counter space for renewed interest in cooking and baking, a big rec room with areas for media, play, distance learning and an office nook for Zoom calls.

A brick patio is off the kitchen, and the large lot offers shady spots for play and sports, and sunny spots for gardening and soaking up Vitamin D. Space is available for a fire pit, wading pool and features that will enhance outdoor living.

The nearby bike path leads to both Ballston and EFC Metros, and the home is near Madison Manor park, Westover Village, Dominion Hills pool, Arlington County skate parks, and a pub and services.

A refreshed home in a wonderful location for up or down sizing.

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.

The pandemic is affecting what folks are looking for in a new home.

According to a recent Homes.com survey of 1,000 respondents who purchased a home during the pandemic, 40% said that COVID-19 changed the features they desired.

As for the biggest change in attitudes?

Well, more and more people are looking at adding a home office space and want more square footage in general, knowing that things have generally trended toward a work-from-home-friendly environment.

On the ground here in Arlington Country, we know that the pandemic has affected each and every person or family differently. But, just as before, the team at Arlington Realty, Inc. is well equipped to help folks navigate the climate and find the perfect home, condo or townhome..

When you’re ready to discuss your needs — pre-, during or post-pandemic — we’re ready to roll on your behalf. And now on to this week’s Just Reduced figures.

As of September 14, there are 157 detached homes, 41 townhouses and 291 condos for sale throughout Arlington County. In total, 44 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.

Ask Eli: The Shifting Condo Market

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: I’ve seen a lot more condos come to market and also some staying on market longer than before, is that part of a larger trend in the condo market?

Answer: In July, I predicted there would be a surge in housing inventory that was held off the market this spring because of COVID. That has proven to be moderately correct for single-family housing and very accurate for condos. The market has had no trouble absorbing the extra single-family housing, albeit with less competition than before, but the condo market has not absorbed the extra inventory and has undergone a significant shift in the last two months.

In short, listing volume for Arlington condos reached historically high levels in July and August, absorption (demand) is down, and months of supply is the highest it’s been since the fall of 2017.

Historically High Listing Volume

July (253 listings) and August (229 listings) had the 5th and 13th highest months for listing volume in the last ten years. Prior to this year, the top fifteen months for condo listing volume fell in April or May (peak demand offsets higher listing activity), with the exception of June 2015. This is the first time that the number of condos listed in July or August has ever exceeded 200.

Pre-Amazon HQ2 Demand

Since Amazon announced plans for HQ2 in November 2018, condo demand was through the roof with 15 straight months of more condos going under contract than listed for sale (over 1.0 in the chart below), beginning January 2019. Absorption levels, a strong indicator of demand, are now more reflective of 2016-2017 which brought very little real appreciation in the condo market.

Monitor Months of Supply

The Months of Supply metric combines inventory levels and rate of absorption (supply and demand). It measures how long it would take to sell out of existing inventory given the current pace of sales. Most housing economists say that ~6 months of supply is needed for a well-balanced housing market, a number we’ve never come close to in Arlington.

Given that it takes ~6 months of supply for a balanced market, Arlington is still very much a seller’s market, but nowhere close to what it’s been over the last two years. In August, Months of Supply exceeded 2.25, higher than it’s been since October 2017 (2.32). Compare that to December 2018 — March 2020 with an average of .67 (just over two weeks of supply) and high of .88, and it becomes clear why many buyers and sellers are experiencing a different market now than they were as recently as June.

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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:

6625 24th Street N.
5 BD/3 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc.
Listed: $1,349,500
Open: Virtual Tour

 

2415 2nd Street S.
5 BD/4 BA, 1 half bath single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $1,199,000
Open: Sunday 1-3 p.m.

 

1418 N. Rhodes Street B414
2 BD/2 BA, 1 half bath condo
Agent: Pearson Smith Realty, Llc
Listing: $967,000
Open: Sunday 1-4 p.m.

 

1703 S. Walter Reed Drive
4 BD/3 BA, 1 half bath villa/townhouse
Agent: Compass
Listed: $850,000
Open: Sunday 1-3 p.m.

 

3800 Lee Highway #408
2 BD/2 BA condo
Agent: Keller Williams Realty
Listed: $719,000
Open: Saturday 2-4 p.m.

 

900 N. Stafford Street #2228
2 BD/2 BA condo
Agent: Weichert Realtors
Listed: $619,900
Open: Virtual Tour

 

4612 28th Road S. #C
2 BD/1 BA condo
Agent: National Realty, Llc
Listed: $409,900
Open: Sunday 2-4 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.

Just throw caution to the wind?

Well, over the past 30 days, there have been almost 70 homes in Arlington selling for 2% or more over list price. Crazier still, some of these sold 5%, 10%, 15% and even 18% over list price. 25% of homes sold in Arlington over the past month sold for 2% or more over ask, and the running average is 101% with a median of 100% sale price to list price ratio. Buyers, prepare yourselves to get out of your comfort zone if you’d like to call Arlington home.

I’ve said it about half a dozen times this year, but mortgage rates have hit another all-time low! We’re seeing most new mortgages start with a 2 in Arlington, and more and more buyers are electing to put less money down to further leverage the bank. Nationally, purchase demand is up 25% year over year — it’s going to be a busy fall!

Arlington numbers are up… like way up! We’re looking at over 100% increase for new inventory compared to last year — even though late summer is a historically slow time for new listings.

This past week in Arlington, sellers listed some 92 properties for sale while buyers ratified 55 contracts. 21 of the ratified contracts were on homes listed just within the past week.

There are currently 428 homes for sale in Arlington, 42 more than last week. 116 are detached homes, 32 are townhouses/semi-detached, and 236 are condos. Average days on market (DOM) for currently available homes is 48 and median DOM is 30. Condo inventory makes up for 61% of the available housing inventory in Arlington at present. Condo absorption is only making up about 50% of ratified contracts, explaining the continued increase in availability.

The median list price of currently available properties is $642,000, while the average is $881,281. Last year for the same week, sellers listed 44 homes and buyers ratified 45 contracts.

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.

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