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.
Alarm bells are ringing across the country — we’re hearing about new construction declining over 20% which represents the biggest monthly decline since 1984.
This is not representative of Arlington’s housing market, however. Transactional volume is down, but the transactions that are occurring are reminiscent of pre COVID-19 times. Abundant showings during the first few days of marketing, resulting in one or more offers for new properties and almost half of the new inventory being absorbed in the first seven days. Most of the homes that don’t sell the first week will sell the second week of marketing.
Companies that support and play an integral role in the real estate industry are getting creative to keep clients and staff safe, and I experienced a first this week — a “curbside settlement.”
KVS Title with many D.C. area locations was up to the challenge. Attorney Joe Moreno, located in KVS’ Arlington office, met us outside, wearing his own PPE and handed us a package through our car window. He stood outside a safe distance away, able to answer questions as we worked through the medium stack of seller-side settlement paperwork. We kept the pen, handed the paperwork back and, voila, settlement complete without stepping foot in an office building!
PICK OF THE WEEK — The Andors Real Estate Group is proud to have Just Listed 2524 S. Fort Scott Drive, Arlington, Virginia 22202 — $995,000. This is a rare opportunity to own a 4 bedroom, 3 bathroom brick Cape Cod on coveted Fort Scott Drive. This lovely home is sited up from the street and has an oversized lot, almost 10,000SF. Call me for an appropriately social-distanced tour — (703) 203-1117.
There are currently 232 homes for sale in Arlington. 131 are detached homes, 25 are townhouses/semi-detached, and 76 are condos. Average days on market (DOM) is 55, though median DOM is 29. Both of these numbers crept up from last week, from 51 and 21, respectively. The average days on market this week last year was just 19 days!
Sellers listed some 44 properties for sale this week, down from 60 last week. Buyers ratified 39 contracts, 19 of which were homes that had been on the market one week or less. The median list price of available properties is $1,020,000, while the average is $1,172,599.
Last year for the same week, sellers listed 88 homes and buyers ratified 76 contracts. Those numbers are about double what we’re seeing for this week.
Click here to search currently available Arlington real estate. 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.
Address: 1563 N. Colonial Terrace, Unit 201 Neighborhood: Rosslyn | Georgetown Vista Listed: $409,900 Open:Virtually Open
Welcome to Georgetown Vista unit 201 located in the heart of Rosslyn. This 2 bedroom, 1 bath is arguably one of the best values in Arlington with 750 square feet of living space.
Enter into the living room with refinished wood floors that flow to the dining room. Sliding glass doors open to a balcony with views of Georgetown. The kitchen was renovated in 2014 with high gloss white cabinets and Fisher & Paykel stainless steel appliances. The bathroom was renovated in 2019 with gray subway tiles, a new tub, a new vanity with a marble countertop and “distressed wood” ceramic tile floors. The windows and sliding glass doors were replaced in 2014.
The unit comes with 1 parking permit with a second spot available and an extra storage cage. Georgetown Vista has an enviable location just steps to the Rosslyn Metro, the Key Bridge, Georgetown and so much more!
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.
Haven’t seen your dream property pop up on our Just Reduced list?
A proactively reduced price shouldn’t deter your aspirations and goals. In many cases, sellers are willing to negotiate on price, even if they aren’t the ones making the first move publicly.
And, in some cases, sellers are willing to budge even more (sometimes much more) from a Just Reduced price to make a sale happen.
The keys of any successful transaction, in terms of getting the most bang for your buck, include strong negotiating skills and a knowledge of the local landscape.
Amid these unprecedented times and a truly unique real estate market, it’s never been more important to have a trusted team by your side to help navigate it all. Equipped with the right tools and expertise, you just may be able to achieve what you once thought wasn’t possible.
When you’re ready to chat, the team at Arlington Realty, Inc. is open ears. And now on to this week’s figures.
As of April 13, there are 147 detached homes, 27 townhouses and 80 condos for sale throughout Arlington County. In total, 13 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.
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: What has been the impact of the Coronavirus/COVID-19 on the real estate market?
Answer: In this week’s review of how the COVID-19 pandemic is impacting real estate, we’ll take a look at how Arlingtonians think Coronavirus will change their personal finances, how the Arlington market performed over the last seven days, and how the virus is changing the mortgage industry.
Arlingtonians Still Confident
Thank you to everybody who participated in the poll last week, we collected some really valuable information about how Arlingtonians think the virus will impact their personal finances.
Out of 1,055 respondents, 50% feel that their personal finances will either not be negatively impacted or that the impact won’t last more than six months. Over 70% of respondents don’t expect the negative effects to last more than 12 months.
These results reflect a strong local consumer (buyer) confidence and would suggest that local buyers still have enough confidence in their finances/income to make a long-term investment, like buying a home. When you consider the recent McKinsey study (below) on the most vulnerable jobs, you can see why Arlingtonians, many of whom make over $70k/year, remain confident in the face of a global economic crisis. Income/job security is likely the most important consideration for people determining what the negative impact of COVID-19 will be on their personal finances.
Arlington Market Update
New inventory tanked over the past week and we saw the largest week-to-week drop in the number of properties that went under contract. It’s hard to say for sure whether the decline in contract activity is demand-based on a result of less inventory, but it’s likely a combination of the two.
With very little new inventory coming to market and the Coming Soon pipeline drying up, total inventory is dropping quickly, which should keep home values relatively protected, despite declining demand.
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.
Despite the gorgeous, warm weather, things have cooled off a bit this spring in the housing market.
This spring in Arlington is a bit more subdued than last year and years prior — no surprise considering a stay at home order. By no means, however, has the Arlington market to come to a halt. You may have heard showings are down — this is true.
That means buyers look at fewer homes before they actually buy, and that casual “lookie-loos” have probably stopped for the time being. You may also see real estate signs in yards for longer — another product of fewer showings and fewer ratified contracts.
As things cool off, just a bit, inventory is starting to creep upward. With this week’s numbers, we now have 1.57 months of inventory — about double from the lows of early February but still way below the national average. Not to worry sellers, that number would need to quadruple before the market was considered to be in equilibrium — something Arlington hasn’t seen in over a decade.
A lot of conversations are centered on the thought that prices in Arlington will go down. I do not believe this to be likely at all. Sellers are holding off on listing their homes and this will actually keep prices steady — supply would need to increase substantially in order to be in line with, or even outpace, demand.
If that happens, then one could reasonably expect prices to be either holding steady or declining slightly. Unlike the stock market, this does not happen overnight, or even in the period of a few weeks — it’s a gradual trend over the course of months and even years.
There are currently 239 homes for sale in Arlington (204 last week). 128 are detached homes, 26 are townhouses/semi-detached and 76 are condos. Average days on market (DOM) is 51, though median DOM (a much more reliable measure for this data set) is only 23.
Sellers listed some 60 properties for sale this week, one more than last week. Buyers ratified 38 contracts, 25 of which were homes that had been on the market one week or less. Activity this week is down on both the supply and demand sides of the equation.
The median list price of available properties is $1,009,998, while the average is $1,153,264. Last year for the same week, sellers listed 75 homes and buyers ratified 54 contracts.
Click here to search currently available Arlington real estate. 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.
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.
These are uncertain times and we’re starting to see volatility in many aspects of our lives.
The stock market, oil prices and several financial indicators have all endured their own forms of roller coasters in recent weeks.
In our own little nook of the online world, our Just Reduced numbers have spiked big-time in the past week, more than doubling to 20-plus reduced-price homes in Arlington County alone.
Could this be a sign of even more uncertain times ahead? Is it now a buyer’s market, given sellers appear more willing to budge up front and, perhaps, down the line?
What about for sellers? Is now the time for a stellar bargain? Folks have questions aplenty right now and we certainly don’t blame them.
As we have been there for our clients throughout the decades, we know that each unique real estate scenario is different. When you’re ready to talk about your situation and what may be ahead, the team from Arlington Realty, Inc. is ready to roll.
As of April 6, there are 137 detached homes, 25 townhouses and 82 condos for sale throughout Arlington County. In total, 21 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.
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: What has been the impact of the Coronavirus/COVID-19 on the real estate market?
Answer: I hope this column finds everybody in good health. If you need to replenish your cooking oils and haven’t tried The Olive Oil Boom before, I highly recommend it. It’s a local shop in Courthouse that my wife and I love. My personal favorite is the Harissa olive oil.
If you have some local favorites that you’d like to help stay in business during tough times, please give them a shout-out in the comments section and note a personal favorite product/dish!
Financial Confidence Poll
Buyer confidence drives real estate demand, so I’d like to do a reader poll this week to measure the confidence of Arlingtonians. Thanks for participating!
Arlington/Regional Market Update
Regionally and locally we’re seeing the pipeline of new inventory dry up and sellers lose confidence. The two charts below reflect market activity in Arlington over the past seven days (top) and seven days prior to that (bottom).
While the total Coming Soon and New Active for each seven-day period is almost identical, the Coming Soon pipeline was cut in half. You’ll also note huge increases in the number of price reductions and properties pulled off market (Temp Off, Withdrawn, Canceled and Expired).
Demand is dropping, but homeowners are experiencing it in different ways. For example, the markets that were hyper-competitive prior to the COVID-19 crisis, such as the $600k-$900k single-family starter home market that was seeing double digit offers, are still getting strong offers, and in some cases, multiple offers. For those homes, even a 60-70% decline in demand means a few offers instead of 10+.
I inquired on five homes this weekend for two separate clients. Each was a move-in-ready detached single-family home in Arlington, Falls Church, or Alexandria priced from $695k-$875k. All five had at least one strong offer, four were expecting multiples, one had two pre-inspections scheduled and one got seven offers.
However, the number of price drops and listings being pulled from the market shows that many homeowners are experiencing something different. If your home was likely to get one strong offer before the Coronavirus lockdown, a significant drop in demand can easily mean no offers and a longer wait for the right buyer to materialize.
To gauge the odds of a successful sale (quick sale, at/near asking price), homeowners should be conscious of the profile of the buyer(s) most likely to purchase their home and try to understand how their motivation and financial security has been impacted by COVID-19.
For example, dual-income families are likely feeling more financial security than single-income buyers. Buyers with kids are often more motivated because they likely have fewer alternatives than somebody buying a 1-2-bedroom condo who can more easily find a comparable rental apartment until the economy is back in order.
Further, families with kids are generally buying with a longer ownership horizon and thus able to outlast whatever economic recession/depression is brought on by the virus.
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.
This certainly isn’t the average April Fool’s Day.
If only we could all wake up and this whole COVID-19 be a form of a really, really bad joke.
But unfortunately, it isn’t at all, and our complete gratitude and thoughts remain with those on the frontlines as well as those affected by this pandemic. We are seeing heroism in so many forms on a daily basis, spanning our doctors, nurses, grocery store attendants, bankers and so many more folks.
During these times, it’s important to maintain some semblances of normalcy, whether it’s finding a moment to share a laugh with loved ones or listening to your favorite tunes.
Amid the crisis, Arlington Realty Inc. will be here for you, just as in times of elation and crises past throughout the decades. And, for now and showing no signs of slowing down, we’re continuing to see a regular rhythm of Just Reduced properties to share with you.
Stay safe out there, friends, and here’s the latest scoop:
As of March 30, there are 146 detached homes, 26 townhouses and 79 condos for sale throughout Arlington County. In total, 9 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.
