real estate

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 Team Cathell, “Your Orange Line Specialists.”

It is time to bid you farewell my friends.

I’d like to thank all our readers who have tuned in over the last eight years to catch up on the Arlington real estate market. This is my final blog post, as it is time to pass the torch to the next generation who will carry on. The Andors Real Estate Group with Keller Williams Realty will continue with the Just Listed post, and I’m sure you will love their posts as well. The Andors Group has focused on the Arlington market since 1995.

Team Cathell is not going away. We are still here to help all our clients with their real estate needs, advice and counseling.

Here’s your update on the market: It’s so crazy out there right now it’s near the point of insane. We have been ringing the warning bell for months on the effects of low inventory, and now we are witnessing the street fights. It’s rare to witness a transaction in Arlington that is NOT a bidding war. Buyers have even soaked up the stale inventory on the market for 6-9 months. Now new listings are gone in two weeks or less.

Some 47 sellers listed their homes this week, while 49 buyers ratified contracts. And 18 new listings sold within a week. So the inventory level is getting worse, not better…

Here’s how bad it is for buyers. Arlington has a total of 149 homes actively for sale. With an absorption rate of 196 homes per month, that’s only 0.76 months of inventory, well below our earlier low mark of one month. Remember, 5.5 months of inventory is considered a market in equilibrium, neither a buyers market nor sellers market. We are currently in the most extreme sellers market since 2004.

There is a tiny bit of good news for buyers this week. Mortgage interest rates dipped 1/8% to 3.5% for a 30-yr fixed rate. If only a buyer could find a home.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

Morning Notes

By ARLnow.com

It’s ARLnow’s 10th Anniversary — On this day 10 years ago ARLnow quietly published its first article. It has since grown to be Arlington’s local news publication of record, read by a majority of those who call our county home. Join us to celebrate this milestone tonight at Bronson Bierhall in Ballston (4100 Fairfax Drive) from 5-7 p.m. [Facebook]

County Board Approves Solar Farm Deal — “‘This is a groundbreaking partnership for the County,’ said County Board Chair Libby Garvey. ‘It will take us a long way toward our goal of 100 percent use of renewable sources for all electricity used in government operations by 2025.’ Arlington County is the first locality in the Commonwealth to enter into a power purchase agreement of this scale for off-site solar energy with an investor-owned utility company.” [Arlington County, Dominion Energy]

Local Pharmacies Selling Out of Surgical Masks — Preston’s Pharmacy at 5101 Lee Highway is sold out of surgical masks amid worries about the deadly coronavirus outbreak. The store “reported that people are calling, and coming in asking about surgical masks… they are having re-ordering issues from their supplier.” [WUSA 9]

Investors Buying Up Crystal City Properties — “In another indicator of how sought-after the real estate near Amazon’s HQ2 has become, even an NBA player with no ties to Greater Washington is an investor in the Crystal City market. Jeff Teague, a point guard for the Atlanta Hawks, bought a 935-square-foot apartment at 1200 Crystal Drive.” [Washington Business Journal]

Home Sales Way Down in Arlington — “Long & Foster Real Estate Inc. reports the median price of a home that sold in Arlington County in December was $649,000. That’s up 19% from the median selling price a year earlier. The number of sales in Arlington County was down 24% from a year ago, and, with only 148 homes on the market last month, active inventory was down 51%.” [WTOP]

Another Title for Local Girls Flag Football Team — “Congratulations to the [Arlington-based] Virginia Hurricanes 14U girls flag football team for winning the NFL Flag Football National Championship tournament at the NFL Pro Bowl event in Florida this past weekend. This is the second NFL Flag Girls National Championship title for the Hurricanes.” [Virginia Hurricanes]

Chamber Holds Hospitality Awards — “The Arlington Chamber of Commerce today honored 98 front-line workers in Arlington’s hospitality industry at the 16th Annual Hospitality Awards at the Key Bridge Marriott Hotel. These prestigious awards are presented each year to hospitality workers who deliver outstanding customer service, exhibit excellence in their roles, and continuously exceed their job descriptions.” [Arlington Chamber of Commerce]

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.

Here we are at the end of January — it’s always a bit of a weird time of year.

Weeks removed from New Year’s Day, those resolutions may still be going strong… or they’ve hit the back burner.

If your 2020 resolution pertained to real estate or you’ve since established a new housing-related goal, our team is here to give you a friendly nudge of encouragement. It’s still very early in the year, there is time to find that home of your dreams and you can make it happen.

On the flip side and if you’re looking to sell your property, it’s time to kick it into high gear. We’re fortunate enough to reside within one of the hottest real estate markets on planet Earth and there are meaningful steps that may be taken to obtain that optimal offer.

The bottom line: It’s time to take action. And, when you’re ready to get moving, our team is ready to help you achieve those real estate dreams.

As of January 27, there are 106 detached homes, 9 townhouses and 54 condos for sale throughout Arlington County. In total, 6 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: 2019 Arlington Real Estate Market Review — Detached/Townhouse

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: How did the Arlington real estate market do in 2019?

Answer: Arlington’s real estate market made the national news cycle more than a few times in 2019 with some pretty extraordinary references to rapid appreciation — some accurate and some not. I’ve seen prices in some pockets of the market surge 15-20% in 2019, but for most of the market, appreciation was strong but not eye-popping.

Overall, the average and median price of a home sold in Arlington in 2019 was $705k and $610k, a 6.3% and 8.9% increase over 2018, respectively. Average days on market dropped by one week and an incredible 61.4% of buyers paid at or above the seller’s original asking price. The number of homes listed for sale in 2019 dropped about 17% compared to 2018 and demand surged, with buyers absorbing about 67% more inventory in 2019 than in 2018.

Last week I looked at how Arlington’s condo market performed in 2019 and this week we’ll dig into the performance of the detached and townhouse/duplex markets. I did separate write-ups on the 22202 (Amazon zip code) condo and detached home markets last month and decided not to include data from 22202 in most of the analysis for this week.

Arlington Detached/Townhouse Market Performance

First, we’ll take a look at some of the key measures for market performance across Arlington and within North and South Arlington. I’ve listed some highlights below, followed by a summary data table:

  • Median detached home prices increase by 6.7% from $890k in 2018 to $950k in 2019
  • Median townhouse/duplex prices increased 8.5% from $530k in 2018 to $575k in 2019
  • Average detached homes prices increased by an average of 5.1% and townhouse/duplex homes by 3.6%
  • South Arlington appreciated more than North Arlington, particularly in the less expensive townhouse/duplex market
  • On average, a detached home in North Arlington is 55.5% more expensive than a detached home in South Arlington and 76.9% more expensive for townhouse/duplex homes
  • Buyers accomplished very little trying to negotiate with sellers, averaging just 1.1% off original asking prices on detached homes and paying an average of 1% over the original asking price on townhouse/duplex homes
  • The number of new detached homes sold in 2019 was just below the trailing five-year average. Note that not all new homes make it in the MLS, so the actual count is likely a bit higher

Performance By Zip Code

Next let’s take a look at average prices for both detached and townhouse/duplex homes by zip code:

  • Over the last five years, the top performing zip codes have been 22202 (National Landing) and 22209 (Rosslyn area), with Amazon HQ2 and Nestle leading the way in the commercial sector for those zip codes, I wouldn’t be surprised to see this trend continue over the next five years
  • Nearly all of the appreciation for 22202 came from 2019’s Amazon bump
  • If I remove new construction sales from the data, the appreciation percentages remain relatively similar for every zip code except for 22203 and 22213. Without new construction included, 22203 gained 4.5% (instead of zero change) and 22213 gained .5% (instead of dropping 2%), in 2019

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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:

3802 Dittmar Road
6 BD/6 BA, 1 half bath single-family home
Agent: Keller Williams Capital Properties
Listed: $1,999,995
Open: Saturday 12-3 p.m.

 

4817 24th Street N.
5 BD/3 BA, 1 half bath single-family home
Agent: Washington Fine Properties
Listed: $1,324,900
Open: Sunday 1-4 p.m.

 

1515 23rd Road S.
3 BD/3 BA single-family home
Agent: Re/Max Executives
Listed: $1,095,000
Open: Sunday 1-4 p.m.

 

629 19th Street S.
3 BD/2 BA single-family home
Agent: Keller Williams Realty
Listed: $900,000
Open: Saturday 10 a.m.-12 p.m.

 

640 N. Illinois Street
3 BD/1 BA, 1 half bath single-family home
Agent: Weichert Realtors
Listed: $849,000
Open: Sunday 1-4 p.m.

 

900 N. Stafford Street #2015
2 BD/2 BA condo
Agent: Kw Metro Center
Listed: $570,000
Open: Sunday 2-4 p.m.

 

4069 S. Four Mile Run Drive #203
2 BD/2 BA condo
Agent: Redfin Corporation
Listed: $424,900
Open: Sunday 1-4 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 Team Cathell, “Your Orange Line Specialists.”

Perhaps the historic events unfolding on Capitol Hill this week have raised uncertainty about our nation’s direction and caused home buyers to hesitate a bit as home sales dropped this week to only 33 from 43 last week.

Sellers did their part by listing 50 homes, so the drop in sales wasn’t an inventory issue. Our market’s few weaknesses include linkage to Federal government activity as our economy is primarily driven by the U.S government across the Potomac. For example, every presidential election year our real estate market just gets weird with erratic shifts of high volatility to dormancy over short periods. Something spooked buyers this week, and it wasn’t the weather.

Nationally, the housing market is hot in most places. A report released this week by the National Association of Realtors indicates that the median home price from a year ago increased 7.8% to $274,500. In the northeast region, the number of existing home sales is up 8.8% from a year ago, which has helped to drive down inventory levels by 8.5%, as if inventory wasn’t bad enough.

Currently Arlington has only 150 homes actively for sale. At the current rate of absorption, that’s only 1.1 months of inventory. Nationally, inventory has dropped to only 3 months, the lowest level since before the great recession of 2008.

Wage growth has picked up by 3% and that’s a big help for home buyer’s affordability, but when prices go up 7.8% it still puts buyers farther behind. Economists believe the affordability factor will eventually slow home sales and bring down price growth. But if I were a buyer right now, I wouldn’t bet on it happening soon enough. I’d get out there, compete in the bidding wars, and ratify a contract as soon as possible so I could enjoy the ride of equity growth while it lasts.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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 throw quite a few stats, facts and figures at you each week with “Just Reduced.”

In addition to the figures on the surface — which certainly include listing price and possible reductions — there are some big-time figures that may not be quite as immediately publicized that you’ll certainly want to figure out before signing on the dotted line.

Among them are closing costs, insurance costs, taxes, prospective renovations, maintenance fees, inspection costs and potential homeowner association fees.

Entering any transaction, you’ll want to dissect everything that may be involved with the property. A detailed statement with line-by-line costs and fees will be imperative to determine the true value of your investment up-front.

There is quite a bit involved and, when entering unchartered waters and related lingo, it can certainly be stressful.

We’re here to help. When you’re ready to pull the trigger on an Arlington real estate investment, we’ve been navigating the local market for more than 30 years have the local expertise needed to get the most bang for your buck.

And now on to this week’s numbers.

As of January 20, there are 106 detached homes, 15 townhouses and 53 condos for sale throughout Arlington County. In total, 5 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: 2019 Arlington Real Estate Market Review — Condos

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: How did the Arlington real estate market do in 2019?

Answer: Arlington’s real estate market made the national news cycle more than a few times in 2019 with some pretty extraordinary references to rapid appreciation — some accurate and some not. I’ve seen prices in some pockets of the market surge 15-20% in 2019, but for most of the market, appreciation was strong but not eye-popping.

Overall, the average and median price of a home sold in Arlington in 2019 was $705k and $610k, a 6.3% and 8.9% increase over 2018, respectively. Average days on market dropped by one week and an incredible 61.4% of buyers paid at or above the seller’s original asking price. The number of homes listed for sale in 2019 dropped about 17% compared to 2018 and demand surged, with buyers absorbing about 67% more inventory in 2019 than in 2018.

This week I will dig into how Arlington’s condo market performed in 2019 and next week I’ll do the same for the detached single-family home and townhouse market. I did separate write-ups on the 22202 (Amazon zip code) condo and detached home markets last month.

Arlington Condo Market Performance

First we’ll take a look at some of the key measures for market performance across Arlington and within North and South Arlington. This data excludes age-restricted housing (The Jefferson), Cooperatives (River Place) and townhouse-style condos (Fairlington).

  • The condo market seems to have appreciated 7-8% in 2019, after experiencing barely any growth from 2013-2017 and modest growth in 2018
  • South Arlington beat out North Arlington in every key category, which makes sense because it’s an easier price point for homeowners and investors who wanted some sort of real estate position in Arlington before Amazon’s hiring picks up
  • The average condo buyer in South Arlington paid .8% over the seller’s asking price

Condos in North Arlington sold twice as fast as they did from 2015-2017. In South Arlington they sold more than three times faster than 2015-2016.

Performance of Different Sub-Markets

I took a look at some of the sub-markets that make up large cross-sections of Arlington’s condo market to see how they performed compared to the overall market.

For “standard” 1 BR and 2 BR condos in the Rosslyn-Ballston (R-B) Corridor I specifically looked at condos in buildings constructed during the 2000s condo boom with 650-800 sq. ft. (1 BR) and 950-1,200 sq. ft. (2 BR).

  • “Standard” R-B 1 BRs appreciated 4% in 2019
  • “Standard” R-B 2 BRs appreciated 5% in 2019

For “older” 1 BR and 2 BR condos, I looked at those constructed in the 1940s-1960s. This category of condos had been slow to appreciate and as of 2018, a lot of owners were still trying to dig out from 2005-2007 prices.

  • Older 1 BRs appreciated 7.4% in 2019
  • Older 2 BRs appreciated 10.5% in 2019

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Property Values, and Thus Property Taxes, Are Rising

By ARLnow.com

The rise in property values in Arlington is accelerating post-HQ2.

Late last week Arlington County announced that its assessments for 2020 had risen 4.6% on average — 4.9% for commercial properties and 4.3% for residential properties. That compares to an average property assessment increase of 3.5% last year.

The rise in property values will almost certainly mean a rise in property taxes for Arlington residents. The county, in its announcement, seemingly discounted the idea that tax rates — currently $1.026 for every $100 in assessed value — would come down to offset the rising assessments.

“Although the growth will result in additional revenue, the County faces continued funding choices in the coming fiscal year,” the county’s press release says in the first paragraph. In November the County Board directed County Manager Mark Schwartz to propose a budget that either keeps the tax rate steady or slightly lowers it; his budget proposal will be released in February.

The county says Amazon’s arrival is at least partially responsible for rising property values, though apartment buildings accounted for much of the commercial assessment increases.

Commercial property values were driven by a decline in the office vacancy rate, continued new construction, demand for rental properties, and Amazon-related leasing activity. Apartment property values increased by 8.9 percent, office values increased by 2.5 percent, and general commercial property (malls, retail stores, gas stations, etc.) grew by 1.8 percent.

“Arlington continues to be a place where people want to live and work,” Schwartz said in a statement Friday. “The investment we make in our community through real estate tax revenue helps us maintain the high-quality amenities and public services that make Arlington so attractive.”

The full press release is below, after the jump.

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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:

4611 36th Street N.
6 BD/5 BA, 1 half bath single-family home
Agent: Washington Fine Properties
Listed: $2,675,000
Open: Sunday 2-4 p.m.

 

6300 28th Street N.
6 BD/5 BA, 1 half bath single-family home
Agent: Pearson Smith Realty, Llc
Listed: $1,799,000
Open: Sunday 1-4 p.m.

 

4118 Lee Highway
5 BD/2 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $1,200,000
Open: Sunday 1-4 p.m.

 

730 N. Tazewell Street
3 BD/2 BA, 2 half bath villa/townhouse
Agent: Long & Foster Real Estate, Inc
Listed: $958,000
Open: Sunday 2-4 p.m.

 

4080 Lee Highway
2 BD/2 BA, 1 half bath villa/townhouse
Agent: Ttr Sothebys International Realty
Listed: $769,900
Open: Saturday 1-3 p.m.

 

1609 S. Hayes Street #1
3 BD/2 BA, 1 half bath condo
Agent: Keller Williams Realty
Listed: $630,000
Open: Sunday 2-4 p.m.

 

3238 9th Street S.
2 BD/1 BA villa/townhouse
Agent: Re/Max Allegiance
Listed: $499,900
Open: Sunday 1-3 p.m.

Morning Notes

By ARLnow.com

Home Prices Up in 2019 — “Data from Bright MLS, a multiple listing service that analyzes real estate data in the Mid-Atlantic region… revealed the average home sale price in Alexandria City, Arlington and Fairfax counties, collectively, rose by 4%, from $590,582 in 2018 to $614,236 in 2019.” [WUSA 9]

Endorsements for Choun — Chanda Choun, who is running in the Democratic Arlington County Board primary against incumbent Libby Garvey, has received the endorsement of a pair of current and former elected officials: former County Board member Jay Fisette and, most recently, current Commissioner of Revenue Ingrid Morroy. [Twitter, Chanda Choun]

Chain Salon Locations to Close — “The parent company of Hair Cuttery, Bubbles, and other salon chains will close more than 80 locations around the country starting later in January… A full list of the stores that will shutter was not disclosed. There are more than 30 Hair Cuttery locations, 20 Bubbles locations, 14 Salon Plazas and three Salon Cielos in Greater Washington.” [Washington Business Journal]

Musical Performances at DCA — “Washington Dulles International Airport (IAD) and Ronald Reagan Washington National Airport (DCA) will host its annual Black History Month celebration of achievements and contributions to American history by African Americans with musical performances for passengers traveling through both airports each Thursday during the month of February.” [Press Release]

Dorsey Absent from WMATA Board Meeting — Arlington County Board and WMATA Board member Christian Dorsey was absent from the latter body’s meeting yesterday, raising an eyebrow. A WMATA spokesman tells ARLnow that Dorsey was not at the meeting because we was “going to Richmond to provide testimony.”

Monday: MLK Day of Service in Arlington — “Celebrate the National MLK Day of Service by joining EcoAction Arlington to clean up trash and debris from Four Mile Run and surrounding streets. Everyone is welcome; we will provide supplies and snacks.” [ARLnow Events]

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