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.
A common question from buyers and sellers alike this time of year has to do with the seasonality of the housing market: “Do prices go down in the winter?”
The answer is “no,” and in fact there are a number of reasons why they continue to increase instead. For buyers, the cooler months can bring a bit of reprieve in terms of fewer price escalations, but that is tempered with potentially less to choose from. This is actually an advantageous time for sellers, though, because sellers will usually have less competition in other homes currently on the market.
Remember: This year is going to be an anomaly. We have over 200 percent more inventory going into the colder months than we did last year, though it’s pretty much all hold-over condo inventory. I’m still waiting for that part of our market to hiccup and be absorbed. I won’t hold my breath…
Our market is very much non-seasonal, especially when compared to other parts of the country. In a small town, perhaps near a military base, people pretty much only buy and sell between March and June — maybe July — based on military PCS orders. In Arlington on the other hand, people need to buy and sell 365 days a year. (Yes, I’ve actually written a contract the past four years in a row on Christmas Day!) The broad-based local economy of public, private, military, government and others create constant demand.
Here’s another example: The school-year cycle. While many people wait until the end of the school year to move — perhaps to keep kids in their routine or not change school districts mid-year — you either subscribe to the school calendar, or you don’t. There is no in-between. In Arlington, plenty of folks are on the school calendar — and even more aren’t.
This past week in Arlington, sellers listed some 63 properties for sale while buyers ratified 58 contracts; 18 of the ratified contracts were on homes listed just within the past week.
There are currently 555 homes for sale in Arlington, one more than last week: 132 are detached homes, 53 are townhouses/semi-detached and 370 are condos.
Average days on market (DOM) for currently available homes is 56, and median DOM is 41. Both of these are creeping up a bit as we head deeper into fall, and that is not unexpected. While plenty of real estate will be transacted in the cooler months, the urgency slows a bit.
Side note: Average DOM this week last year was 80, so we’ve got a way to go before we’ve “slowed” down to last year’s pace…
The median list price of currently available properties is $530,000, while the average is $750,008.
Last year for the same week, sellers listed 43 homes and buyers ratified 43 contracts. With 63 homes and 68 contracts this week, we’re still outpacing last year substantially across most metrics.
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:
- 2586-A S. Arlington Mill Drive, Arlington, VA 22206 — $314,900
- 3912 9th Road S., Arlington, VA 22204 — $425,000
- 4829 28th Street S. #A, Arlington, VA 22206 — $499,000
- 3343 S. Wakefield Street, Arlington, VA 22206 — $613,999
- 3620 14th Street S., Arlington, VA 22204 — $875,000
- 5713 11th Street N., Arlington, VA 22205 — $965,990
- 821 N. Wakefield Street, Arlington, VA 22203 — $1,275,000
- 6300 36th Street N., Arlington, VA 22213 — $2,199,000