This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: How is the Arlington real estate market looking so far this year?
Answer: Through observations in my business, conversations with colleagues and conversations with providers like lenders, title companies, inspectors and contractors, almost everybody saw a spike in business this winter, a usually slow period. After a few years of relatively flat growth in Arlington residential real estate (most of the price growth we saw in the county from 2014-2016 was attributed to tear-downs and some localized development), I think we’re finally going to see some real market-wide appreciation in 2017.
Below, I’ve compiled a series of key metrics that all support this claim. The data is broken down by housing type – detached, townhouse, and condo – and is presented by Quarter (calendar), mostly in Year Over Year changes.
Increased YoY average sold price shows mostly consistent growth over the last few quarters and a clear increase over Q1 2016.
A large increase in new pending contract in Q1 proves a substantial increase in buyer activity. Increased demand means price appreciation.
Homes in Q1 sold for .5-1 percent more relative to their original asking price, another indicator of high demand.
Homes in Q1 2017 sold much faster than they did in Q1 2016, coming close to the expected market pace during spring markets (Q2).
The housing supply has decreased by about one-third over the last two years, meaning the market is shifting further in favor of sellers.
If you’re a homeowner interested in taking advantage of a favorable market or a buyer wondering how to succeed in a competitive market, don’t hesitate to reach out to set-up a meeting. You can reach me directly at [email protected] or (703) 539-2529.
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at http://www.RealtyDCMetro.com.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
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Is home ownership a goal of yours in 2023? Now is the time to make it happen! Grab a (virtual) drink with the area’s top Real Estate experts, learn all about the home buying process and on how you can get $1,500 towards your closing costs immediately!
Did you know the average Arlington renter will spend $150K in 5 years of renting? Stop paying down someone else’s mortgage! Join us for a Rent vs. Buy Happy Hour on Wednesday, June 7th at 6 p.m. via Zoom. If this time doesn’t work, we also are offering times convenient for your schedule!
A lot has happened in the local market since the beginning of the pandemic. Sip on your drink of choice and learn from Northern Virginia, Arlington and Washingtonian Magazines top producing agents! We will discuss the latest market updates, the home buying process and rent vs. buy cost savings. Please RSVP by clicking here.
Call/text Manavi at 703-869-6698 with any questions!
Mason Square hosts dynamic weekly programming and ongoing special events, open to the Mason and greater Arlington community. All activities are free and open to the public. Join us at Mason Square today!
Homebuying 101: Steps to Getting Pre-Approved
Are you ready to jump into homeownership or started considering it but don’t know where to start? Financial preparation is key when thinking about purchasing your first home and the first step to getting pre-approved.
Join ACFCU’s mortgage loan officers
4th of July Celebration & Fireworks
Treat yourself this Independence Day with a world-class, private 4th of July extravaganza at the Military Women’s Memorial – a premier National Capital Region site.
Great food, fun, and the best views of Washington DC’s spectacular fireworks display. Relax, enjoy,