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 did Arlington real estate do in the first half of 2017?
Answer: Market indicators at the beginning of the year were very strong. Spring purchase activity picked up earlier than usual in 2017 and all services providers I spoke to (contractors, landscapers, lender, title companies, etc) all said business was thriving.
Now that we’ve made it through the first half of the year, let’s take a look at some key market indicators I like to use to determine how we’re doing relative to years past.
As usual, you’ll see some familiar customized stats from my previous posts:
- Avg Net Close: This is sale price less any seller credits for the “true” sold price
- Avg Discount from Org and Last List: One of my favorites — this is how much of a discount buyers negotiated from the original and last asking prices. A good indicator of who holds the most leverage in the market. 100% = buyer paid full price
- Avg Days on Mrkt: How long it took for the seller to ratify a contract to sell, from the date they listed it for sale. A good indicator of the speed of the market and demand
- Months of Supply (chart): Economists will say that a balanced market has six months of supply. Anything below favors sellers and anything above favors buyers
- Arlington real estate prices are noticeably higher in most market segments, except apartments/condos (and in zip codes dominated by condo sales) where prices continue to stagnate
- Nearly all markets show signs of upward pressure on prices with lower days on market and smaller discounts from original and last asking price
- Average net sold price of detached (single-family) homes is way up, which is influenced by more sales of expensive new construction and off-market sales of cheaper tear-downs not showing up in the stats. However, it’s primarily due the overall market for detached homes picking up, as seen by strong numbers in zip codes with few new construction sales
With that, I’ll let you smart folks dig into the two tables and one chart yourselves and draw your own conclusions. Feel free to reach out to discuss anything you’re seeing, ask for more granular data for your home/neighborhood, or for help interpreting the data.
Stats By Housing Type
Stats By Zip Code
Months Of Supply
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 www.EliResidential.com. Call me directly at (703) 539-2529.
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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At Generation Hope, we’re dedicated to supporting teen parents in college as they work toward earning their degrees. We are in need of caring child care volunteers for upcoming events on Saturday, October 21st (in Washington, DC), and Saturday, November 4th (in Arlington, VA). Join our growing volunteer community and support us at an event this fall!
At all of our events, we provide free onsite child care for the children of the teen parents we serve, creating a nurturing environment for the kiddos while their parents learn valuable life skills and build community.
If you enjoy working with children and are looking to make an immediate impact in your community, please visit https://www.generationhope.org/volunteer to learn more.
Join us for Arlington’s biggest civil rights & social justice event of the year. The banquet is back in person at the Arlington Campus of George Mason University.
Our keynote speaker this year is Symone Sanders from MSNBC and former Chief of Staff for Vice-President Kamala Harris.
The Master of Ceremonies is Joshua Cole, former state delegate, NAACP President, and local pastor.
Tickets/seating are limited. Purchase your ticket today! Sponsorship opportunities available.
Join us at Church of the Covenant on Military Road every other Wednesday afternoon from 4:00-5:30pm beginning on October 18th for The Backyard: After-School Kids Club. Cost is free! The program will provide recreation, snacks, Bible stories, and other fun