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: Has there been an increase in the number of homeowners putting their home on the market after Amazon’s decision to move to Arlington?
Answer: For me, this was the big unknown — would the announcement of Amazon HQ2 cause homeowners to quickly put their homes up for sale to take advantage of a higher resale value or would those owners decide to hold on for the mid/long run, hoping for a much greater return 5-10+ years from now? The early data in Arlington and Alexandria suggests a preference for the latter.
New Listings Way Down
The easiest way to answer the question is to look at the Year-over-Year change in the number of new listings to hit the market each month. Over the last three months, the YoY difference in new listings in Arlington has been -11%, -18.4% and -13.9%. The City of Alexandria has followed a similar pattern.
Months of Supply… Also Way Down
Months of Supply is a supply/demand reading that tells you how many months it would take for all the homes currently on the market (supply) to sell, given the current rate of sales (demand). Economists generally consider six months of supply to represent a well-balanced real estate market for both buyers and sellers.
Arlington and the City of Alexandria have hovered around 2-3 months of supply for most of the past 6-7 years, having never dropped below the one-month mark for 10+ years… until December 2018, when the two combined to average about .75 months of supply each of the last three months.
What Does This Mean For Northern Virginia?
You can shield the Seven Kingdoms from White Walkers by stacking up all of the frustrated buyers searching in Arlington and Alexandria.
Some may decide to pass on buying a home and continue renting, find a way to make their existing homes work, or move out of the area altogether, but many others will start to look further west for value (it’s there, trust me). Expect to see an immediate spillover into Annandale, Falls Church and Springfield; that shift has already started with many of our clients.
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.
A 3 BD/2 BA home with an oversized kitchen, renovated bathrooms and wrap around deck is included in Just Reduced.
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Let the Arlingtones surprise your friend or sweetie this Valentine’s Day with a barbershop quartet singing love songs in four part a cappella harmony! Choose from a small selection of songs in our repertoire to surprise your special someone.
$75 for two songs delivered to a place of your choice by a live, in-person quartet. Includes a classy tin of chocolates, fresh red rose and personalized card. Small mileage surcharge for >5 miles outside Arlington VA.
$30 Facetime/Skype valentine- two songs delivered ‘live’ via Facetime or Skype at an agreed-on time.
$20 virtual valentine- two pre-recorded quartet songs delivered via email with a personalized message.
Have you noticed a striking sculpture at Monroe Street and Wilson Boulevard? It’s the Museum of Contemporary Art Arlington’s newest installation, Make Your Mark, by Arlington artist, Adam Henry. This sculpture celebrates MoCA Arlington’s rebranding and brings the museum’s energy outdoors.
On February 11, come inside when the museum’s galleries reopen with two new exhibitions: Rebecca Rivas Rogers: Grey View and Crisis of Image.
Grey View, in the Wyatt Resident Artist Gallery, is an homage to “gray” and a snapshot of the artist’s process. Consisting of photographs, collage, and a site-specific installation, this show is an outgrowth of Rivas-Rogers’ visual investigations into places you see on your way to somewhere else.
On the main level, Crisis of Image features artists who seek equity in today’s saturated visual world by developing new methods related to the production of images.
Valentine gifts for someone special or for yourself are here at George Mason University from noon -4pm on February 14, 2023. Satisfy your sweet tooth with Kingsbury Chocolates, find a handmade bag from Karina Gaull, pick up treats from Village