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 has this year’s spring market compared to previous years?
Answer: I’ll provide an in-depth mid-year market analysis in July, but since we’re in the final weeks of the historically strong “spring market,” I thought it would be a good time to share County-wide market trends that represent what I’m seeing on the buying and listing side these days.
Hint: Great for sellers, frustrating for buyers.
Owners Holding Out For Amazon
One of the big questions I had post-Amazon HQ2 announcement was whether owners would decide to hold onto their homes longer in hopes of higher long-term returns from Amazon or whether they’d accelerate their plans to sell to take advantage of a quick bump in prices and a faster sale cycle.
The answer so far is that more owners are holding off on selling because new inventory is down significantly from last year, highlighted by a nearly 30% YoY decrease in new listings in April.
Low Supply Is Driving Prices To Record Highs
There has been a YoY increase in the average sold price since the Amazon announcement was released in November, highlighted by a 11.2% increase in April (chart #1). That increase led to an average sold price in Arlington over $742,000 which is the first time the average sold price broke $700,000 in 10+ years (chart #2).
The Average Buyer Is Paying Over Asking Price
For the first time in over 10 years, the average buyer is paying more than the asking price to secure a home in Arlington. In April, the average purchase price was .3% higher than the seller’s asking price.
Sales Are Going Through Much Faster
It is taking less and less time for a seller to find a buyer, with a YoY decrease in days on market each of the last six months, highlighted by decreases of 73% and 74.3% in March (median 10 days) and April (median 9 days), respectively.
If you’re interested in an analysis of how the current has impacted the value of your home or the value of the home you’re trying to buy, don’t hesitate to reach out to me at [email protected] to schedule a meeting.
If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local real estate, 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 D.C., and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Recent Stories
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
An explosives detection K-9 celebrated his retirement at Reagan National Airport today. Messi, an 8-year-old yellow lab, was feted this morning in the historic Terminal 1 lobby with a surprise…
Walk to Lee Heights shops from 1930s Tudor on beautiful terraced lot
Arlington’s response team for people in mental health and substance use crises is on track for a substantial buildout. An additional $478,286 in federal funds would allow Arlington to hire…
The Award is available to recent high school graduates and non-traditional students (see the application for more details). Each recipient may be awarded up to $20,000. Applicants are required to submit an online application form as well as a short video application.
The applicant must be an Arlington resident pursuing a career or technical education accredited program, within a high-growth career, that will be completed within two years.
The careers and programs include, but are not limited to:
-
Audio, Video, and Sound Engineering Technicians
-
Broadcast Technicians
-
Commercial Drivers
-
Culinary Arts
-
Early Childcare Education
-
Healthcare
-
Information Technology and Computer Science
-
Manufacturing and Skilled Trades (including welding, auto and aviation mechanics and technicians)
-
Public Safety
Unlike our competitors, Well-Paid Maids doesn’t clean your home with harsh chemicals. Instead, we handpick cleaning products rated “safest” by the Environmental Working Group, the leading rating organization regarding product safety.
The reason is threefold.
First, using safe cleaning products ensures toxic chemicals won’t leak into waterways or harm wildlife if disposed of improperly.
Second, it’s better for you and your family. Fragrant chemicals in surface cleaners can expose you to a similar amount of pollutant particles as a busy city road, New Scientist reported.
ACFCU’s Free Homebuying 101 Webinar: Steps to Getting Pre-Approved
Are you ready to jump into homeownership, or have you 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 for
Sweeney Todd
A victim of a gross injustice that robbed him of his wife and child, Sweeney Todd sets about exacting a terrible revenge on society.
