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 fast are homes selling in Arlington this year and how does that compare to previous years?
Answer: Days on Market measures the number of days between a home being listed for sale and when it goes under contract. Low days on market is one of the leading indicators of a hot market and signals future price appreciation.
The most common way to measure this is average or median Days on Market, currently 33 days and 9 days over the last six months in Arlington, but I also like to track the percentage of homes that go under contract within the first ten days. I generally find that this metric gives buyers and sellers a better feel of the market.
Fast & Furious 2019
The percentage of homes that go under contract within ten days has skyrocketed in 2019, doubling the rate seen in 2015 and 2016. Below, you can see how demand for South Arlington homes has been increasing relative to North Arlington over the last three years, not just since the Amazon HQ2 announcement in November 2018.
The table below breaks the market down a bit further by number of bedrooms within each market. Note the incredible demand of one and two bedroom homes (mostly condos) in South Arlington, with well over 80% going under contract within ten days. Even more impressive is that only about 25% of one bedroom South Arlington properties were selling within ten days as recently as 2015 and 2016. If you bought one before the madness, congratulations!
Prepare To Pay
Sellers control the negotiations during the first ten days of a sale and the price paid on homes going under contract within the first ten days reflect that, with an average purchase price well above the asking price.
The table below breaks the market down a bit further by number of bedrooms within each market. It is based on net sold price (sold price less any seller credits). In South Arlington, homes that go under contract within the first ten days on market are averaging a net sold price nearly 2% higher than the seller’s asking price.
One important takeaway from this data is that in 2019 buyers making an offer on a property that has recently hit the market have become accustomed to including escalations, which is why you see average prices well above the asking price.
What Does It Mean?
Unsurprisingly, some national studies have determined that Arlington and Alexandria are the country’s hottest real estate markets. That’s great news for home owners, especially those looking to make a move into a less expensive market, renting, or downsizing. The frustration for buyers comes from all sides as well. There’s very little inventory to choose from and, as detailed above, good inventory moves quickly and for a premium.
If you’re considering selling, it’s important to understand just how high you can price your home without overpricing and missing the market, which can lead poor results.
If you’re hoping to buy a home, planning and preparation are critical. Despite the market conditions, I have worked with a lot of buyers this year who have found success in Arlington, but it requires the right approach.
I am available every day of the week to meet or schedule a call if you’d like to discuss your options to buy, sell, or rent in Arlington or the surrounding Northern Virginia, D.C., and Maryland Suburb communities. Just send me an email at [email protected] to schedule some time to talk.
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.
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(This Community Post was written by Signature Theatre and underwritten by Embracing Arlington Arts.)
Signature Theatre just released single tickets for all 33rd season productions, which highlights the organization’s long-time relationship with legendary composer Stephen Sondheim. Beginning with the musical adaptation of The Color Purple and irreverent No Place to Go, the season continues with three Sondheim musicals, the DC premieres of Off-Broadway hit Which Way to the Stage and Pulitzer Prize finalist Selling Kabul, the Tony Award®-winning rock musical Passing Strange, and return of Signature’s cabaret series honoring legendary artists.
“Last November, the world lost an icon. The death of Stephen Sondheim was a blow to everyone in the theater community. Signature Theatre would not be the same without Sondheim — he IS Signature’s ‘signature.’ This season, we are honoring the legend with productions of Into the Woods, Pacific Overtures and Sweeney Todd dedicated to his memory. These shows represent the diversity and range of Sondheim,” said Signature’s Artistic Director Matthew Gardiner about the new season.
MEGA Wine Tasting
Join us Sunday, Aug 28 from 12-3pm for our MEGA Wine Tasting
How it Works:
We’ve invited all our wine vendors that we work with to bring 6-10 wines in their portfolio (wines that are usually not carried at Osteria
Running & Strength Training Group Workout #1
Join our first workout of Coach Kate’s fall Running & Strength Training Program on Tuesday, August 30 at 6:30 a.m. at Oak Grove Park.
First/trial session is Free Of Charge. If you would like to join the program — which