Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.
It takes a while for trends to become apparent in many things, and real estate is no exception. Now that we have been experiencing the impacts of COVID-19 for over a month, I’m able to start drawing some conclusions.
I’m closely watching a realtor favorite, sale price to list price ratio (SP%/LP%). For sales closed in Arlington over the last 30 days, that ratio is 101.59% meaning, on average, sellers pocketed nearly $12,000 more than they were asking (average sales price $748,421).
If we drop to 15 days of properties sold, that average goes up to 102.24% and will encompass more, but not all properties that went under contract post-COVID-19 restrictions/impact. Conclusion — by and large sellers are still getting what they want in the housing market and buyers are still having to pay up!
Many Arlington homes are still getting multiple offers, but we are seeing fewer offers in these scenarios. Homes that might have attracted 8-12 offers last spring, or even in early January or February, are mostly only getting 2-3 offers right now, and it’s still happening in the first few days of public marketing.
Of course, this does not represent all properties. Some homes don’t receive multiple offers or sell in the first week. Some take multiple price reductions in order to find the market — they were on the market, but not really in the market. This is leading to some head scratching from sellers and maybe realtors alike. Your absolute best bet, sellers, is to hire an experienced Arlington expert and follow guidance on proper pricing and presentation. These are always important considerations and even more so now as the dynamics of our market begin to shift substantially.
There are currently 239 homes for sale in Arlington (a bit over 1.25 months’ supply at current demand). 127 are detached homes, 26 are townhouses/semi-detached, and 86 are condos. Average days on market (DOM) is 55 and median DOM is 31. These stayed almost constant from last week.
Sellers listed some 60 properties for sale this week, up from 44 last week! Buyers ratified 45 contracts, 25 of which were homes that had been on the market one week or less. Average DOM of the ratified properties this week is 13, median is 11, furthering my point about being left on the market instead of in it.
The median list price of available properties is $1,022,500, while the average is $1,154,701.
Last year for the same week, sellers listed 84 homes and buyers ratified 64 contracts. Though the volume is down right now, the absorption rate of new properties is remarkably similar. The supply/demand characteristics are very similar — sellers, make no mistake, this is still very much a seller’s market!
Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.
- 1211 S. Eads Street #1205, Arlington, VA 22202 — $435,000
- 1623 10th Street S., Arlington, VA 22204 — $450,000
- 3409 N. Wilson Boulevard #206, Arlington, VA 22201 — $663,990
- 5920 5th Road S., Arlington, VA 22204 — $718,590
- 930 N. Livingston Street, Arlington, VA 22205 — $774,900
- 2660 S. Kenmore Court, Arlington, VA 22206 — $819,900
- 2326 N. Vernon Street, Arlington, VA 22207 — $1,725,000
- 4514 25th Road N., Arlington, VA 22207 — $2,195,000