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.
Condo inventory shrinks for the first time in nine weeks! Arlington’s available inventory as a whole declined, while demand remains very strong.
As we head into fall, with more and more COVID-19 restrictions and concerns eased, I’m expecting we’ll see abundant market activity. Historically speaking, the fall market is kind of like our “second spring” market. Pent up demand is still substantial; if sellers are ready to list, buyers will be there to scoop them up. This is especially true for single family homes and town houses.
Working from home may or may not be here to stay, but it is absolutely impacting the decision making of buyers and sellers alike. Many of our buyers and open house visitors over the past few months have said that having a dedicated space for their work has jumped nearly to top priority in their wants/needs lists.
That might translate to needing another bedroom or convertible living space. I’ve also been asked “can we put doors on this room” during home tours multiple times. Similarly for sellers, they are finding their existing space just isn’t adequate, especially with more than one family member spending time working remotely.
This past week in Arlington, sellers listed some 82 properties for sale while buyers ratified 72 contracts. 38 of the ratified contracts were on homes listed just within the past week!
There are currently 384 homes for sale in Arlington, 31 less than last week, our first decline in available inventory in nine weeks. 116 are detached homes, 32 are townhouses/semi-detached and 236 are condos. Average days on market (DOM) for currently available homes is 51 and median DOM is 35.
The median list price of currently available properties is $689,000, while the average is $906,613. These numbers have been falling consistently, but that doesn’t mean prices are declining in Arlington. The median of currently pending properties is $101,000 higher than those currently available, and days on market are slowly creeping back up. This demonstrates a mismatch between what buyers want and what sellers are offering, and also shows we still have a healthy dose of price escalations occurring.
Also, condos generally sell for less than single family homes, and as that inventory lags, it is weighing down the average.
Last year for the same week, sellers listed 40 homes and buyers ratified 49 contracts.
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.
- 1300 S. Army Navy Drive #520, Arlington, VA 22202 — $264,900
- 1127 N. Stuart Street #6, Arlington, VA 22201 — $449,900
- 720 15th Street S. #A, Arlington, VA 22202 –$690,000
- 1023 N. Manchester Street, Arlington, VA 22205 — $839,000
- 515 N. Florida Street, Arlington, VA 22203 — $849,990
- 1530 N. Colonial Court, Arlington, VA 22209 — $1,224,950
- 855 N. Harrison Street, Arlington, VA 22207 — $1,379,000
- 2746 N. Lexington Street, Arlington, VA 22207 — $1,439,900