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.
Unlike last year, our fall market is off to a great start, and it really never slowed at the end of summer.
Bolstered by low interest rates and a high level of white-collar jobs that allow remote work during the pandemic, Arlington continues the hustle and bustle. Despite inventory growing slowly and steadily, we’re still a strong seller’s market and I see nothing on the horizon that will change that.
A topic we haven’t talked about much is condo fees, but it makes sense to visit this subject briefly, considering around 60% of our inventory in Arlington has condominium ownership. As a reminder, a condo is a method of ownership, meaning you own your unit and a shared interest in the common spaces such as pools, parking lots, tennis courts, etc., and are bound by the rules, bylaws and covenants established and maintained by unit owners through a condo board — perhaps one of the smallest examples of a local government. You have access to those amenities through your ownership and payment of the association’s fees.
Condos can look like townhomes, high rises, garden style buildings and even appear as semi-detached homes. Monthly fees in Arlington vary widely, with some in the $200 range and not providing much in the way of amenities, to buildings that include all utilities, have 24-hour concierge and a wide variety of amenities and conveniences. The latter can run you towards $1,000+ in Arlington, but the average falls somewhere in the $400-$600 range depending on the amenities included.
Condo fees increase over time, sometimes the result of unexpected maintenance, or increases in costs of contracts and services such as landscaping, lifeguards or snow removal. Fees rarely decrease, and there are often rules contained in the individual organization placing a cap on how much they can increase year to year.
Townhomes are sometimes condo ownership, but more frequently part of a homeowner’s association (HOA) — and HOAs typically have much lower fees than condos. Usually there aren’t many utilities included; they don’t have elevators or other costly systems to maintain and the function of an HOA is more limited in scope, generally to architectural rules, landscaping and perhaps a pool or tennis courts.
We don’t have many examples of single-family homes belonging to HOAs in Arlington, but as you venture farther outside the metro area, this becomes much more prevalent from tract-development housing.
Now for your weekly stats…
This past week in Arlington, sellers listed some 84 properties for sale while buyers ratified 68 contracts. 32 of the ratified contracts were on homes listed just within the past week.
There are currently 444 homes for sale in Arlington, 16 more than last week. 128 are detached homes, 42 are townhouses/semi-detached and 274 are condos. Average days on market (DOM) for currently available homes is 49 and median DOM is 30.
The median list price of currently available properties is $628,500, while the average is $866,392. Last year for the same week, sellers listed 72 homes and buyers ratified 48 contracts.
Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!
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.
- 2030 N. Adams Street #1203, Arlington, VA 22201 — $300,000
- 4141 N. Henderson Road #322, Arlington, VA 22203 — $386,000
- 5033 7th Road S. #T1, Arlington, VA 22204 — $395,000
- 2618 S. Kenmore Court, Arlington, VA 22206 — $860,000
- 3120 8th Street N., Arlington, VA 22201 — $997,000
- 1934 N. Woodrow Street, Arlington, VA 22207 — $1,150,000
- 2143 N. Pollard Street, Arlington, VA 22207 — $1,159,000
- 2112 S. Knoll Street, Arlington, VA 22202 — $1,225,000