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.
U.S. home ownership is on the rise — in fact it’s at the highest rate in 12 years, according to data from the U.S. Census. At about 68% this quarter, we’re only lagging the run-up of 2004-2005 by 1.5%. If the run of 2020 continues into next year, I believe we’ll set a new record.
Is it a bubble?
I’ve been hearing this question for years, and my answer continues to be a strong no, further bolstered by this year’s crazy, largely unpredictable ups and downs.
To back my opinion, let’s look back at 2004-2007… During that time period, house prices were jumping, not gradually increasing. 20% or more per year was simply unsustainable, but 4%, 5% and even 6% is sustainable. In fact, prices almost doubled from 2004-2007 on average in the U.S.
Additionally, interest rates were rising, not falling during that time period, from about 5.7% to 6.2%, significantly decreasing purchasing power. Lending restrictions are much, much tighter now than they were — despite being able to afford more home now, it is harder to qualify for a mortgage. Marginally qualified purchasers are not buying homes at near the same rate as they were, leaving less of a bottom to fall out if adverse economic or market conditions begin to occur.
All of these are reasons why the market seems to indicate more organic growth that is here to stay as opposed to a bubble about to burst. I could be wrong, but I think we’ve got at least a 12-18 month horizon of continued growth, and likely much more than that.
Okay James, enough conjecture, give us the numbers!
This past week in Arlington, sellers listed some 87 properties for sale while buyers ratified 62 contracts. 25 of the ratified contracts were on homes listed just within the past week.
There are currently 498 homes for sale in Arlington, 10 more than last week. 143 are detached homes, 48 are townhouses/semi-detached, and 307 are condos.
In 13 weeks, the number of available condos has more than doubled, from 149 to 307. This has been a developing story in the Arlington market, but it’s now an unprecedented increase. This type of movement out of higher density housing is no doubt multi-faceted but is surely linked to COVID-19. Desire to get away from daily elevator use and to have some more space, especially while working from seems to line up with so much additional availability of condos.
Average days on market (DOM) for currently available homes is 47 and median DOM is 28. The median list price of currently available properties is $624,900, while the average is $831,636. Last year for the same week, sellers listed 69 homes and buyers ratified 61 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.
- 1400 S. Barton Street #432, Arlington, VA 22204 — $339,900
- 2220 N. Fairfax Drive #802, Arlington, VA 22201 — $475,000
- 4404 8th Street S., Arlington, VA 22204 — $695,000
- 5110 N. Carlin Springs Road, Arlington, VA 22203 — $750,000
- 724 N. Barton Street, Arlington, VA 22201 — $799,000
- 1201 N. Garfield Street #909, Arlington, VA 22201 — $849,900
- 708 20th Street S., Arlington, VA 22202 — $899,900
- 4001 N. Stafford Street, Arlington, VA 22207 — $939,000