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.
Arlington, it’s 5:30 a.m. Do you know where your house is? It’s going up… in value, that is!
We’ve talked about property taxes before, but they’re worth another mention. With this type of aggressive price increases in residential real estate this year, coupled with declines in value for commercial property due to vacancy, we’re in for a big change next year. I expect Arlington will increase assessments, rates or both as they’ll need to make up for missing revenue. We saw some substantial increases for 2021, and that is not likely to subside for 2022. Hopefully Arlington will instead choose to decrease spending. Otherwise Arlington continues to price out modest- to middle-income residents who can’t afford the homes or the taxes.
Over the past 30 days, 269 homes closed in Arlington, and the average sales price to list price ratio was just over 100%. One home, a semi-detached property, sold for 17.47% above asking price — WOW!
Sellers listed 101 homes for sale this past week, while buyers ratified 89 contracts — 42 of those were on homes just listed within the past seven days.
This week, there are 429 available properties for sale throughout all of Arlington and across all property types — 12 more to choose from compared to last week.
There are 91 detached properties available for sale throughout all of Arlington. There are 41 townhome/semi-detached homes. I’m not sure if there will come a time when I tell you that condos don’t account for the lion’s share of our inventory, but for now, there are 297 units to choose from.
A quick comparison to last year, for the same week, sellers listed 79 homes and buyers ratified 58 contracts. There were also only 211 available properties for sale this week last year. We’re way above pace and that’s likely due to the fact that most of the pandemic jitters have shaken out of the market.
The average list price for currently available properties is $773,112 and the median is $560,000.
Currently available properties in Arlington have an average of 67 days on market (DOM) and a median of just 30. These numbers are staying pretty consistent; the average has crept up a couple days for the past few weeks as condos sit on the market. In Arlington, across almost all price points, if the home doesn’t sell in the first two to three weeks, a price reduction may be necessary. Since the market moves daily, newer inventory will come and go while older inventory gets stale. By the time days on market hits the median, the likelihood of getting 99%+ of asking price is substantially diminished.
It’s going to be a busy weekend for open houses in Arlington. I expect to see the crowds checking out some of the brand-new offerings.
Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, give us a call.
Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings I think you might like to check out:
- 325 S. Wayne Street, Arlington, VA 22204 — $499,000
- 2220 N. Fairfax Drive #111, Arlington, VA 22201 — $795,000
- 2826 Lorcom Lane, Arlington, VA 22207 — $850,000
- 4604 3rd Street S., Arlington, VA 22204 — $895,000
- 1418 N. Rhodes Street #B130, Arlington, VA 22209 — $920,000
- 3416 17th Street S., Arlington, VA 22204 — $1,150,000
- 1816 N. Kenmore Street, Arlington, VA 22207 — $1,300,000
- 4001 N. Stafford Street, Arlington, VA 22207 — $2,299,000