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.
Last week I wrote about Easter being a busy week in real estate. While it was true this year, it was slower than surrounding weeks, comparatively speaking.
Plenty of real estate transactions occurred, including abundant “bidding wars,” but the numbers softened by 20% to 30% in some of the key metrics I measure weekly.
We had fewer new listings, fewer ratified contracts, and available inventory increased. It’s too early to tell, but I’m sure this won’t be a lasting trend — demand is simply too high!
Arlington’s small geographic area is largely made up of detached homes, and these homes are the most in demand by a wide margin. We’ve got virtually no new land available for large-scale developments, so this is a matter of scarcity, even if sellers of existing homes decided to list their properties in large numbers.
Developers can certainly go vertical where zoning allows, but there is no shortage of available condominiums to purchase.
I expect land value to continue to increase at a rapid pace in the short- and mid-term, all while the average stock of housing continues to age. Smaller, older homes are on the chopping block as builders continue to work in the upper price brackets, despite the desire of many to call the smaller houses their home. The economics of Arlington real estate has developers continuing to produce a steady stock of new homes for sale, but the prices are multiples above the average resale in Arlington.
Sellers listed 96 homes for sale this past week, down 12 from the week before, while buyers ratified 59 contracts in the same timeframe — 37 fewer than the week prior; 28 of the homes that went under contract were on the market for seven days or less.
This week, there are 427 available properties for sale throughout all of Arlington and across all property types — one more to choose from compared to last week. Of these, 92 are detached homes — making up just 21% of the available inventory. There are 46 townhome/semi-detached homes, and condominiums make up 289 of the available units in Arlington, or 67%.
A quick comparison to last year: For the same week, sellers listed 60 homes and buyers ratified 38 contracts. There were also only 239 available properties for sale this week last year.
The average list price for currently available properties is $808,341 and the median is $575,000. Currently available properties in Arlington have an average of 67 days on market (DOM) and a median of just 35.
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:
- 1112 S. Highland Street #2, Arlington, VA 22204 — $499,900
- 2400 Clarendon Blvd #214, Arlington, VA 22201 — $574,999
- 1220 N. Filmore Street #806, Arlington, VA 22201 — $618,900
- 1211 S. Eads Street #606, Arlington, VA 22202 — $639,000
- 2016 21st Street N., Arlington, VA 22201 — $789,800
- 1820 24th Street S., Arlington, VA 22202 — $915,000
- 1026 21st Street S., Arlington, VA 22202 — $925,000
- 3128 Key Blvd, Arlington, VA 22201 — $1,499,000
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