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.
As I write this, always the day before you read it, it’s a chilly Thursday morning, and it feels like winter again. Read more below and you’ll see the housing market doesn’t agree — the real estate market is not hibernating even for one day! Sellers seem to finally be getting on board with selling their homes.
New inventory is the toughest to get in Arlington. Homes are often selling well above list price in just seven days or less, so this is not where you’ll find a bargain. In fact, more often than not, these homes are selling at an emotionally charged high price and as a strict result of supply/demand — as opposed to their fair market value (based on standard measures such as recent comparable sale, or even price/sf). While that isn’t something all buyers are willing, or able, to participate in, it has lasting effects for all buyers and sellers. Today’s home selling 10% over list becomes next month’s sold, settled, comparable property. From there, similar homes will now list closer to that price, rapidly bringing up the price floor for a given neighborhood, subdivision or property type.
If you’re a purchaser seeking a bargain, believe it or not, they still exist! The fastest way to find one is to sort your search by days on market and find homes selling outside of the average, presently sitting at 65 days. Perhaps that home has a mismatch — either the price, the location or the condition are not in alignment — and therefore the market has continued to pass it by. There is a strong negative correlation between days on market and list price to sales price ratio. This means that as days on market continue to climb, the expected percentage a seller will receive of their original asking price will decrease. Sometimes these homes are in less desirable locations relative to others, or they need cosmetic, structural or systems/infrastructure work, and a buyer may have the potential for some “sweat equity.” Keep in mind, right now, many materials costs are up substantially, decreasing the rate of return one can expect from taking on these projects.
Sellers listed 146 homes for sale this past week, up 10 from the week before. Buyers came out in force this week and ratified 115 contracts in the same timeframe — 27 more than the week prior. 72 of the homes that went under contract were on the market for seven days or less — incredible!
This week, there are 438 available properties for sale throughout all of Arlington and across all property types. 107 are detached homes, just 10 less than last week. Last week’s bump of 25 extra detached homes sold super-fast!
There are 42 townhomes/semi-detached homes currently for sale, and condominiums make up 289 of the available units in Arlington.
A quick comparison to last year: For the same week, sellers listed 60 homes and buyers ratified 45 contracts. There were also only 239 available properties for sale this week last year.
The average list price for currently available properties is $825,644 and the median is $589,450. Currently available properties in Arlington have an average of 65 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:
- 1300 Army Navy Drive #218, Arlington, VA 22202 — $299,000
- 1001 N. Randolph Street #920, Arlington, VA 22201 — $389,900
- 2011 Key Blvd #12595, Arlington, VA 22201 — $399,900
- 2440 S. Walter Reed Drive #1, Arlington, VA 22206 — $689,000
- 1118 S. Highland Street #3, Arlington, VA 22204 — $864,900
- 2211 N. Kensington Street, Arlington, VA 22205 — $949,999
- 4935 19th Street N., Arlington, VA 22207 — $999,000
- 1615 N. Queen Street #M303, Arlington, VA 22209 — $1,270,000