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.
Good morning, Arlington, and welcome to JUST LISTED!
This past week we had way less new inventory, but buyer demand remained steady. This meant an overall decrease in available inventory, a welcome sign for sellers who are wondering why their homes are taking a bit longer to sell.
This is starting to paint a picture of two different markets within the county. For instance, over just the past four or five weeks, my team has had a couple of homes sit on the market for a few weeks, a couple go under contract promptly at or very near asking price, and one go well over $100,000 above asking price with half a dozen offers.
To dissect that just a bit further, it shows a bit of a divide in what buyers are willing to do, or not do, depending on the property. Some of the nicest homes that check most of the standard boxes (renovated, standard configuration of bathrooms and bedrooms, maybe a nice yard, perhaps a garage) are getting the lion’s share of the buyer’s attention. While those homes receive multiple offers and sell above asking price, there are still hundreds of properties being overlooked week over week throughout Arlington, at all price points.
The homes that don’t fly off the shelf usually have something, or lack something, that doesn’t show up “on paper.” By this I mean that it may appear to be comparable to recently sold homes at a specific price based on beds, baths and location, but when you dig a bit deeper, there is more to uncover. The ones that sit might be on a slightly busier road, or the bed/bath configuration/location within the home isn’t as ideal, or there is either a large hill or steep street/driveway to overcome. In a pickier market, these can linger a bit longer than others.
Price is always a factor, and with widely voiced concerns about the sustainability of our upward trending, expensive marketplace, it seems we still have room to grow. I’m seeing more than one force at work here, theoretically pushing down the prices in some ways, and pushing prices higher in another.
Force #1 — perception — The perception that prices are at an all-time high and therefore can’t or won’t go any higher. This is understandable but has also been going on for about 10 years. If it kept you on the sidelines 10 years ago, today’s prices would be absolutely astronomical compared to that decision a decade ago.
Force #2 — needs — The majority of Arlington sales, especially detached homes and attached/semi-detached, such as townhomes, are need-based. Either a job relocation, expanding family or other major life event results in most of our inventory being bought as a “primary residence,” which is much more resilient than when an investor buys, seeking only specific and measurable returns.
Whatever forces are acting strongly for a particular home, the Arlington market is still hot, favors sellers, and is likely to continue in that direction for the foreseeable future, and then some.
Now for more of this week’s numbers and analysis: Sellers listed 77 homes for sale this past week, 30 less than the week before. Buyers ratified 77 contracts, two less than the week prior. Additionally, 28 of the ratified contracts were on homes JUST LISTED in the past seven days.
There are 543 available properties for sale throughout all of Arlington and across all property types: 144 are detached homes, 61 are townhome/semi-detached homes and 338 of the available units in Arlington are condos.
For a bit of perspective, this same week last year, sellers listed 97 homes and buyers ratified 52 contracts. There were also only 488 available properties for sale this week last year.
The average list price for currently available properties is $771,785 and the median is $580,000. Currently available properties in Arlington have an average of 61 days on market (DOM) and a median of just 35.
Click here to search currently available Arlington real estate. If you see a home that 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 that I think you might like to check out.
- 1121 Arlington Blvd #216, Arlington, VA 22209 — $169,000
- 3610 24th Road S., Arlington, VA 22206 — $580,000
- 1404 S. Buchanan Street, Arlington, VA 22204 — $715,000
- 5207 2nd Street N., Arlington, VA 22203 — $800,000
- 2080 N. Oakland Street, Arlington, VA 22207 — $965,000
- 910 26th Place S., Arlington, VA 22202 — $978,000
- 1631 N. Randolph Street, Arlington, VA 22207 — $1,350,000
- 4630 N. Dittmar Road, Arlington, VA 22207 — $2,250,000
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