Each week, “Just Sold Condos” spotlights condos in Arlington that have sold over the previous week. The market summary is crafted by Rick Bosl, the Arlington Condo Expert, founder of ArlingtonCondo.com, and an agent with KW Metro Center. Contact Rick and make your next move the right move.
Welcome to Just Sold Condos in Arlington!
Last week was a more normal week for condo sales after the shortened Fourth of July holiday. There were 24 sales during the week of July 8 to July 14.
There was one unit that closed over $1 million and that was at Rhodes Hill Square, 1418 N Rhodes Street #B126. Rhodes Hill Square markets itself as ‘city town homes’. The center building at Rhodes Hill Square is four stories with two, 2 level units stacked on top of each other. Most of the lower units include a patio while the benefit of the upper units are a private rooftop terrace.
Two units sold at River Place — one of only two cooperatives in Arlington. River Place is unique in that the cooperative does not own the land the buildings sit on. The land lease is for 50 years and is set to expire in 2052. What happens then? That is the answer everyone wants to know.
Some basic stats for this week of sales:
- Average price: $431,846
- Median price: $419,900
- Average days on market: 14 days
- Median days on market: 8 days
For a complete list of sales visit ArlingtonCondo.com Just Sold Condos page.
A Tale of Two Cities
People often ask me how the condo market in Arlington compares to the condo market in D.C. Both are dense, urban areas that have a shared history.
Arlington was part of the original ten-mile square surveyed in 1791 for the Nation’s Capital. In 1847, at the request of the local residents, Congress retroceded Arlington to the Commonwealth of Virginia.
The Potomac River separates the two geographic areas but there is much more that separates the two markets. When comparing two markets, a few market stats I first look at are days on market (DOM), pricing ratios, and inventory levels. Let’s see how the two compare. I can hear some of you saying ‘but Arlington is a County not a city’. That is technically true, but stay with me here.
Days on Market
One key factor for any real estate market is how long properties stay on the market before being sold. This metric can indicate demand and the overall health of the market.
A detailed analysis of DOM can therefore provide insight into market trends. A decreasing DOM over time typically suggests a hot market with increasing demand and possibly rising prices. On the other hand, an increasing DOM might signal a cooling market, where properties take longer to sell perhaps due to economic factors, oversupply, or shifting buyer preferences. Monitoring DOM closely can help both buyers and sellers make informed decisions — buyers can gauge how aggressive they need to be in their offers, while sellers can set competitive prices to ensure faster sales.
In Arlington, condos typically spend around 20 days on the market before being sold. This relatively quick turnover suggests a strong demand and a competitive market.
In contrast, condos in Washington, D.C. have an average of 45 days on the market. For all of 2024 so far, condos in D.C. have consistently stayed on the market than compared to condos in Arlington.
Sale Price to Original Price Ratio
The sale price to original list price ratio, which takes into account any price reductions before the final sale. This ratio can provide additional context on how realistic initial price expectations are and how they align with market conditions as the listing goes through its lifecycle. This ratio serves as a marker for market competitiveness and seller pricing strategies. A high ratio suggests that the market is competitive, with buyers less likely to negotiate prices down significantly, often a sign of high demand and limited supply. For example, a market with a lower sale price to original list price ratio might suggest that initial pricing was overly ambitious or that market conditions have softened.
To read more go to A Tale of Two Cities.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
