Arlington, VA

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.

Construction seems to be constant in Arlington, and it has only ramped up during the pandemic. Who would have thought?

Of course, there is constant road work and commercial construction, but I’m talking about residential. The pandemic has fueled tremendous increases in home projects, from small remodels to tear-downs and rebuilds. Just take a look at Home Depot — their stock is higher now than it was mid-March and shows no signs of slowing.

Further, despite their best efforts, Home Depot is out of many appliances, bathroom vanities and other items due to unprecedented demand. Also, lumber is running about triple the usual cost due to high demand and some supply constraints. It may be years before it comes back down.

Homeowners who are electing to stay put and renovate, instead of sell and buy a larger home are one of the many supply constraints we have on available Arlington homes. That statement doesn’t totally apply to condos, and that’s one of the reasons we have so many available. In a condo, you can update a bathroom, but you can’t add a floor, bump out a side addition or expand your master suite. This poses additional issues if you’ve found yourself working next to your spouse at the kitchen table, across from your two home schooling children!

The good news for those of you who already own Arlington real estate is that every time your neighbor makes upgrades, it has a positive impact on the value of your home, even if you don’t lift a finger. Remember though, appreciation isn’t 100% earned, you have to maintain and work for some of it to stay at par with an ever shifting and upgrading class of homes in your area.

This past week in Arlington, sellers listed some 70 properties for sale while buyers ratified 55 contracts. 16 of the ratified contracts were on homes listed just within the past week.

There are currently 541 homes for sale in Arlington, 1 less than last week. 139 are detached homes, 51 are townhouses/semi-detached, and 351 are condos.

Average days on market (DOM) for currently available homes is 50 and median DOM is 33. The median list price of currently available properties is $590,000, while the average is $776,411. Last year for the same week, sellers listed 65 homes and buyers ratified 60 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

I’m just going to go ahead and predict it… 2021 is going to be another crazy year for Arlington real estate! Strong demand heading into the fall is unlikely to falter, and the past 10 years seem to be indicative of what is to come.

I know, that’s not much of a prediction… It’s just more of the same. But hey, our real estate market is very strong and that is not a bad thing.

Have you noticed it can be hard to make money in the current environment of available investments?

The stock market has been swinging wildly recently. The potential for inflation is hurting the bond market. Savings accounts aren’t even paying one percent in interest…

Looking for a proven long-term investment?

Buy real estate! While real estate is not considered a very liquid investment, it does perform very well. It performs especially well in our area, and especially over time. If you’re wondering where to park a bunch of cash right now, you should seriously consider buying Arlington real estate. Additionally, Arlington real estate is some of the most liquid in the nation, with the ability to list, go under contract and get to settlement in about a month. The same low interest rates we keep hearing about for 30-year mortgages, these days starting with a 2, are a great way to leverage a difficult playing field when it comes to other investments.

Oh, and by the way, mortgage interest rates just hit their tenth all time low this year… 2.81% for a 30-year fixed rate.

This past week in Arlington, sellers listed some 88 properties for sale while buyers ratified 71 contracts. 34 of the ratified contracts were on homes listed just within the past week.

There are currently 542 homes for sale in Arlington, 13 more than last week. 140 are detached homes, 52 are townhouses/semi-detached and 350 are condos.

Average days on market (DOM) for currently available homes is 48 and median DOM is 29. The median list price of currently available properties is $592,500, while the average is $782,110.

Last year for the same week, sellers listed 62 homes and buyers ratified 45 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Every once in a while, I like to remind everyone how crazy Arlington can be when it comes to housing.

This past month, a condo sold for 19% over list price! Listed at $468,000, sold for $558,000. In the same timeframe, another home sold for 92% of list price… Netting the seller $54,000 less than they expected. Sales ranged from $152,000 all the way up to $3,200,000.

While the median and average hang right around 100%, our market certainly can be a bit unpredictable. Some homes sell their first day on the market, and others take a year and a half or more.

How do you navigate these ups and downs when considering buying or selling in Arlington?

Shameless plug? Sure James, let’s hear it!

I’d start by calling the Andors Real Estate Group… In the past year, we’ve gotten our buyer clients under contract many, many times in multiple offer scenarios, and our sellers as much as $56,000 over list price. Our average days on market is 6, and our median is 7. No home took longer than 12 days to sell, and our sellers took home an average of $12,000 more than what they asked for.

The Andors Real Estate Group is ready to help you gain an edge in a complex market!

Thanks James, just give us the numbers…

This past week in Arlington, sellers listed some 89 properties for sale while buyers ratified 62 contracts. 20 of the ratified contracts were on homes listed just within the past week.

There are currently 529 homes for sale in Arlington, 31 more than last week. 151 are detached homes, 48 are townhouses/semi-detached, and 330 are condos.

This week last year, there were only 257 homes available for sale in Arlington. With 529 homes available right now, the marketplace sure does look different. Last year, that was about 1.3 months of inventory. Despite more than double the inventory, we’re selling more homes per week and have just over 2 months of inventory available right now.

Average days on market (DOM) for currently available homes is 47 and median DOM is 29. The median list price of currently available properties is $615,000, while the average is $806,681.

Last year for the same week, sellers listed 46 homes and buyers ratified 48 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

U.S. home ownership is on the rise — in fact it’s at the highest rate in 12 years, according to data from the U.S. Census. At about 68% this quarter, we’re only lagging the run-up of 2004-2005 by 1.5%. If the run of 2020 continues into next year, I believe we’ll set a new record.

Is it a bubble?

I’ve been hearing this question for years, and my answer continues to be a strong no, further bolstered by this year’s crazy, largely unpredictable ups and downs.

To back my opinion, let’s look back at 2004-2007… During that time period, house prices were jumping, not gradually increasing. 20% or more per year was simply unsustainable, but 4%, 5% and even 6% is sustainable. In fact, prices almost doubled from 2004-2007 on average in the U.S.

Additionally, interest rates were rising, not falling during that time period, from about 5.7% to 6.2%, significantly decreasing purchasing power. Lending restrictions are much, much tighter now than they were — despite being able to afford more home now, it is harder to qualify for a mortgage. Marginally qualified purchasers are not buying homes at near the same rate as they were, leaving less of a bottom to fall out if adverse economic or market conditions begin to occur.

All of these are reasons why the market seems to indicate more organic growth that is here to stay as opposed to a bubble about to burst. I could be wrong, but I think we’ve got at least a 12-18 month horizon of continued growth, and likely much more than that.

Okay James, enough conjecture, give us the numbers!

This past week in Arlington, sellers listed some 87 properties for sale while buyers ratified 62 contracts. 25 of the ratified contracts were on homes listed just within the past week.

There are currently 498 homes for sale in Arlington, 10 more than last week. 143 are detached homes, 48 are townhouses/semi-detached, and 307 are condos.

In 13 weeks, the number of available condos has more than doubled, from 149 to 307. This has been a developing story in the Arlington market, but it’s now an unprecedented increase. This type of movement out of higher density housing is no doubt multi-faceted but is surely linked to COVID-19. Desire to get away from daily elevator use and to have some more space, especially while working from seems to line up with so much additional availability of condos.

Average days on market (DOM) for currently available homes is 47 and median DOM is 28. The median list price of currently available properties is $624,900, while the average is $831,636. Last year for the same week, sellers listed 69 homes and buyers ratified 61 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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Just Listed in Arlington

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.

Don’t let the weather fool you, the market is still HOT!

Sure, inventory is hanging just above two months of supply, but the overall dynamic has been constant for many, many years now. It’s a strong seller’s market and by-and-large, sellers get what they are asking for when listing their home for sale.

Mortgage applications are a good barometer of where the market is headed, despite fluctuations week over week. Though down a bit for the past few weeks, they are up 6.8% this week, and up almost 50% year over year! That type of increase says there is massive unsatisfied demand for housing, and sellers should take advantage of this huge pool of buyers.

Thinking of downsizing? Downsizing can mean different things to different people. Sometimes it’s less space, sometimes it’s a move closer to the city to spend more time enjoying shopping, dining, arts, etc., late in life, and sometimes it’s a reduction in hassle and maintenance of a large home.

Consider this — rent is presently falling in many areas while housing prices continue to hit all-time highs. Transitioning to renting from owning could allow you to cash in on the highs while double-dipping into a lower monthly output and less responsibility… if something breaks, call your landlord!

This past week in Arlington, sellers listed some 97 properties for sale while buyers ratified 52 contracts. 32 of the ratified contracts were on homes listed just within the past week.

There are currently 488 homes for sale in Arlington, 44 more than last week. 148 are detached homes, 49 are townhouses/semi-detached and 291 are condos. Average days on market (DOM) for currently available homes is 48 and median DOM is 29.

The median list price of currently available properties is $635,000, while the average is $840,368. Last year for the same week, sellers listed 71 homes and buyers ratified 51 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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Just Listed in Arlington

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.

Unlike last year, our fall market is off to a great start, and it really never slowed at the end of summer.

Bolstered by low interest rates and a high level of white-collar jobs that allow remote work during the pandemic, Arlington continues the hustle and bustle. Despite inventory growing slowly and steadily, we’re still a strong seller’s market and I see nothing on the horizon that will change that.

A topic we haven’t talked about much is condo fees, but it makes sense to visit this subject briefly, considering around 60% of our inventory in Arlington has condominium ownership. As a reminder, a condo is a method of ownership, meaning you own your unit and a shared interest in the common spaces such as pools, parking lots, tennis courts, etc., and are bound by the rules, bylaws and covenants established and maintained by unit owners through a condo board — perhaps one of the smallest examples of a local government. You have access to those amenities through your ownership and payment of the association’s fees.

Condos can look like townhomes, high rises, garden style buildings and even appear as semi-detached homes. Monthly fees in Arlington vary widely, with some in the $200 range and not providing much in the way of amenities, to buildings that include all utilities, have 24-hour concierge and a wide variety of amenities and conveniences. The latter can run you towards $1,000+ in Arlington, but the average falls somewhere in the $400-$600 range depending on the amenities included.

Condo fees increase over time, sometimes the result of unexpected maintenance, or increases in costs of contracts and services such as landscaping, lifeguards or snow removal. Fees rarely decrease, and there are often rules contained in the individual organization placing a cap on how much they can increase year to year.

Townhomes are sometimes condo ownership, but more frequently part of a homeowner’s association (HOA) — and HOAs typically have much lower fees than condos. Usually there aren’t many utilities included; they don’t have elevators or other costly systems to maintain and the function of an HOA is more limited in scope, generally to architectural rules, landscaping and perhaps a pool or tennis courts.

We don’t have many examples of single-family homes belonging to HOAs in Arlington, but as you venture farther outside the metro area, this becomes much more prevalent from tract-development housing.

Now for your weekly stats…

This past week in Arlington, sellers listed some 84 properties for sale while buyers ratified 68 contracts. 32 of the ratified contracts were on homes listed just within the past week.

There are currently 444 homes for sale in Arlington, 16 more than last week. 128 are detached homes, 42 are townhouses/semi-detached and 274 are condos. Average days on market (DOM) for currently available homes is 49 and median DOM is 30.

The median list price of currently available properties is $628,500, while the average is $866,392. Last year for the same week, sellers listed 72 homes and buyers ratified 48 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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Just Listed in Arlington

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.

Just throw caution to the wind?

Well, over the past 30 days, there have been almost 70 homes in Arlington selling for 2% or more over list price. Crazier still, some of these sold 5%, 10%, 15% and even 18% over list price. 25% of homes sold in Arlington over the past month sold for 2% or more over ask, and the running average is 101% with a median of 100% sale price to list price ratio. Buyers, prepare yourselves to get out of your comfort zone if you’d like to call Arlington home.

I’ve said it about half a dozen times this year, but mortgage rates have hit another all-time low! We’re seeing most new mortgages start with a 2 in Arlington, and more and more buyers are electing to put less money down to further leverage the bank. Nationally, purchase demand is up 25% year over year — it’s going to be a busy fall!

Arlington numbers are up… like way up! We’re looking at over 100% increase for new inventory compared to last year — even though late summer is a historically slow time for new listings.

This past week in Arlington, sellers listed some 92 properties for sale while buyers ratified 55 contracts. 21 of the ratified contracts were on homes listed just within the past week.

There are currently 428 homes for sale in Arlington, 42 more than last week. 116 are detached homes, 32 are townhouses/semi-detached, and 236 are condos. Average days on market (DOM) for currently available homes is 48 and median DOM is 30. Condo inventory makes up for 61% of the available housing inventory in Arlington at present. Condo absorption is only making up about 50% of ratified contracts, explaining the continued increase in availability.

The median list price of currently available properties is $642,000, while the average is $881,281. Last year for the same week, sellers listed 44 homes and buyers ratified 45 contracts.

Click here to search currently available Arlington real estate — if you see a home you’re interested in purchasing, we’d love to help!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Condo inventory shrinks for the first time in nine weeks! Arlington’s available inventory as a whole declined, while demand remains very strong.

As we head into fall, with more and more COVID-19 restrictions and concerns eased, I’m expecting we’ll see abundant market activity. Historically speaking, the fall market is kind of like our “second spring” market. Pent up demand is still substantial; if sellers are ready to list, buyers will be there to scoop them up. This is especially true for single family homes and town houses.

Working from home may or may not be here to stay, but it is absolutely impacting the decision making of buyers and sellers alike. Many of our buyers and open house visitors over the past few months have said that having a dedicated space for their work has jumped nearly to top priority in their wants/needs lists.

That might translate to needing another bedroom or convertible living space. I’ve also been asked “can we put doors on this room” during home tours multiple times. Similarly for sellers, they are finding their existing space just isn’t adequate, especially with more than one family member spending time working remotely.

This past week in Arlington, sellers listed some 82 properties for sale while buyers ratified 72 contracts. 38 of the ratified contracts were on homes listed just within the past week!

There are currently 384 homes for sale in Arlington, 31 less than last week, our first decline in available inventory in nine weeks. 116 are detached homes, 32 are townhouses/semi-detached and 236 are condos. Average days on market (DOM) for currently available homes is 51 and median DOM is 35.

The median list price of currently available properties is $689,000, while the average is $906,613. These numbers have been falling consistently, but that doesn’t mean prices are declining in Arlington. The median of currently pending properties is $101,000 higher than those currently available, and days on market are slowly creeping back up. This demonstrates a mismatch between what buyers want and what sellers are offering, and also shows we still have a healthy dose of price escalations occurring.

Also, condos generally sell for less than single family homes, and as that inventory lags, it is weighing down the average.

Last year for the same week, sellers listed 40 homes and buyers ratified 49 contracts.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

This has been an August unlike any other in Arlington! Our market has introduced and absorbed double its volume over August of 2019.

Demand from the spring was simply delayed, it did not disappear. The real, continuing story is the increase in available condo inventory, now up 70% from eight weeks ago. Mortgage rates continue their historic lows, sitting at 2.91% for a 30-year fixed rate mortgage.

In related mortgage news, Fannie Mae and Freddie Mac, who purchase mortgages from banks and repackage them for investors, have levied a hefty new fee on refinances! The fee was supposed to go into effect on September 1 has been delayed until December 1 and is hotly contested. Called an “adverse market” fee, it is supposed to help Fannie and Freddie’s ability to continue to support those negatively impacted by COVID-19 and may have their loans on forbearance or in default. At 0.5% of the loan balance, this is a large additional cost and massively changes the calculation of the amount of time in which a refinance ultimately pays off.

Bottom line — if you’ve been holding out, hoping for lower rates before you refinance, you should give strong consideration to act now before the fee starts being assessed.

This past week in Arlington, sellers listed some 97 properties for sale while buyers ratified 61 contracts. 33 of the ratified contracts were on homes listed just within the past week!

There are currently 415 homes for sale in Arlington, 23 more than last week. 129 are detached homes, 32 are townhouses/semi-detached, and 254 are condos. Average days on market (DOM) for currently available homes is 50 and median DOM is 29. The median list price of currently available properties is $710,000, while the average is $910,401.

Last year for the same week, sellers listed 43 homes and buyers ratified 31 contracts.

Click hereto search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Inventory ticked up again this week, but buyers are certainly doing their part.

We’ve been ratifying more contracts weekly in Arlington that last year for most of the summer, keeping inventory in check week over week, though it has climbed steadily, up 22% in the past seven weeks. With mortgage rates expected to stay at historical lows for the foreseeable future, buyer demand isn’t going anywhere anytime soon!

PICK OF THE WEEK — The Andors Real Estate Group is proud to present 2410 S. Ives Street, Arlington, VA 22202 — $875,000. This storybook 3-bedroom, 2-bathroom all-brick Cape Cod with an enormous detached 2-car garage backs to a super convenient alley! You’re sure to love the immaculate, manicured landscape and hardscape for maximum curb appeal, including a private stone patio for outdoor entertaining. No mosquitos in the screened in porch just off the kitchen! Super convenient to Crystal City and Pentagon City Metro, Amazon’s HQ2, shopping, dining and much, much more. Open Saturday and Sunday, 1-4 p.m.

This past week in Arlington, sellers listed some 83 properties for sale while buyers ratified 68 contracts. 38 of the ratified contracts were on homes listed just within the past week!

There are currently 392 homes for sale in Arlington, 22 more than last week. 135 are detached homes, 34 are townhouses/semi-detached, and 223 are condos. Average days on market (DOM) is 49 and median DOM is 30.

The median list price of currently available properties is $779,400, while the average is $937,625.

Last year for the same week, sellers listed 59 homes and buyers ratified 47 contracts. We’ve had a number of weeks this summer where our numbers are higher for these metrics than last year. This increased activity on both the buy and sell side of the equation are a delayed cycle from a suppressed spring.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Inventory is growing in Arlington…

You may have read that inventory is down in many markets around the country, yet we’re seeing a different trend in Arlington. Could this be the result of an exodus to the farther suburbs? Are fewer people interested in living close-in as a result of COVID-19?

The answer isn’t as simple as yes or no. In fact, buyers are still ratifying contracts at a brisk pace in Arlington, and inventory for single-family options continue to decline week-over-week. Arlington remains in high demand, make no mistake.

But just as single-family properties continue to be highly sought-after in almost all price points, condos do seem to be falling out of favor in the current market. There are 67% more condos available today in Arlington than there were 6 weeks ago.

Inventory available at any given time should be viewed in comparison with how much inventory is being absorbed. Over the past month, we’ve crept up to about 1.5 months of inventory across all property types. But for single-family properties, we have less than half a month available! Historically low mortgage rates, still holding below 3% for a 30-year fixed, continue to fuel buyer urgency and desire to lock in a low payment.

This past week in Arlington, sellers listed some 91 properties for sale while buyers ratified 59 contracts. 32 of the ratified contracts were on homes listed just within the past week!

There are currently 370 homes for sale in Arlington, 19 more than last week. 119 are detached homes, 30 are townhouses/semi-detached, and 221 are condos. Average days on market (DOM) is 48 and median DOM is 30.

The median list price of currently available properties is $750,000, while the average is $944,802. Last year for the same week, sellers listed 43 homes and buyers ratified 57 contracts.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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