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 there were 22 condos that went to settlement. The prices ranged from $320,000 for a 1 bedroom unit in Fairlington to $1,975,000 for a rare 4 bedroom unit at the Atrium.
Other notable sales include:
Four, 1 bedroom units sold at Clarendon1021 condo ranging in price from $481,000 to $510,000. That is almost 1% of available units at Clarendon1021. The total sales of all four units equals $1,965,000 and the square footage total is 2,987.
And
One, 4 bedroom unit at the Atrium sold for $1,975,000 with a total square feet of 2,785. This unit was a combination of two 2 bedroom units.
There were also 16 condos that didn’t sell and were removed from the market:
2 listings were withdrawn
2 listings were cancelled
12 listings expired
The end of a month is the most common day for a listing to expire. Often, if the seller is really motivated, it will appear back on the market in a matter of days.
Market Conditions and Fall Through Rates
When buying or selling a home, most people expect that once a contract is signed, the deal is as good as done. However, this isn’t always the case. While most home sales proceed smoothly to closing, some contracts fall through due to a variety of contingencies.
Recently, in the Bright MLS service area, the number of contracts falling through has seen an increase, particularly in September. This rise in fall-through rates highlights the importance of being prepared for potential disruptions during a home sale transaction.
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!
For Sale
Last week there were 22 condos that went to settlement, but only 7 condos that were taken off the market (expired, cancelled, or withdrawn). How does the condo market compare to the single-family home market in Arlington?
Numbers-wise, there are more condos that are sold every month in Arlington than single-family homes, as the chart below shows. Every month, for the past few years (and more) there have been consistently more condos (gold) sold than single-family homes (red) and townhomes (green) combined.
Closed Sales
The media often focuses on the single-family market, though. All the stories about a home getting 50 offers, that is most likely a single-family home. Why all the attention? One, people can see a house from the street, so it is more relatable and two, prices are much higher.
The chart below shows the median sales price of condos (gold), townhomes (green), and single-family homes (red) for the past 3 years in Arlington. Last month, single-family homes had a median price of $1,250,000, which was almost 3x the median sales price of a condo at $488,750.
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 there were only 9 condos that went to settlement. That reflects low inventory and interest rates above six percent. Part of the reason for the low inventory is the low interest rates many current homeowners have.
Of the nine condos that sold, one seller bought their condo with cash while the other eight owners financed their purchase.
The original loan, interest rate and balance at the time of sale were:
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, September 2-8, we had 11 condos and co-ops that went to settlement, ranging in price from $339,500 for a 2 bedroom/1 bathroom condo at the Lancaster on Columbia Pike to $715,000 for a 3 bedroom/3 bathroom townhouse style condo at Windgate in Shirlington.
Only one of the 11 sales was on the market for more than 21 days. Not only did the other ten sell in a short amount of time, but they sold for nearly 100% of the asking price. What did these sellers know that resulted in these sales? Read “What Savvy Sellers Know” below.
For a complete list of what sold recently, along with detailed stats and listing information, visit ArlingtonCondo.com Just Sold Condos page.
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, August 26 to September 1, we had 19 condos and co-ops that went to settlement, which was fewer than the week before but probably due to the Labor Day weekend. The quickest sale was a condo in Fairlington that went under contract after 3 days. The longest time on the market before going under contract was a condo at George Mason Village that took 144 days and several price cuts before selling.
Here’s the thing, though. The Days On Market stats that are often quoted are only for properties that actually sold. The full name of the statistic is really Days On Market Before Selling. If it doesn’t sell, then, of course, it doesn’t factor in.
Last week, there were 16 condos that didn’t sell and were removed from the market.
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, August 19-25, we had 30 condos and co-ops that went to settlement, ranging in price from $144,000 for a studio at River Place to $1,550,000 for a 3 BR/2 BA unit at Memorial Overlook. The median price was $516,500 and the median days on the market were 13 days.
How are buyers paying for their condos and co-ops? Well, the vast majority of the buyers used conventional financing (21 out of 30) and the number two method was cash, which was used in 7 out of the 30 deals that closed. Show me the money!
Money
Year to date so far shows 828 condo and co-op sales in Arlington. What was the financing breakdown?
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, August 12-18, we had 33 condos and co-ops that went to settlement, ranging in price from $145,000 to $1,040,000. The median price was an even $417,000 and the median days on the market were 7 days.
What can you get around the median price of $417,000? In Arlington, you can get:
2 BR/1 BA condo at Colonial Village: 1748 N Rhodes Street #319, built in 1940 for $417,000 and a condo fee of $464/month. Located in the Courthouse area, this is a short walk to the metro.
1 BR/1 BA condo at West Village of Shirlington for $377,000. The complex of the West Village of Shirlington was originally built in 1966 as rental apartments and then completely gutted in 2005 and converted to condos.
2 BR/2 BA condo at the Carlyle House at 5300 Columbia Pike #1007 for $375,000. This Penthouse level unit boasts a large 1,325 square feet plus an extended balcony.
If you are following the real estate market, while it is important to watch what sells, it is also important to watch what doesn’t sell. Last week there were 8 condos removed from the market. Four were withdrawn, 1 expired, and 3 cancelled. When a listing is removed, it can have one of three status’:
Expired – The listing term has reached its end and the listing agreement is over.
Cancelled – The listing term hasn’t reached its end, but the seller decided to cancel the agreement with the agent.
Withdrawn – There is still a listing agreement in place but the seller has decided to take it off the market. A number of listings will be withdrawn in December around the holidays and then put back on the market a few months later.
Selling Your Condo in the Fall: Smart Move or Missed Opportunity?
If you’re considering selling your condo in Arlington, you might be wondering if the fall is the right time to do so. While most people associate spring with a bustling real estate market, fall has its own unique advantages that can make it an ideal season for selling.
Understanding Market Trends
One of the key trends to note is the uptick in activity after Labor Day. Historically, there is a noticeable jump in new listings come September, as evidenced by market data. This increase in listings suggests that sellers are capitalizing on the heightened buyer interest returning from their summer hiatus.
The chart below shows the number of new condo listings by month for the past ten years. The red arrows point to the bar for September and, as you can see, there is a noticeable jump.
New Listings
Benefits of Selling in the Fall
Motivated Buyers
Come September, buyers who delayed their home search during summer vacations are back in action. They are often motivated to close deals quickly, especially before the holiday season sets in, making them more likely to make competitive offers.
Moreover, fall is also a transitional period when people start planning for the upcoming holiday season. This creates a sense of urgency among buyers who want to finalize their housing situation before the busy holiday season begins. As a seller, this means you have a higher chance of attracting serious and motivated buyers who are looking to make a move quickly.
Be sure to try the short assessment to test your readiness.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
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, August 5-8 and 11, we had 21 condos and co-ops that went to settlement, ranging in price from $135,000 to $1,100,000. Price is one thing to consider when buying a condo, but don’t forget about the condo fee. The important number to look at is the total monthly payment, which is the mortgage + condo fee + taxes + insurance.
The condo fees for the units that sold last week ranged from:
$361/month for a 2 BR/1 BA unit at Palisade Garden
$2,132/month for a 3 BR/3 BA unit at the Waterford House
And the Median condo fee for units that sold last week was:
$501/month for a 2 BR/1 BA unit at Rosslyn Heights
Another way to compare condo fees is by condo fee per square foot. That is a more consistent approach when you are dealing with condos of various sizes. Calculating it this way gives a range of:
$0.39 per sq. ft. for a 941 sq. ft. condo at West Village of Shirlington (4179 S Four-Mile Run Drive # 401)
$1.20 per sq. ft. for 3 BR/3 BA unit at the Waterford House (1200 Crystal Drive # 1513)
Why such a discrepancy? Read below on what the condo fee covers.
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, July 29 to August 4, we had 22 condos and co-ops that went to settlement, which was twice as many as the week before. The sold prices ranged from $108,000 to $1,375,000 with an average price of $473,710 and an average of 24 days on market.
One of the many unique things about Arlington real estate is the wide variety of price ranges within close proximity to each other.
The lowest priced and highest priced sale last week were:
River Place — 1121 Arlington Blvd. #339 for $108,000
Gaslight Square — 1610 N Queen St. #241 for $1,375,000
They are both in zip code 22209 and are only 0.44 miles or 777 yards apart. Compare that to many suburban neighborhoods where all the homes are priced within 5%-10% of each other.
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, from July 22 to July 28, we had 11 condos that went to settlement. The sold prices ranged from $199,988 to $880,000 — a good week for the number 8, which is considered the luckiest number in Chinese culture. The pronunciation of the number 8 is similar to the word for ‘wealth’ or ‘fortune’.
Only 2 of the condos that sold were in high-rise buildings:
Woodbury Heights #1401, a 2 BR/2 BA condo, in Courthouse sold for $565,000. Built in 1983, Woodbury Heights Condo has some beautiful 2 level units on the top floor and if you are fortunate to be on the eastern side, you get some incredible monument views.
Tower Villas #802, a 3 BR/2 BA condo, in Virginia Square sold for $870,000. Tower Villas is built like a tank — it is as solid as they come. Built in 1974, it was one of the highest residential buildings in the area at the time.
The most expensive sale last week was in a mid-rise building:
The Flats at Pierce Court #12, also a 3 BR/2 BA condo, sold for $880,000. Unit #12 is a beautiful penthouse unit with two levels and a private rooftop. The Flats at Pierce Court is a newer building, 2018, but is on the south side of Route 50. If it was a half mile to the north, it would have sold for twice the price. Location matters — see the post below.
If you are following the real estate market, while it is important to watch what sells, it is also important to watch what doesn’t sell. Last week there were 11 condos removed from the market. When a listing is removed, it can have one of three status’:
Expired — The listing term has reached its end and the listing agreement is over.
Cancelled — The listing term hasn’t reached its end, but the seller decided to cancel the agreement with the agent.
Withdrawn — There is still a listing agreement in place but the seller has decided to take it off the market. A number of listings will be withdrawn in December around the holidays and then put back on the market a few months later.
A frequent question people have is how do sellers decide how to price their home. Setting the right asking price for a home is a critical decision a seller will make. It can mean the difference between selling quickly and lagging on the market, or even selling below market value. But how exactly are asking prices determined, and what factors should sellers and their real estate agents consider? In this post, I’ll walk through the intricacies of asking price determination, the methods used by professionals, and what to watch out for when pricing a home.
Understanding the Real Estate Pricing Game
Real estate pricing is part art, part science. It requires a deep knowledge of the local market, a clear understanding of a property’s unique features, and sometimes, just a dash of intuition. There are multiple prices that come into play in any real estate transaction:
Assessed value: This is what the county believes your property is worth for tax purposes. In Arlington, it is usually adjusted every year in January. The county assessor does not examine every property every year — that would be impossible. Rather, they make blanket adjustments for entire groups of properties or apply a certain percentage increase from the year before.
Appraised value: An appraiser’s estimation of your property’s value, usually carried out for the benefit of a lender. You can ask for three different appraisers and you can get three different answers, but they should be close to each other.
Fair Market Value (FMV): This is the most likely price that a property would sell for on the open market.
Asking price: The initial price at which a property is listed. Depending on the strategy, this could be at market value, below market, or above market.
Sales price: The agreed-upon price between buyer and seller, which may be different from the asking price. The final sales price could be more or less than the asking price, depending on a number of factors.
Net price: The net price is the Sales price minus any seller concessions to the buyer.
For the same property, all of these can be different!
To learn more about appraisers’ derive values and how agents create a comparative market analysis, read more here.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
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, July 15 to July 21, we had 24 condos that went to settlement — the exact same number as the week before. The sold prices ranged from $191,000 to $887,000 with a median price of $420,000.
What can you get for the median price of $420,000? Here were several that sold:
Located just off of Columbia Pike, this 2 BR/2 BA at 3842 9th Road S at Dundree Knoll condo listed and sold for $410,000 after 22 days on the market. It has renovations throughout and has french doors that open to a large deck.
A 2 BR/1 BA at Cambridge Courts, 2703 Arlington Blvd #202, only lasted 5 days on the market. It listed for $415,000 and sold for $420,000. This top level condo has vaulted ceilings in the living room making it feel much larger than 781 square feet.
If amenities are more important than size, this 1 BR/1 BA at the Continental in Ballston, 851 N Glebe Road #1202, sold for $425,000. Amenities at the Continental include a 24×7 front desk, theatre room, party room, fitness center, rooftop pool, and an awesome rooftop with gas grills and fire pits.
Are you planning on moving and are mulling over the big decision of whether to keep your current place and rent it out or to sell it and be done with it? For most people the answer is easy as they have to sell it to be able to buy the next place. For those in the position of not having to sell, the question is should you? In this post I’ll give you a few questions to ponder and a short cash flow calculator to give you a clearer picture of the costs involved.
Real Estate Investing
First, let me start out by saying I’m a huge advocate of investing in real estate. More wealth is created through real estate than any other form of investing. A few reasons why people invest in real estate include: cash flow, inflation hedge, leverage, appreciation, forced equity, depreciation, and tax advantages. I won’t get into all of these here but if you want to learn about real estate investing, my go to source is the Bigger Pockets podcast and website.
Real estate is a great investment vehicle, but it doesn’t mean every property is a good investment and nor does everyone want to be a landlord.
Will You Ever Move Back Into the Property?
Washington, D.C. is a very transient town where people move and move back all the time. If you are moving out of the area, ask yourself will you ever move back to the area and would you realistically move back into the property? If the answer is yes and yes, then it might make sense to rent out the property for a while. But be real, how likely are you to move back into the property and do you want to?
Do You Want to be a Landlord?
Another good question to ask yourself is whether you want to be a landlord. Real estate investing can be a mostly passive investment, but it does require some oversight and involvement. And of course filing your taxes will be a little more complicated.
Do You Want to be a Property Manager?
Being a landlord doesn’t automatically make you a property manager as you can hire someone to manage the property for you. Remember though, every property has a property manager. If you don’t hire a property manager, you are the property manager.
Do you want to deal with tenant complaints? Can you deal with a plumbing problem in the middle of the night? Do you know how to evict a tenant? It only takes one bad tenant to turn a new real estate investor into a never again investor.
Does it Cash Flow?
Many people think “if I can rent it for X and my mortgage is Y, then my cash flow is X-Y”. That simplistic formula is what gets many newbies in trouble. There are a number of other costs to factor into the equation. To see the full list of expenses to consider and a quick cash flow calculator, visit:
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
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.
Rhodes Hill Square
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.
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.
Avg. Days on Market
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.
Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.
