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This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: Are you seeing different patterns in the housing market slowdown in different parts of the region?

Answer: In September 2020, I wrote an article highlighting how extreme the differences were between the demand shift in Arlington compared to outer suburbs like Fairfax and Loudoun County.

In short, Arlington was competitive before the COVID surge and the outer suburbs lagged far behind it, but once the COVID surge began, Arlington became moderately more competitive while the outer suburbs experienced an extreme shift in market conditions, becoming more competitive than Arlington in just a few months.

Fast-forward two years and we are seeing something of a rubberband-effect as the entire housing market slows down, with noticeable shifts in all markets, but more extreme shifts in the outer suburbs. Not that we are witnessing anything close to a crash, the market is still good for sellers, but very different than what we’ve seen the last two years.

Note: this analysis focused on the single-family/detached housing market, not condos or townhouses.

Outer Suburbs Slowing Faster, Arlington King of Stability

Months of Supply (MoS), a measure of supply and demand that calculates how long existing inventory levels will last based on the current pace of demand (lower levels favor sellers), tells the story better than any other metric.

In the charts below, you can see our regional story of the pre-COVID, COVID and current real estate market play out:

  • Competition in the outer suburbs generally trailed the D.C. and Arlington markets, offering buyers more time and leverage in their purchase decisions.
  • After Amazon announced HQ2 in November 2018, MoS in Arlington dropped sharply as demand picked up and supply dropped, with a more modest, lagging effect on the surrounding markets.
  • The COVID market from roughly summer 2020-spring 2022 sent MoS lower (favorable to sellers) in all markets, but the drop in MoS in outer suburbs was more extreme, pushing those markets well below Arlington and D.C., making them extraordinarily competitive.
  • As of July 2022, MoS in the outer suburbs was still lower than Arlington and D.C., but rapidly increasing. The year-over-year increase in MoS in Loudoun County was 94.4%, nearly double what it was in July 2021. The increases in MoS were 67.4% (DC), 41.6% (Fairfax Co), and 27.8% (Arlington).
  • You can see the steadiness and strength of the Arlington housing market play out over the past five years in these two charts.

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Give a warm welcome to Cannoli, a rescue from Fort Worth who now calls Crystal City home, and our Arlington Pet of the Week!

This sweet boy from Texas loves everyone and his owner had the following to say about him.

Cannoli is new to the Arlington area this year. He comes to us as a rescue from Fort Worth, Texas, and has been enjoying making Crystal City his home.

He shows his ability to be a good boy by happily chewing his many bones, snuggling up for naps, and learning lots of tricks. Sit, shake, shake with the other paw, down, roll over, stay, and come are already in his repertoire!

On the other hand, his “gremlin behavior” comes through in howling at fluffy neighbors, digging at carpet, and teasing his dog park pals so they’ll chase him.

Whether it’s a Good Day or Gremlin Day, Cannoli loves everyone and enjoys his newfound popularity!

Want your pet to be considered for the Arlington Pet of the Week? Email [email protected] with a 2-3 paragraph bio and at least 3-4 horizontally-oriented photos of your pet. Please don’t send vertical photos — they don’t fit in our photo gallery!

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The newest Adoptable Pet of the Week is Kimchi, a black and white Guinea Pig.

Kimchi’s friends at  Animal Welfare League of Arlington had a few things to say about him:

Kimchi’s favorite things are: eating hay, snacking on treats like strawberries, sweet peppers, and carrots; snuggling in his cozy castle, and exploring his humans’ house.

Kimchi’s special talent is letting his humans know when he’s ready for a treat.

Kimchi’s perfect day would be hanging in a cozy, safe spot and having all the treats his little heart desires.

If Kimchi was an ice cream flavor, he would be: cookies and cream — not a showboat, but an enduring classic for a reason!

Important facts about Kimchi: Kimchi is a smaller piggie — not too much larger than a stick of butter! With his black and white coloring, makes him reminiscent of a newbie panda bear cub.

Is Kimchi the partner you’ve been looking for? Read his complete profile to learn more and how to arrange a virtual meet and greet.

Want your pet to be considered for the Arlington Pet of the Week? Email [email protected] with a 2-3 paragraph bio and at least 3-4 horizontally-oriented photos of your pet. Please don’t send vertical photos — they don’t fit in our photo galleries!

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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.

Hey there Arlingtonians, and welcome to this week’s edition of JUST LISTED!

Activity continues to remain slow this second week of August, and mortgage interest rates significantly jumping week over week is not the news sellers are looking for!

It also appears that things may remain a bit slow for at least the next few days — there are only 20 coming soon listings throughout the county at the moment. We had as many as 50 earlier in the spring, so expect volume to be low for the foreseeable future.

Last week, rates dipped below 5% for the first time since April, but since then they have shot up to an average of 5.22%, a big move for a single week.

This week in Arlington, sellers listed 45 homes for sale, six less than last week, while buyers ratified 49 contracts, 10 of which were on homes just listed in the last seven days.

Of the 417 homes currently available for sale (eight less than last week), 135 are detached homes, 60 are semi-detached/town houses, and 222 are condos.

Of those currently available properties, the average asking price is $883,176, and the median is $665,000. These properties have been sitting on the market for 54 days on average, while the median is 35.

This week last year, there were 513 properties available for sale, sellers listed 68 homes and buyers ratified 55 contracts. Mortgage rates were 2.87%!

Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!

2015 N. Lexington Street
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Address: 80 Holly Hill Court (Berkeley Springs, WV)
Neighborhood: Sleepy Creek Farms
Distance from Arlington: 107 miles (~1 hour, 45 minute drive)
Listed: $499,000

New Construction. Adena Design values the importance of being connected to nature and the ability to provide that experience to our customers. Our latest model offers the sophistication of modern styling combined with maintenance free materials and functionality.

The home is crafted with Pella casement windows and doors, Allura cement board siding, Timbertech composite decking and Superior Walls. An open main level floor plan with a full wall of operable glass opens onto a deck with a pond view. Stainless steel appliances and quartz countertops compliment the refined design of the kitchen cabinets.

The master bedroom is located on the main level and features a walk-in closet and private cantilevered balcony. There are solid acacia wood floors throughout the main level. Both bathrooms present ceramic tile shower surrounds with glass entry doors and Moen plumbing fixtures. Ten foot tall floor to ceiling windows flanking a large metal clad gas fireplace combine to form an artistic focal point in the main living space. The lower level consists of a bedroom, full bathroom and oversized one car garage.

The 2.5 acre lot is situated adjacent to a large community pond on which you may fish, swim or picnic in a serene wooded landscape.

Minutes to Cacapon State Park and downtown Berkeley Springs, West Virginia. Great Airbnb investment opportunity! Additional properties offered by Adena Design are also available.

Listed by:
Megan Rippon | REALTOR
Long & Foster
(C) 717-209-0477
(O) 540-662-3484
[email protected]
480 W Jubal Early Drive STE #100
Winchester, VA 22601
Margie BARTLES, Broker

This biweekly feature is sponsored by Allied Title & Escrow.

This week we are featuring Brian Athey, a partner at Allied Title, who is also the founder and president of Congressional Capital, one of Washington, D.C.’s premiere private lenders.

Brian has played an important role in Allied’s success, and we sat down with him to discuss his top tips for aspiring entrepreneurs and real estate developers.

 1. Build a Great Team — One of the most important aspects of being successful as a real estate developer is building a great team. It’s critical to engage the right team for each project. Take the time to talk to people experienced in the industry who can help guide you on which architect or engineer to choose, the best builder or designer for the project, and which real estate agent is best suited to sell the project.

 2. Focus on the Client/End-User — There is a simple concept in business that isn’t talked about enough, which is that every business should be a client focused business. In lending, the question is always, “What loan product or service can I provide that my borrowers need and how can I best help them be successful?” Real estate developers should focus on what buyers or renters truly want in their future home. Know who you are serving in your business.

 3. Align Yourself with Good People — No matter what business you are in, it’s critical that you surround yourself with great people who have good intentions. Find a great mentor, someone whose advice can help be a guidepost for you in business and in life. If you can’t find a great mentor and need advice, read a LOT. Learn from business leaders who have done what you want to do. Hire good people who enjoy what they do and whose priorities align with your priorities. Life and business are the same, both are all about people!

Congressional Capital provides loans to real estate developers throughout the greater Washington, D.C. area. With 15+ years in the real estate development industry, Brian takes pride in helping his borrowers become successful developers and entrepreneurs and being a valuable resource when speed and flexibility matter the most.

Click here to learn more about Brian Athey and Congressional Capital.

Have questions related to title insurance? Email [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company! 

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Address: 4803 Washington Boulevard
Neighborhood: Waycroft-Woodlawn
Listed: $1,695,000
Open: Friday, August 12 from 5-7 p.m.

Must see fully transformed and expanded Arlington Tudor by MM Design Co in the sought after Waycroft-Woodlawn neighborhood.

Walk to Ballston Metro as well as new restaurants and nightlife in Ballston Quarter. Four spacious bedrooms, 4.5 bathrooms with a bonus office, gym or 5th guestroom. Expanded 4th level bedrooms have high ceilings and great natural light. Feels like new construction inside and out. The home was taken down to the studs and completely redone.

New gourmet open concept kitchen. New stunning primary suite with walk-in closet and gorgeous primary bath design. The powder room with floating concrete tub and sink are on the main level with 3 full bathrooms on the bedroom levels. An additional 4th full bathroom with a large walk in shower are on the lower level where the rec room and a bonus 5th guestroom, gym or office are located.

New laundry on a bedroom level. New wide plank white oaks floors. New 2-zone HVAC. New plumbing and sewer line. New architectural shingle roof. New Marvin Essential black windows. New expanded double wide concrete driveway plus a 1 car garage with new concrete pad. New wraparound deck. New fenced-in usable backyard space. New sod and landscaping!

*Design/Build by MM Design Co (@mm.design.co)*

Listed by:
Matt Brownell
Three Stones Residential at KW Metro Center
703-598-2694
[email protected]
www.tsrhomes.com

Get ready for the exciting ¡Viva Cultura! Festival, which kicks off Saturday, August 13, at 10 a.m. for a weekend packed with fun and excitement at Gateway Park!

The event invites everyone from Arlington and neighboring communities to come and add to a very special and memorable cultural experience. Celebrate Latino music, food, family entertainment and an artisans’ market.

Best of all, ¡Viva Cultura! Festival is FREE, Family-Friendly and an Enjoyable Outdoor Event.

Be sure to visit the artisans’ market, open until 5 p.m. and prepare for a journey to faraway places. See and touch intricate brilliant weaves, fine handcrafted silver, and stylish one-of-a-kind fashions from Colombia, Peru, Mexico, Bolivia and El Salvador that showcase the richness of each culture.

Festival raffles are taking place throughout the day. Registration is not required, but we strongly encourage you to register to participate to save your special chance to win!

¡Viva Cultura! Festival is made possible with support from our sponsors — Wells Fargo, Embrace Home Loans, Wider Path Home Foundation and Homespire Mortgage. Together, we have created an event tailored for families to embrace the beauty of the Latino culture.

¡Viva Cultura! Festival is presented by CAF, Center for Assistance to Families, a 501(c)3 nonprofit organization whose mission is to transform communities through economic and educational empowerment in collaboration with community and faith-based organizations.

To get to Gateway Park by Metro, take the Orange line to Rosslyn station or walk across the Key Bridge. For details, visit www.viva-cultura.com to learn more!

This article was written by Adam Henry, CEcD, Senior Business Development Manager for Arlington Economic Development.

While Q2 2022 showed some headwinds in venture capital raises and the IPO market, Arlington-based companies continued to raise venture capital at a steady rate to launch and grow their innovative products and services.

In total, Arlington-based companies saw eight venture capital raises totaling $166 million in funding. This represents a 60% increase in deal count and a 29% increase in funding from Q1 2022. Notable raises from this quarter include:

  • Arlington-based Federated Wireless, a provider of shared spectrum and CBRS technology, raised an additional $14 million in Series D funding to help scale the company’s platform and support further investments in its capabilities and partnerships, bringing the total raised in the round to $72 million.
  • Ryse Health, an Arlington-based startup that provides care offerings to diabetes patients, raised $3.4 million in seed funding to hire more employees and expand its service into new markets.
  • OxiWear, an Arlington-based health tech startup, secured $70,000 from Halcyon Angels, an early-stage investing network from Washington, D.C. social impact nonprofit Halcyon. That comes not long after OxiWear collected its second $100,000 investment from the nonprofit’s separate Halcyon Fund.

Since Q2 2020, Arlington-based companies have raised $995.2 million in venture capital across 63 deals. From Q3 2021 to Q2 2022, Arlington-based companies have averaged $143 million in venture capital raises per quarter.

Looking at the North American landscape of venture capital, Q2 2022 saw a decrease in deal count from Q1 2022. According to the National Venture Capital Association’s Pitchbook-NVCA Venture Monitor, the US venture capital ecosystem in Q2 2022 saw a total of 3,374 deals, a 24.5% decrease from the 4,467 deals logged in Q1 2022. Further, the top four markets in the US (Bay Area, New York, Los Angeles and Boston) have captured 68% of deal value through the first two quarters of 2022. Metro D.C. has logged a total of 230 venture capital deals totaling $2.3 billion thus far in 2022.

While global economic trends in inflation, supply chain, tightening labor markets and predictions of a possible recession show signs of affecting the venture capital and big tech industries, Arlington-based companies continue a steady trend in venture capital.

This is a testament to our community and regional strength in innovation and talent to spin out new products and services.

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Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes. 

As of August 8, there are 153 detached homes, 62 townhouses and 243 condos for sale throughout Arlington County. In total, 48 homes experienced a price reduction in the past week, including:

2406 John Marshall Drive

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

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This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: How much of an effect do expensive new construction homes have on the average prices in Arlington?

Answer: A couple of weeks ago I offered a mid-year review of the single-family housing (SFH) market in Arlington and average prices were a focal point. This week, we’ll look at some pricing data with and without new construction included to understand how much new builds influence our average prices. Please note that the data used below is based on new construction sales entered into the MLS and accounts for most, not all new construction sales.

New Construction Prices High, Effect Limited

So far in 2022, a new SFH home has sold for an average of nearly $1,000,000 more than resales. Sales of new SFHs have accounted for 9% of total sales but only account for a 6.8% increase in Arlington’s average home value. The numbers were similar last year.

22207 Dominates New Construction Sales

Since 2018, the 22207 zip code has accounted for 54% of all new SFH sales in Arlington and so far in 2022, 22207 has accounted for 60.3% of new SFH sales. In 2022, new home sales have accounted for 14% of all sales in 22207 and are responsible for increasing the average home price in 22207 by $120,000.

Average New SFH Nearly $2.2M

In 2021, the average new SFH crossed over $2M for the first time and after a 7% increase in average prices so far in 2022, the average new SFH is nearly $2.2M. There are still some markets where you might find a new house under $2M including 22205 where lots, and thus homes, tend to be smaller than neighboring North Arlington zip codes.

The 22204 zip code far out-paced other zip codes in average price appreciation for new SFH, increasing by 15% from 2021 to 2022. I expect similar double-digit growth in new construction prices in 22204 for another year or two until the gap between 22204 and other Arlington neighborhoods gets tighter.

So far in 2022, new SFH outside of 22204 is selling for an average of over $2,273,000, which is 45.1% higher than new homes in 22204. The percentage gap of average prices of resale homes in 22204 versus other Arlington zip codes is similar, at 48%.

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.

Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. (703) 390-9460

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