Arlington County Market Report – 4/7/10

Depending on who you ask, Arlington is either the biggest small town, or the smallest big city you’ll visit. The many neighborhoods (or urban villages as they call them) are mixed with soaring high rise buildings and well-kept, turn-of-the century homes, high end shopping or funky little boutiques, 5-star dining and little neighborhood deli’s and pizza shops.  Arlington is home to several national historic landmarks like the Marine Corps Memorial (Iwo Jima), Arlington Cemetery, the Pentagon Memorial and many more. And, it’s just a few minutes from the nation’s capital. It’s no wonder that Arlington is not just a fabulous tourist attraction but a wonderful, dynamic place to live. 

The first few months of 2010 show a slight upward trend in the housing market and the year over year figures indicate a rise from the same period last year. The total number of homes sold is up by nearly 50%, the average sales price continues to go up with a 3.5% increase, the average days on the market has decreased from 90 to 61, a 32% decline. Sellers are getting 95.5% of the asking price as opposed to 92.5% last year.

The market, while not fully “recovered,” is certainly headed back in the right direction. We should continue to see improvement as we get closer to the April 30^th deadline for the Federal Tax Credit benefits for first time and move-up buyers.

Commentary and analysis provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors

Find Your Home. Plan Your Life. www.averyhess.com

Arlington, VA Market Report – 2/22/10

All the prognosticators have been making their predictions as to the state of real estate for 2010. On balance, 2009 was a positive year in Arlington. The total dollar volume of sales increased by 7% and the total units sold increased by 11%. The average sales price decreased by nearly 4% and the days on market dropped by 8.5%. This shows that while prices dropped, more properties were sold in a shorter period of time. January 2010 statistics point to some interesting things to keep an eye on in Arlington County, Virginia.

There’s good news and bad new for buyers and sellers in Arlington this month. The average sales price for single family detached homes increased by nearly 14%, good news for sellers, and actually good news for buyers knowing that values are going up. Of the 132 sales in January, nearly 70% were condos and townhouses. The average sales price for these attached homes decreased by 16% from the same period a year ago. As the prices on these units dropped, more sales occurred because of the affordability factor.

The Federal Housing Tax Credit is still in place but there are just two months left to act. It seems like we’ve been snowbound for most of the winter so far, but as the weather improves I predict the ready buyers will be unleashed into the marketplace and sales of affordable homes will rise as the incentive deadline approaches.

Interest rates have remained steady but indications are that the Federal Reserve will consider rate hikes as the year progresses. If you are in the market to purchase or sell, now is absolutely the best time to act. Inventory is still low but the shadow inventory (pending foreclosures) is lurking and could be released anytime. List your home now while competition is limited. Buyers, have your agent prepare a rent vs. buy analysis to show you the benefits of home ownership. Don’t wait too long and miss an opportunity.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington, and all of the DC Metro: www.averyhess.com

Arlington, VA Market Report – 12/21/09

Last month I closed my report by suggesting that perhaps we were beginning to see a return to normalcy in the Arlington market. The November statistics show a significant improvement over the same period last year. Compared to the previous month the numbers are relatively stable with one exception. Here are the latest numbers from Arlington, Virginia.

• Active listings: 803
• Closed sales: 230
• Pending sales: 213
• Average sold price: $509,003
• New Listings: 208
• Average days on market: 53

The significant concern is a 50% drop in new listings from October, resulting in a 15% drop in the total number of homes currently on the market. Declining inventory is problematic in a period where incentives are provided to both first-time and move-up buyers. This drop in inventory could be attributed to a seasonal change. Some homeowners may have decided to wait until early spring to list their homes because the Federal Housing Tax Credit has been extended to the end of April and they anticipate prices to be more favorable then. Regardless, it remains a good time for buyers with favorable interest rate, and reasonably priced homes.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington, and the rest of the DC Metro: www.averyhess.com

Community Video: Ballston, Arlington, VA

Seated along the Metrorail’s Orange Line, the Ballston neighborhood in Arlington, Virginia has a terrific mix of luxury condos and apartments, along with townhouses and single family homes. Learn more about Ballston and why it’s the perfect blend of business and entertainment.

Avery-Hess Community Video: Ballston, Arlington, VA from Amit Kulkarni on Vimeo.

Search for homes in Ballston, and all of the DC Metro: www.averyhess.com

Arlington, VA Market Report – 11/20/09

Last month we expressed some cautious optimism as the number of units sold increased and the days on market continued to decrease. That trend continues in the Arlington, Virginia market through October as seen by these statistics:

• Active listings: 950
• Closed sales: 195
• Pending sales: 265
• Average sold price: $529,360
• New listings: 416
• Average days on market: 46

The number of units sold for the month was up 25% over the previous year, but down 12% from last month. While the average sales price was down 7.25% from a year ago it is up 5% from last month and is back above the half-million dollar mark. Meanwhile, the days on market continues to drop significantly. New listings and pending sales remains robust so it appears that reasonably priced homes in good condition are selling quickly.

In addition, the pool of qualified buyers seems to be growing as well. The list price to sales price ratio remained unchanged from a year ago at 95%, which suggests that the number of multiple bid situations decreased. The extension of the Federal Housing Tax Credit is good news for both first-time and move-up buyers. For the last few years, foreclosures basically eliminated the move-up segment from the market as banks became the sellers of property, but were not repurchasing. Now, with the number of foreclosures decreasing and the incentive for move-ups in place, hopefully we’ll begin to see a return to some level of normalcy in the  marketplace.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington, and the rest of the DC Metro: www.averyhess.com

Arlington County, VA Market Report – 10/27/09

We try to remain cautiously optimistic, particularly when reading that Federal Reserve Chairman Ben Bernanke stated that the deep recession is “very likely over at this point.” Although, Bernanke further said, “It’s still going to feel like a very weak economy for some time.” Arlington has shown signs of a recovering market through the first three quarters ofthis year. The following represents market activity for September:

• Active listings: 907
• Closed sales: 221
• Pending sales: 265
• Average sales price: $478,911
• New listings: 351
• Average DOM: 62

The number of units sold for the month was up 15% over 2008. However, the average sales price was down 6.5%. This would indicate sales were happening in the lower priced homes where first-time buyers are taking advantage of incentives and low interest rates. Another distinct factor is the decrease in the days on market (DOM). Down from 85 days in September 2008 to 62 days this year, it reflects lower inventory and an increase in the buyer pool causing increased interest. Consequently, when houses are in good condition and priced right, the buyers will come. If you’re thinking of selling, now is the perfect time.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington County, and the rest of the DC Metro: www.averyhess.com