State of the real estate market in Arlington, VA April 18, 2020If you are thinking about selling your home in the next year – now is probably the best time, but you do have to take safety into consideration and evaluate your risk. 4/18/2020
- Our MLS data for March shows that inventory levels in Arlington are still at 1 month – which indicates a very strong seller’s market… many buyers are still looking, real estate market is very much alive:
- Governor Northom announced “Shelter in Place” for Virginia, but real estate services are still considered “essential” – so we are still working and selling homes.
- Homes are still selling – I just submitted an offer for my client on a townhome in South Arlington and we had to compete with 3 other offers and are under contract for a lot more than the sales price.
- Interest rates have gone up since a week ago and continue to be the wild card in the market.
- March 31st we had 79 listings on Temporary of the market or Withdraw status – that’s 28% of total inventory and is a high number. This decreases the supply which might keep prices high.
- Here are the activity for Arlington real estate in the last week – you can see an increase in withdrawn and temporarily withdrawn listings.
- Homes are still selling in Arlington! 55 homes went to “pending” status in the last 7 days. (Last school day in Arlington was 3/13/2020)
- Open houses are very unlikely – look for photos and ask for virtual tours from the listing agent.
- BE CAREFUL and assess your own risk when listings and seeing homes – the virus can stay in the air and on surfaces from hours to days. It is YOUR responsibility to protect yourself – not seller’s, buyer’s or their agents’. Good listings still get a ton of traffic, but shortages of masks, gloves and hand sanitizer makes it difficult to provide homes with protective equipment.
- My office – KW Metro Center is closed to the public, but it open for private appointments.
- Here are the statistics numbers for Arlington Co today – I will be keeping track of this daily:
What’s happening in Arlington, VA real estate?Every Wednesday I publish a list of important events in Arlington’s real estate. Today is February 26, 2020 and here are the top 5 bits from the last 7 days!
1. Arlington Economic Development just posted 4th Quarter real estate update completing all of 2019. Report shows annual price increases for Arlington properties: detached homes: +11.5%, townhomes +9.3%, condos +4.7%. New listings were down 17.6% (3,930 in 2018 vs. 3,237 in 2019) For the full report and info about ongoing project in Arlington click here.
2. 45 million $ home sale in Arlington throws off market statistics for January 20th – showing “average price” 47% increase from $659,008 to $968,949 (2018 vs. 2019) Medium price was 5% down. This sale will continue to mess up our future “average price” statistics! Ugh. Here’s a link to the listing on Zillow.
3. Arlington Co Board voted 4:0 to advertise hearings for 3 JBG Smith submitted projects as a “whole” vs. individual projects. The developer would get the maximum height and density benefit overall AND community would get a maximum benefit from combining the tree projects. With so many new projects going in – we will definitely need a new school! If you are interested in the future of Crystal City – you should go to the meetings. You can read more here.
4. The old warehouses along Eads St. in Crystal City have been torn down to make room for Amazon’s permanent HQ2 – coming in 2023. Watch the video here!
5. New York architecture firm wants to create an amazing park by Amazon HQ2, but the redundant parking for 50 cars in the area might have to go. Want to have impact of what the park brings? – survey links and more information can be found here.Hope you found this interesting and useful! If you have any other Arlington real estate facts, events that you want to bring up – please contact me! Provided to you by Renata Briggman – local Arlington real estate agent.
Woodbury Heights, Arlington, VA Condo, Staging Transformation.Arlington is full of home sellers with great sophisticated taste, but they have a hard time pulling it all together. Many sellers I meet have some nice art, furniture, travel souvenirs, but their homes just don’t look “completed” yet. And usually it does not take much, but it does take skill and effort. I believe that if we want to get the best price for a home – we need to impress the buyer, look our best and suggest a lifestyle that they could lead. The seller of this condo was a very VERY sophisticated man – he had the most beautiful paintings, art deco furniture and many good ideas. Before I even met him, he ordered a “sputnik” chandelier understanding the need to enhance the condo for current buyers. He was on the right track, but he also had a deadline and was clearly overwhelmed by the task ahead of him. He was my PERFECT client! I quickly brought in my stager Jan and we went room by room taking inventory of available furnishings, what were the gaps, what walls needed painting and what were other improvement projects that were low priced, but made a big impact on the look and feel of the condo. About 2 hours later we had a list, colors and a plan. The most unique and amazing feature of the condo was the Washington, DC Skyline view. We didn’t want to do anything to distract the potential buyers from this glorious view. It would have been amazing to paint the condo some dramatic color, because it had 2 story ceilings and gorgeous angles, but we left the pale yellow walls alone – the view was a priority and we didn’t need any more drama. It was somewhat an awkward space to configure – there was a cozy fireplace, THE VIEW, a couple of potential TV walls and a very wide room. We moved a ton of furniture around to create new spaces, and the only “new” things that we brought in were dining room chairs, master bed frame and staging props. All these extras were included in my listing fee. We also picked a few shades of gray to paint the kitchen, bath vanity cabinets and doors. Painting doors in a new trend and really takes spaces to the next level. We got rid of client’s bed frame (because it was just not in line with anyone’s taste) and moved the bed to a different side of the room. We also moved the dest to the den and created a sitting area in the master. The master was remodeled about 10 years ago, but had an old vanity still there. Client – without us ever asking – ordered the vanity and had it replaced. It was an absolutely great investment on his part. We also picked a light gray shade for him. The process wasn’t easy, but it wasn’t hard. I guided the seller every step of the way and was continuously tracking our progress so we stay on the agreed upon schedule. There was certainly a wow and a lot of pride at the end. We ended up receiving 4 offers and selling $15,000 over the list price. (List price was $750,000, SOLD price $765,000) The cherry on top of this wonderful experience was a testimonial from my client: “Renata helped me sell my condo in Arlington VA this December 2019. There is not much that I can add to Renata’s 5-star reviews, but I will try! Renata is a true professional. She has a method and a vision that worked perfectly for me. The sale closed within 30 days !!! – She brought in an expert stager who provided me advice on how to prepare my property for sale. – She advised me on listing price, timing and contract negotiations and she was absolutely right on all counts. – Renata and her team were always responsive, attentive to all details and willing to go the extra mile. I highly recommend Renata Briggman as a real estate agent in Northern Virginia.” If you are thinking about selling – please request a consultation here! I would love to help you too!
Arlington, VA townhome statistics for 2019So how did Amazons announcement and low interest rates affect Arlington townhome values in 2019? Here are some trends that you need to know.
Arlington townhome inventory is at all time record lowsReal estate market follows a simple law of supply and demand. After Amazons announcement the demand for Arlington, VA real estate (including Arlington, VA townhomes) has gone way up (a lot more people are ready, willing and capable to buy), but the supply has stayed about the same. This created a perfect storm and record low inventory levels. We’ve had less than 1 month of inventory for townhomes since December 2018 – this means a very VERY competitive market. Buyers are competing (fiercely!) for townhome listings that come on the market. A balanced market for townhomes in Arlington would be around 2.5 months of inventory. Here’s a graph for supply/demand (months of inventory) for Arlington townhomes for the last 10 years – you can see how steeply it drops in 2019.
Price per square foot for Arlington townhomes has gone upArlington townhome price per square foot has gone from under $400 closer to $450. Here’s a chart that shows the increase of price per square foot for Arlington townhomes.
On average it takes about 6 days to sell a townhome in Arlington, VA!Median days on the market for Arlington townhomes in 2019 was 6 days! Down from 11 days in 2018. See below the median days on the market chart for Arlington townhomes for the last 3 years.
Selling an Arlington townhome above list price was the norm in 2019Average list price to sold price in 2019 was 100.8%. So if your townhome was listed for $800,000 on average is sold for $806,400. Average list to sold price ration in 2018 was 99.325% – which meant sale below list price. Here’s a chart for Arlington townhome list price vs. sold price for the last 3 years.
Data shows average sold price for Arlington, VA has come down, but that’s not accurateMy MLS data shows that the average sold price for townhomes have come down in 2019, but I think that is not accurate. There are not that many townhomes sales in Arlington every year (around 280 in 2019) – so a few luxury sales, or a few sales of duplexes can really skew the data. I think we should look at Arlington, VA sold listing trends to get a more accurate picture. Here’s the chart for all of Arlington. Our Arlington real estate summary is showing almost 6% average sold price increase for 2019 for Arlington homes and about 9% increase in median price. Click Arlington VA real estate statistics 2019 to see the report. This is my own analysis based on the MLS data and reports I have available – please feel free to fact check! What does this mean for Arlington townhome sellers? You won’t have a hard time selling your Arlington townhome. You probably could just put a sign in your yard and it will sell. But if you’d like to sell it at the highest price and get the most bids – your home should look its best and it should be advertised in our Multiple Listing Service. This way you would expose your home to absolutely everyone looking for a home in this area. If a Realtor you are interviewing is suggesting a private sale or a private database – please beware! You will not be exposed to ALL hungry buyers looking for a home in this hot market. If you’d like to sell at the highest price and not leave money on the table – please contact me and request a consultation! I will make your home look its best so you get the highest price! See my SOLD portfolio here!
Arlington, VA 2019 Real Estate Overview by a local Realtor Renata BriggmanSo how much affect did the Amazon HQ announcement and arrival have on the Arlington real estate market so far? Are you thinking double digit value increases? It definitely felt that way. Here are the largest trends that I pulled up from the latest 2019 MLS data:
The supply of homes in Arlington, VA is at an all time lowWe don’t have nearly enough homes for sale to satisfy the demand of current buyers looking in Arlington, VA. Real estate sales follow a simple law of supply and demand, and currently the supply of available homes is at record lows. I’ve been selling real estate since 2003 and have noticed that the market is quite balanced when we have 2.5 months of inventory/supply (What does this mean? If no homes came on the market it would take 2.5 months to sell the remaining inventory) We’ve had 1 month of inventory since last December – the lowest I’ve ever seen in my 17 years in the business. And I don’t see how this is going to get better any time soon. What does this mean to Arlington sales? Expect competition, price increases and madness. You can see home supply/demand chart for the last 10 years here:
Fewer homes sold in Arlington, VA in 2019The number of homes went down by 9%. In 2018 3,061 homes sold in Arlington, VA. In 2019 we had 2,782 sales. Some potential sellers are choosing to hold onto their homes instead of selling anticipating price increases. I think that’s a very smart move – prices will keep going up due to lack of supply of homes. Condo and townhome sellers were more likely not to sell than single family home. Condos and townhomes experienced 10% drop in units sold (1,984 to 1,781) vs. 5% for single family homes (1,054 vs. 1,001). Here’s a chart comparing the last 3 years of sold units in Arlington, VA
Average home sales price went up in Arlington, VA in 2019The average sold price went up by 6% in Arlington, VA (From $663,894 to $703,641). Median Sold price went up by 9% (From 560,000 to $610,000). So double digits! Surprised? I think the prices are so high already, that double digits would feel like insanity. Interestingly single family home sold prices went up 5.59% while condos/townhomes went up by 3.33%. So single family homes had larger increase. Here’s a chart for average sales price for 2019 in Arlington, VA. You can see statistics for all Arlington homes, then condos, townhomes and single family homes.
Average days on the market in Arlington, VA went down. Way down.Average days on the market went from 65 days to 23 days. I think this number is probably even more dramatic, because if we exclude all the 2 million dollar mansions that are not selling as fast – you will see even fewer days. Most good listings sold in about 1 weekend. So what can we expect for 2020 in Arlington, VA? With really low inventory levels I expect the prices to keep going up, I expect the sellers to keep holding onto their homes as Amazon has barely moved in yet – so more low inventory, and I expect more madness. If you are a buyer – you need to be very prepared and work with an agent who understands how to write a competitive offer. I see so many good buyers writing poor offers and not presenting themselves in the best light. If you are a seller – you should list your home with a Realtor – who will expose your listing to many many hungry buyers. I highly don’t recommend a private sale – as you might be leaving thousands on the table. As always – I am here to help with all your Arlington, VA real estate needs! For sellers – I will make your home look its best so you get the highest price, for buyers – I know how to write competitive offers and win your dream home! Request a consultation today!
- We’ve had extremely low level – one month of supply of homes for the last 10 months – which means if no new listing come on the market -current inventory would sell in 1 month. This level of inventory means fierce competition and rising prices. In Arlington we need about 2 months of inventory for a more balanced market.
- Record low number of available listings – about 51.3% fewer than September 2018. So if on September 30th, 2018 buyers had 538 listing to choose from on September 30th, 2019 they had 262.
- We painted her dining room a dark gray tone. I liked the red, my stager Jan liked the red, but we needed to modernize it and take it up a notch. We also removed the fake fireplace and replaced it with a modern print.