October 2020 Briggman Market Watch: We had 116% more homes for sale in Arlington, VA in October 2020 vs. 2019!
Condo inventory is continuing to rise in Arlington, VA and in DC Metro overall. The District of Columbia has a very similar situation – if not identical – see below.
Here is the month of home inventory chart for the last 3 years in Arlington, VA:
Here is the same chart for DC:
I wonder if this is a long term trend – as real estate pricing is becoming unaffordable and remote employment is becoming a norm.
I also noticed that condo rental prices are declining and rental supply is increasing in Arlington as well.
The number of available homes for sales has increase tremendously (by 116%!!!!!):
And number of SOLD homes has increased by 25% in comparison to the same time last year.
Median SOLD price increased by 16% for Arlington, VA real estate in 2020 vs. 2019 ( $672,500 vs $579,500)
Condo prices are still holding on strong, but I expect price reductions.
At 3.5 months of condo inventory prices are certainly not going up. Unique and highly desirable condos are still selling – I just had 5 offers on my Penthouse listing at the Williamsburg condo in Courthouse, Arlington.
Interest rates are at historic lows and will continue this way well into 2021 – my clients just locked a VA loan at 2.25% interest rate. That is CRAZY.
We had Dr. Lisa Sturtevant, Chief Economist for Virginia Realtors as our guest at our KW Metro Center team meeting and she shared very similar trends. She also said that no big wave of foreclosures is expected – as I was worried about. Our economy has been bouncing back very quickly.
I am expecting a seasonal slow down for the holidays, but 2021 should be a very busy and active market.
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