Housing Inventory Continues to Dip

Normally in July we’re talking about the summer slowdown, but this year the slowdown has to do with the lack of inventory, not a lack of buyers. It’s truly dramatic, and very frustrating for buyers.

Check out these numbers:

Northern Virginia:  1.75 months of inventory
Arlington: 1.57 months of inventory
DC:  2.29 months of inventory

A balanced market has six months of inventory! As a point of reference, in August 2005—the peak of the peak of the housing bubble—we had 1.6 months of inventory in Northern Virginia. These are scary numbers, folks!

The “turnaround” is old news at this point: CNN Money notes that prices have risen and “the worst is over.”  The WSJ announced “Housing Passes a Milestone” and that the numbers are convincing. The WSJ article does note that shadow inventory of foreclosures creates a certain risk to the recovery, but RBI’s mid year distressed inventory report for the DC area reports that distressed sales in our area are down 22% from last year. With such low inventory rates here in DC, we are begging for some of this “shadow inventory” to be released, if it exists!

What’s driving the buyers? Still low interest rates, with every week driving to new record lows. How long will this keep up? Investors are out in droves. In the District in the past 30 days, 132 of 689 closed transactions—that’s 19%!!—were ALL CASH.  No wonder “regular” buyers are frustratedthey can’t compete!

If you know someone looking to move, please contact us. And if you’re thinking of selling, we’ll be happy to provide you with a free market analysis of your home and review of statistics in your local neighborhood.

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North Arlington (Orange Line) Condo Update: November 2010

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources.

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

1 BR Units 2BR Units
ACTIVE LISTINGS as of November 12, 2010
Average List Price $303,639 $509,362
Number of Active Listings 40 56
Average Property DOM(P) – Actives 70 106
SOLD LISTINGS for October 2010
Average Sold Price for Previous Month (does not include seller subsidies) $330,835 $456,038
Number of Sold Listings in Previous Month 17 8
Average Property DOM(P) – Solds 46 30
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North Arlington (Orange Line) Condo Update: August 2010

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

1 BR Units 2BR Units
ACTIVE LISTINGS as of August 12, 2010
Average List Price $325,231 $504,998
Number of Active Listings 35 56
Average Property DOM(P) – Actives 65 82
SOLD LISTINGS for July 2010
Average Sold Price for Previous Month (does not include seller subsidies) $366,317 $473,495
Number of Sold Listings in Previous Month 12 19
Average Property DOM(P) – Solds 37 54
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North Arlington (Orange Line) Condo Update: July 2010

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

1 BR Units 2BR Units
ACTIVE LISTINGS as of July 13, 2010
Average List Price $321,473 $496,295
Number of Active Listings 56 55
Average Property DOM(P) – Actives 63 72
SOLD LISTINGS for June 2010
Average Sold Price for Previous Month (does not include seller subsidies) $317,082 $484,392
Number of Sold Listings in Previous Month 25 27
Average Property DOM(P) – Solds 38 38
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This Month in Real Estate: July 2010

This month’s report shows that home sales for May 2010 were up, thanks mostly  to transactions in the South and West, 19.2% from the same time last year.   5.6 million units were closed in May, which is down 2.2% in April.  There’s also a special report explaining FHA loans, which require just 3.5% down payments.

If you’re looking for information on our local market, or need assistance buying or selling your Northern Virginia or DC home, please contact us.

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Washington, DC, & Northern Virginia Real Estate Market Update: July 2010

Summer is upon us, and with it, a slowdown in the market. Though the tax credit certainly has had an impact, it is NOT unexpected to have a slow down in summer. We’ll need to wait another month or so to really compare apples to apples once the May and June data are out. Looking at the Northern Virginia stats for May, though, we can see that once again inventory dropped and contracts went up–even AFTER the credit deadline had passed. Buyers and builders alike are catching on the the steadily dropping supply of homes: UrbanTurf reports the return of apartment-to-condo conversions, and CNN is reporting a possible housing shortage to come.

In other news…

Read the Washington Post article about the difficulties of obtaining financing for certain condo buildings in our area, with some commentary by Katie Wethman of the Wethman Group.

And finally, given our recent heat wave, you may be cringing at those high air conditioning bills — this is a great time to think about some energy efficient upgrades for your home, while you can still take advantage of the tax credits that expire at the end of this year!

Congratulations Arlington on being named the #1 Best City for Families by Parenting Magazine!

As always, if we can be of assistance with your real estate needs, or you know someone looking to move, please don’t hesitate to contact us.

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North Arlington (Orange Line) Condo Update: June 2010

Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)

Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.

Sign up for a market conditions report.

See market data for all of Arlington.

See more Buyer Resources

See last month’s post on Orange Line Condo prices.

Ready to start your search?  Sign up for a free first time home buyer class in Arlington (registration required).

1 BR Units 2BR Units
ACTIVE LISTINGS as of June 14, 2010
Average List Price $316,529 $494,299
Number of Active Listings 58 53
Average Property DOM(P) – Actives 60 74
SOLD LISTINGS for May 2010
Average Sold Price for Previous Month (does not include seller subsidies) $343,589 $493,713
Number of Sold Listings in Previous Month 19 31
Average Property DOM(P) – Solds 32 31
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