North Arlington (Orange Line) Condo Update: February 2013

Welcome to the latest installment of the North Arlington condo update. Included in the stats are active listings and sales in zip codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon).

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1-BR Units 2-BR Units
ACTIVE LISTINGS as of February 14, 2013
Average List Price $293,969 $549,000
Number of Active Listings 8 16
Average Property DOM(P) – Actives 56 36
SOLD LISTINGS for January 2013
Average Sold Price for Previous Month (does not include seller subsidies) $325,833 $621,544
Number of Sold Listings in Previous Month 12 9
Average Property DOM(P) – Solds 40 23
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North Arlington (Orange Line) Condo Update: November 2012

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

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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).

Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1 BR Units 2BR Units
ACTIVE LISTINGS as of November 16, 2012
Average List Price $303,462 $617,555
Number of Active Listings 20 11
Average Property DOM(P) – Actives 52 24
SOLD LISTINGS for October 2012
Average Sold Price for Previous Month (does not include seller subsidies) $372,016 $493,831
Number of Sold Listings in Previous Month 17 16
Average Property DOM(P) – Solds 28 26
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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: July 2012

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).

Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1 BR Units 2BR Units
ACTIVE LISTINGS as of July 12, 2012
Average List Price $326,605 $514,894
Number of Active Listings 28 35
Average Property DOM(P) – Actives 36 55
SOLD LISTINGS for June 2012
Average Sold Price for Previous Month (does not include seller subsidies) $343,377 $476,025
Number of Sold Listings in Previous Month 24 20
Average Property DOM(P) – Solds 38 28
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Rising Prices, Low Interest Rates and Declining Inventory

Phew! We here at the Wethman Group are TIRED! It has been a CRAZY month in the real estate market. Multiple offers, bidding wars, and more. We would like to start off by thanking all of YOU for your referrals. Thanks to you, we have 13 settlements this month!

And it’s not just us…many agents are busy right now. Continuing low inventory and record low interest rates are starting to sound like a broken record. Prices rose 8% in the DC metro area, listings available dropped 15%, and days on market dropped 13% in May. June looks to be on a similar path. Even Case-Shiller, which typically lags the market by several months and reflects only single-family home sales, is showing increases in prices for the greater DC area (which includes outlying areas like Frederick, Calvert, Fauquier, and Loudoun Counties, among others). The July market is typically slower, but we will see.

Most of our area is running at about two to three months of inventory, far below the six months we like to see in a balanced market. If you or someone you know is looking to sell, now is the time! I personally have had multiple offers on nearly every listing, and about 75% of the offers we have written for our buyers in the past month are competing against others. Even our DC rental listing had eight applications in just four days and got bids well above the list price!

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

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North Arlington (Orange Line) Condo Update: June 2012

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).

Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1 BR Units 2BR Units
ACTIVE LISTINGS as of June 12, 2012
Average List Price $316,240 $506,703
Number of Active Listings 29 39
Average Property DOM(P) – Actives 62 64
SOLD LISTINGS for May 2012
Average Sold Price for Previous Month (does not include seller subsidies) $341,196 $508,436
Number of Sold Listings in Previous Month 26 18
Average Property DOM(P) – Solds 21 22
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North Arlington (Orange Line) Condo Update: May 2012

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).

Contact us for more information.

Source: MRIS. Information deemed reliable but not guaranteed. Stats exclude retirement communities and co-ops.

1 BR Units 2BR Units
ACTIVE LISTINGS as of May 11, 2012
Average List Price $334,181 $481,547
Number of Active Listings 38 42
Average Property DOM(P) – Actives 49 58
SOLD LISTINGS for April 2012
Average Sold Price for Previous Month (does not include seller subsidies) $349,097 $479,526
Number of Sold Listings in Previous Month 18 19
Average Property DOM(P) – Solds 27 43
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Washington, DC Housing Market Stats for March 2012

Watch the video below to find out what’s happening in the Washington, DC real estate market. If you’d like more information, contact us. And if you’re thinking of selling (or are just curious), we’d be happy to provide you with a free market analysis of your home’s value.

 

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Washington, DC Housing Market Stats for February 2012

Watch the video below for the latest housing market statistics for Washington, DC. If you’d like additional information, contact us. And if you’re thinking of selling (or are just curious), we’d be happy to provide you with a free market analysis of your home’s value.

 

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