The Arlington condo market is really hot! Condos are selling throughout Arlington with multiple offers and the inventory is very low. Here's some stats about Arlington Virginia condominium sales and inventory for February 2012.
Currently there are 207 condos on the market for sale in Arlington. That may seem like a lot, but considering that 216 Arlington condos sold in the last 90 days, 207 is not that many... 54 sold in the last 30 days alone. Based on the 90 day numbers, there's only about a 2.875 month inventory of Arlington condos.
The condos for sale in Arlington range in price from $79,000 to $4.15 million with an average listing price of $512,397 (considerably higher than neighboring Alexandria). Here's the breakdown by size of the condo:
One Bedroom Arlington Condos
69 on the market
Price range from $79K to $855K
Average listing price $329,287
Two Bedroom Arlington Condos
107 on the market
Price range from $170K to $2.05 million
Average listing price $536,038
Three Bedroom Arlington Condos
21 on the market
Price range from $350K to $4.15 million
Average listing price $1,072,521
Over the last 30 days the average final sales price of Arlington condos that sold was $444,413. On average Arlington condo sellers are obtaining 95.03% of their original listing price -- showing that there's still quite a bit of room for negotiation.
Condos sold in an average of 53 days on the market. From surveys that have come back from sellers that have worked with my office, the average expectation for a sale is 60-90 days, so Arlington condos are selling fairly quickly which is pleasing to sellers!
The chart below shows the condominium complexes in Arlington with the highest number of units on the market. (Note: Jefferson Retirement is a 55+ retirement community in Ballston)
Interested in buying a condo in Arlington? Search for Arlington condos here.
Thinking about selling your Arlington condo or just want to know the value? Confidential and free market analysis of your condo's market value.
The Alexandria condo market is hot! Condos are selling throughout the city and the inventory is quite low. Here's some stats about Alexandria Virginia condominium sales and inventory for February 2012.
Currently there are 176 condos on the market for sale in Alexandria. Considering that 185 Alexandria condos sold in the last 90 days, 176 is not that many... 46 sold in the last 30 days. Based on the 90 day numbes, there's only about a 2.85 month inventory of Alexandria condos.
The condos for sale in Alexandria range in price from $100,000 to $2.1 million with an average listing price of $363,058. Here's the breakdown by size of the condo:
One Bedroom Alexandria Condos
62 on the market
Price range from $100K to $450K
Average listing price $255,627
Two Bedroom Alexandria Condos
93 on the market
Price range from $135K to $1.45 million
Average listing price $375,819
Three Bedroom Alexandria Condos
19 on the market
Price range from $179.9K to $1.55 million
Average listing price $561,955
Over the last 30 days the average final sales price of Alexandria condos that sold was $269,469. From this you can see that the lower end of the market is selling more readily and briskly than the higher end of the condo market in Alexandria. On average Alexandria condo sellers are obtaining 93.49% of their original listing price -- showing that there's still quite a bit of room for negotiation. However, some of that number for January is likely skewed from price reductions that occurred towards the end of 2011 or the beginning of the new year.
Condos sold in an average of 70 days on the market.
The chart below shows the condominium complexes in Alexandria with the highest number of units on the market.
Interested in buying a condo in Alexandria? Search for Alexandria condos here.
Thinking about selling your Alexandria condo or just want to know the value? Confidential and free market analysis of your condo's market value.
It was just here. Now it's gone.
Ooohhh. Here's another one. Looks promising. Gone too!
Okay... Don't blink. Don't turn the other way for even half a second.
Gonna find that home.
Wait, could've sworn this one was still available. After all, it was on Zillow, Trulia, and REALTOR.com. But, yet... it's gone.
What's happening?
Where'd that home go? That was our dream house! Will we ever find one?
...
If you're like many home buyers today, you've had a fairly similar internal dialogue while searching the dearth of homes on the market in Northern Virginia.
A quick look at inventory numbers tells the story.
Taking the current inventory of homes on the market in each jurisdiction and dividing by the average amount of monthly sales during the last 12 months, here's the state of Northern Virginia housing inventory expressed in number of month's worth of inventory:
Alexandria City: 2.11 months
Arlington County: 2.32 months
Fairfax County: 2.05 months
Falls Church City: 1.37 months
Loudoun County: 3.02 months
Prince William County: 2.28 months
Wow! Considering that a balanced market is defined by 5-6 months' worth of housing inventory, there's almost nothing available. If no other homes were to go on the market for sale in Falls Church for example, houses would completely sell out there by mid-February 2012! It's no wonder that homes are nowhere to be found.
As a Northern Virginia homebuyer, you've got to be prepared to jump when the right available home comes along.
Take a look at the chart below which compares the average days on the market recently with the same statistic 4 years ago (blue line represents recent time period). Boy, has the market changed! Houses in Northern Virginia are selling on average a full 30 days or more faster than they did back then.
Advice for Buyers: Search for Northern Virginia homes today! Contact me to see them as soon as you see something you like so that you don't miss out.
Advice for Sellers: If you are serious about selling your Northern Virginia home, let's price it right, put it on the market and watch the buyers swarm!
Thinking about living in Old Town Alexandria, Virginia? Get a feel for this vibrant historic area just 7 miles south of the Nation's Capital. Brian Block, a real estate broker with RE/MAX Allegiance provides a guided tour to the sights, sounds and highlights of Old Town.
Search for homes in Old Town Alexandria
Alexandria Virginia Real Estate Market Statistics
HAPPY NEW YEAR!
Before looking ahead, it's important to take a look back at real estate sales for 2011. At the start of 2011, inventory of homes on the market was way down from 2010, the federal homebuyer tax credit was over, and the economy was still in flux. The home sales news for 2011 in Northern Virginia was a mixed bag. Prices were up in most areas and the market has generally stabilized. However the overall number of homes sold was down in almost all jurisdictions.
Whether you are planning to sell your home in 2012 are are interested in purchasing a home this year (I know it's on some of your New Year's resolutions lists), it's necessary to understand some numbers -- the number of sales and the amount of inventory available.
How many homes sold in Northern Virginia in 2011?
% Change from 2010
ALEXANDRIA CITY 1,970 Homes Sold in 2011 +3.6%
ARLINGTON COUNTY 2,355 Homes Sold in 2011 -9.1%
FAIRFAX COUNTY 12,541 Homes Sold in 2011 -8.7%
FALLS CHURCH CITY 193 Homes Sold in 2011 +36.0%
LOUDOUN COUNTY 4,773 Homes Sold in 2011 -2.5%
PRINCE WILLIAM COUNTY 5,752 Homes Sold in 2011 -12.2%
In almost all markets with the exception of Alexandria and Falls Church, volume of sales were down. Prince William County sales numbers dropped by the largest amount. Overall there were 2,234 less home sales in Northern Virginia in 2011 as compared to 2010 or a total decrease in volume of 7.5%
How many Northern Virginia homes will sell in 2012? Pull out your crystal balls. There's a ton of variables this year and the experts and prognosticators vary widely on their predictions of a real estate recovery, the economy, how much foreclosures and short sales will continue to impact our market, the job market, and the new Congress.
INVENTORY ALERT!!
As of the start of 2012, here are the inventories of resale homes listed for sale on the Multiple Listing Service:
% Change from 1/1/11
ALEXANDRIA CITY 347 Homes Available -32.9%
ARLINGTON COUNTY 455 Homes Available -5.0%
FAIRFAX COUNTY 2,142 Homes Available -14.4%
FALLS CHURCH CITY 22 Homes Available -15.4%
LOUDOUN COUNTY 1,202 Homes Available -4.2%
PRINCE WILLIAM COUNTY 1,094 Homes Available -19.1%
Overall, inventory numbers are way down from already low inventories at the beginning of 2011. This could be very good news if you are planning to sell your home this year. If 2012 home sales continue even at the sluggish 2011 pace, most jurisdictions currently have less than 2-3 months of inventory supply! Incredibly good news if you plan to sell your home and price it right!
IMPORTANT MESSAGE TO NORTHERN VIRGINIA BUYERS AND SELLERS:
You can't control the market. You can't control the prices or the number of sales.
The market is constantly changing.
2012 IS THE TIME to get expert advice, a skilled negotiator, and a savvy real estate broker who knows how to navigate this market to help you with your real estate goals.
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Brian Block is proud to serve the Northern Virginia real estate market. View his website for the latest listings and homes for sale in Northern Virginia and search all active homes.
Brian Block is the Managing Broker / Branch Vice President of the Arlington & McLean, Virginia offices of RE/MAX Allegiance.
Brian Block looks forward to helping you with your next real estate transaction. He possesses unique personal and professional qualifications to lead and grow his business at RE/MAX Allegiance. In addition to being a Virginia Real Estate Broker, Brian holds the Accredited Buyer Representative (ABR), Certified Residential Specialist (CRS), Graduate Realtors Institute (GRI), Seniors Real Estate Specialists (SRES), and the ePRO Certification of Internet Professionalism (ePRO) designations based on hundreds of hours of formal classroom study and proven sales in real estate. Brian is also a licensed, practicing Virginia Attorney. Although he no longer practices law full-time, he uses his in-depth knowledge of real estate law, contracts, and sharp negotiating skills to benefit his many real estate clients.
Brian graduated from the University of Pennsylvania and got his law degree at George Mason Law School in Arlington. After working for several law firms in D.C., Brian has been actively involved in residential real estate sales with RE/MAX in the Northern Virginia area.
Brian is actively involved in the community serving in high leadership positions in several charitable, fraternal, and business organizations. He is widely respected as a results-oriented real estate professional who cares about the Northern Virginia region!
Brian is licensed in Virginia and Washington D.C. and primarily serves clients looking to buy or sell homes in Washington D.C., Arlington, Alexandria, Falls Church, and Fairfax County. Brian works with many first-time homebuyers and enjoys educating them about the homebuying process. In addition, with the heavy influx of military into the D.C. area, Brian takes special pride in assisting with military relocations to the area, including the following installations: The Pentagon, Fort Myer, Fort Belvoir, Andrews Air Force Base, and Quantico Marines Corps Base.
Brian lives in Alexandria with his wife, who runs a highly successful ballroom dance business. Together, they enjoy dancing, exercise, reading, martial arts, and travel. Brian successfully ran the 2004 Marine Corps Marathon.
INFORMATION ABOUT NORTHERN VIRGINIA:
ALEXANDRIA -- George Washington made Alexandria his home -- maybe you should too!! From the thriving, historic, waterfront community of Old Town Alexandria to the gorgeous estates near Mount Vernon, Alexandria offers myriad cultural activities, great schools and colonial charm. Fantastic restaurants, theaters, and shopping abound. The pleasant small town feeling and lifestyle, great public schools, plentiful job opportunities and strong economic base combined with the area's rich history make Alexandria a wonderful place for your family to live. The United States Patent and Trademark Office moved over 7,100 employees from Crystal City to a new facility on Eisenhower Avenue, thus spurring the growth on the western end of Old Town. Alexandria is ranked as one of the top "Big Cities for Doing Business" in the U.S. and is ranked among the nation's "Best Cities for Women" by Ladies Home Journal Magazine. Some famous Alexandria landmarks include the George Washington Masonic National Memorial which towers over Old Town, Robert E. Lee’s boyhood home, and Gadsby’s Tavern. Alexandria’s public high school, T.C. Williams was featured in the movie “Remember the Titans.”
Popular Alexandria communities include: Del Ray, Old Town Alexandria, Cameron Station, Carlyle Towers, and Watergate at Landmark condos.
ARLINGTON -- Arlington is a wonderfully diverse community just across the river from our nation's capital. Great schools, numerous public parks and monuments, easy commutes, and tons of shopping and a fine mix of multi-cultural dining make Arlington an ideal place to call home. The neighborhoods range from urban highrise condominiums to historic and unique homes. Enjoy a close-in suburban lifestyle while taking advantages of the resources of D.C. and Arlington. Transportation around Arlington is made easy by the metro area's top-notch Metro bus and subway system. Lively bars whose happy hours attract well-dressed young professionals are situated alongside hip clubs where loyal regulars can enjoy the local arts and music scene. Arlington's world-class shopping includes major retailers such as Macy's and Nordstrom as well as hundreds of unique and interesting stores of all sizes throughout the neighborhoods and large malls. Business is booming in Arlington with many technology firms, government agencies, foundations and other organizations making Arlington their headquarters.
Arlington is an ideal place to live if you work in or around D.C. and wish to take advantage of everything the metro-D.C. area offers. Arlington has it all!
Make sure to read Why You Should Purchase Your Next Home in Arlington, Virginia where I wrote a description of Arlington that may even entice a Hollywood superstar to move here.
You can contact Brian Block at Brian@BrianBlock.com.
Please visit my other blog to read all the latest Northern Virginia Real Estate News.
As a Realtor and Real Estate Attorney, I am uniquely equipped to serve all of your real estate needs. My experience as a real estate attorney makes me well-versed regarding the many contracts and forms involved in every real estate sale. Having advised and helped numerous clients before, during, and after their real estate transactions, I recognize and understand the mistakes that can be made, and instruct my clientele on avoiding those mistakes.
As your real estate consultant, my purpose is to educate you, provide you with the necessary information, and counsel you on making the most valuable investment decisions. My publication of articles on real estate topics including mortgages, homeowner insurance and title insurance evidence my strong commitment to education. I look forward to helping you achieve your real estate goals. I'm licensed in Virginia and Washington D.C. If you have any questions, please don't hesitate to call or e-mail me!
Testimonials from Brian's Loyal Clients
"Brian, your recommendation of locations and areas were on point with what we were looking for and we couldn't have asked for a better experience." Chris Fowler & Jennifer Herrera, October 2007
"We had a great first time homebuying experience. Thanks Brian!" Stephanie & Jeff Briscoe, February 16, 2007
"Dear Brian, Thank you so much for all of your time and effort in helping Sean and I find and close on our first home. We enjoyed working with you and will absolutely recommend you to anyone we know looking for a Realtor." Kathleen Lewis, May 30, 2006
"Brian helped us buy our first home. He is a terrific Realtor! He really listened to what we wanted and was incredibly patient. He never pressured us and always kept us fully informed about a property. Brian works with you to help customize your home buying experience -- this is what sets him apart and why we loved working with him!" Lauren and Jason Gerbsman, March 2006
"Dear Brian, Let me express once again our appreciation for the help you gave us in finding our new home. The daily updates of new houses available was exactly what we were looking for. We used the information to focus in on only those that were of particular interest to us. Then we were able to visit the homes at a time convenient to our schedule on the weekends. Your work with the seller was excellent. We had heard horror stories about closings, but your work made everything both transparent and smooth. Instead of lengthy explanations and haggling over this or that, we sat down, signed the papers and prepared to move -- largely due to the work you had already done. What could be easier than that? Whenever we hear that any of our friends are looking for a new home, it will be our pleasure to send them to you -- indeed, to insist that they see you first." Tom and Marion Moore, October 2005
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