I got to wondering today whether more short sales are closing and thought I would share some interesting data I found. All data is per MRIS as of today.
Number of active listings designated "potential" short sales in NoVA* = 607 (# in Arlington = 57)
Number of short sales that have closed in NoVA in past 30 days = 199 (# in Arlington = 7)
Close Price to Last List Price Ratio for Short Sales that Closed = $302,258/$306,505 = 98.6%
Average Days on Market (Property) of Short Sales that Closed = 83 (Highest was 631 days). Note this represents the number of days until they got an offer, NOT the number of days that it took for the bank to approve the transaction.
A quick look at the listings that closed in the past 30 days showed "contract dates" of as far back as November 2008, but most seemed to have been put under contract in the March-April-May 2009 timeframe, meaning about 3 month waiting period for bank approval and settlement. As a point of comparison, "regular" contracts tend to settle about 30-45 days after the contract date.
I have to say that I was surprised that so many short sales closed in the past 30 days. I went back for a few months to spot check and the average seems to be roughly 200-250 closing each month going back to this Spring. This data leads me to believe that not only are banks approving more and more short sales, but they've gotten more efficient at that approval process.
Buyers, short sales are certainly not without their own risks, delays, and headaches, but maybe it's time to put them back on your shopping list. To start your home search, visit my website or contact us.
* NoVA = Arlington, Alexandria, Fairfax, Fairfax City, Falls Church City
Ready to start your search? Visit my website or contact me!
Are you a first time buyer thinking of starting your search? Low pries, historically low interest rates, and the $8000 tax credit have many people in our area wondering if it's time to buy. Join us for a free educational session at Arlington County Library.
Wenesday, June 10
7:15 pm - 8:30 pm
Arlington County Library
1015 N Quincy St
2nd Floor Mtg Room
Ballston (Orange Line)
We cover a recap of the market, current trends and market stats including days on market, average sales prices, and inventory levels. We'll also discuss the impact of the banking system collapse and bailout, the home purchase process and common pitfalls, financing basics and a how to get started checklist. Specific topics covered:
- Northern Virginia, DC, and Montgomery County market analysis
- Mortgage basics: rates, points, fees
- Financing basics: FHA, Conventional, Conforming, and "Jumbo" loans
- Calculating the tax benefits of homeownership
- Short Sale, Foreclosure/REO/Bank Owned basics
- Search tips - Fees and closing costs
- Buyer agency and choosing an agent
There's never any cost or obligation to attend our classes. Simply email katie@katiewethman.com to register so that we may have materials available for you.
About the Neigborhood
Waycroft-Woodlawn consists of about 585 single-family homes that are primarily in the Cape Cod and Colonial styles, common in the 1920s, 30s, and 40s when the area was developed. Bounded by Glebe Road , I-66, 17th Street , and George Mason Drive/Frederick Street, it is very close to Ballston metro and major commuting routes like I-66, Rt 29/Lee Hwy, and Washington Blvd. Nearby neighborhoods include Tara - Leeway Heights and Westover.
Woodlawn Park is located nearby, and a stream runs through the park. Virginia Hosptial Center is adjacent to the neighborhood. The neighborhood's abundance of trees and greenery (it's known as the "Garden Spot" of Arlington) and bicycle- and pedestrian-friendly sidewalks make it a charming locale.
The neighborhood has a very active Civic Association. View the Waycroft-Woodlawn conservation plan.
Neighborhood History
Waycroft-Woodlawn is anchored by the Mt. Olivet Methodist Church, first built between 1855-1860 and was born in the name of dispute resolution. Two of Waycroft-Woodlawn residents, William Marcey and John Brown, had a dispute over a parcel of land and to resolve the matter, they both gave up their claims and donate the land for a church site. The current church structure was built in 1948 is the fourth building on the same site. Mt. Olivet Church served as a hospital for wounded Union soldiers during the Civil War.
Arlington County's website provides more background on the evolution of the neighborhood:
Following the Civil War, a Union officer, Major R. S. Lacey of Ohio bought a farm in the southern part of the Waycroft-Woodlawn area and built a house, Broadview. This house stands today, still a private home, at 14th and Evergreen Streets. The Brumback firm built Woodlawn Village in the years 1934-1939. In the area named Waycroft, lots were sold and individual houses built rather than the entire development being built by one builder as was the case in Woodlawn Village. In the years following World War II, the remaining vacant lots in Waycroft-Woodlawn were then built up with individual dwellings.
Homes for Sale
As of April 30, 2009, there are 5 homes on the market in Waycroft-Woodlawn, ranging in price from a $559,000 Cape Code to a $897,400 Colonial. In the past year, 24 homes sold with list prices ranging from $482,500 to $1.37 million (average sold price $744,404). Properties don't last long in this charming neighborhood - average days on market was just 38. (Source: MRIS as of 4/30/09)
Looking to buy a home in Waycroft - Woodlawn? I live nearby and keep a close watch on the listings in the neighborhood - contact me!
Search the MLS or contact me to set up a custom alert for Waycroft Woodlawn homes!
Are you getting ready to sell your Waycroft - Woodlawn home? As an Arlington resident, I can help you best highlight all the positives of living here! Not all agents are alike -- ask me about the services that I provide my sellers including professional photography, staging, and custom websites--after all, most buyers start their home search on the web and DEMAND high quality photos. For a free pricing analysis and comprehensive marketing plan, contact me or visit my Sellers Resource Center.
Other Arlington Neighborhoods:
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