Buyer's Market for Arlington VA Real Estate in Clarendon -- NOT!

Market News--Arlington VA Real Estate, Northern Virginia & DC, Real Estate Strategy

After reading the article feel free to view the current active listings in our area for these "hot searches"--and you'll find the other articles in the overpriced category to be much more humorous and biting so check out the menu bar to the left to access those other posts on overpriced listings:

Clarendon Condos 2BR $400,000-650,000

Orange Line Condos 1BR $250,000-480,000

 

There is a lot of talk out there about a buyer's market.  I hear the phrase from condo buyers weekly and need to set the record straight.  In general, for Arlington VA real estate there is definitely not a buyer's market.  However there is a particular price bracket where that is accurate.  And on the front end I do want to acknowledge some inspiration for this post from my comrade and blogroll partner at urban trekker who wrote Spotting Trouble in Metro DC Housing.

Arlington VA Condos in the Clarendon Real Estate Area

Usually when I write about the condo market I focus on the orange line corridor of Ballston, Clarendon, Courthouse and Rosslyn condos.  The condominiums along route are in demand and make for good long term investments.  I would highly recommend one considering a buy and hold attitude when buying real estate as I believe real estate is a good investment vehicle for retirement cash flow.  You want to focus on buildings w/ low fees, however since fees can increase, townhouses in my opinion in the right spots (i.e. walk to the metro) are the best investment vehicles for long term real estate investments.  Groups can rent them out for top dollar; the naughty secret about rentals and groups is that you can usually get more $$$$ renting to a group.  And most groups full of type-A personalities who are in grad school and working full time are probably going to take care of the home just fine so take the money are run if you are the investor.

Condos and Real Estate in Arlington VA -- Price Brackets Stats

For Clarendon condos in Arlington VA real estate in the $300-400,000 bracket there is a 1 month supply of condos (14 active listings and 13 under contract).  That's not a buyer's market at all.  It's a flat out seller's market.  Buyers your leverage in that bracket is not what it used to be as many prices have corrected and the low supply is helping sellers now.  I guess it seems like since most sellers will come down some in their asking price, it just feels like a buyer's market after what we went though for several years of multiple, multiple, multiple offers (3-18 on almost every listing--it was hell to work in that environment). 

For the $400-500,000 condominium bracket there are 22 active listings w/ 10 under contract--a 2 month supply.  That still leans towards sellers.  But as we move up the pricing scale, the months of inventory increases significantly.  For the $500-600,000 range of condos in Clarendon and Courthouse there are 20 actives and just 3 or 4 under contract--5 month supply of inventory.  This gives buyers a lot of leverage.  But it gets more interesting....

Clarendon Condo Prices for Arlington Real Estate

In the $600,000-700,000 price bracket there are 28 active listings and only 3 under contract--a 9 month supply.  Buyers have TONS of power in this bracket!

Many of the 2/2 listings out there with a bit of extra square feet such as 1100-1400 square feet are going to have to drop their prices....Make it happen buyers!  Get an excellent realtor to represent you and then make your case...sometimes to several sellers simultaneously and find out who will give you the best deal. 

I would like to volunteer for that position

{TAGS}

Date: Tuesday, June, 5th 2007 @ 10:21:15 AM
Views: 6056

---

Back