Market Update-- Arlington Virginia Condos and Real Estate Sell Like Hotcakes!

Posted by Jay Seville on Tuesday, January 5th, 2010 at 1:16pm.

Arlington Virginia Condos and Real Estate = Huge Upsurge in Sales Buyers and Seller Agree on Values

 hotcakes_arlington_homes_for_sale_400

Quick Summary of Market Data for 2009 Arlington Homes Sales

  • # of transactions up dramatically Oct-Nov
  • DOM -- days on market down significantly for Arlington condos and homes for sale
  • # of active listings--inventory--drops significantly
  • all equals robust market to finish out 2009
  • average sale price as a percentage of list price jumped from 92-95% meaning the buyers and sellers are on the same page now more than ever the past few years on the value of the homes for sale
market_data_arlington_virginia_homes_sales_2009_400

 Days on Market Drop Significantly for 2009 Arlington Real Estate for Sale

days_on_market_drops_arlington_sales_20090001_400

Another observation is that the average list price for Oct-Nov comparing 2009 to 2008 is down 7%.  So with lower list prices in 2009 there was simultaneously an average sales price of 94/95% of list price in 2009 versus 92% of list price in 2008.  This means buyers and sellers combined with sharp decreases of DOM (days on market) are on the same page; the buyers and sellers are largely agreeing on the market values now.  That is one reason I don't write the Overpriced Arlington Virginia Condo Series anymore--the seller mostly got on board the reality boat of Arlington VA condos and real estate.

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Highlights of Market Data for Arlington Condo Sales End of 2009

# of condo transactions followed similar patterns as the entire Arlington market as a whole with Oct-Nov sales in 2009 up 38%, 49% and 123% respectively.  Active condo listings were down 8% from a year ago for November 2009.  The DOM was also much lower like rest of market but the sold price #s were up and down to the point it was hard to conclude anything other than the prices were varying -5% to + 5% for the last quarter of 2009

Clarendon Real Estate Market Data -- 22201

Some of Clarendon's #s were even stronger than the rest of Arlington in terms of how much the days on market dropped and the increase in sales versus a year ago.  The numbers are quite extreme making Clarendon the most sought after urban village in Arlington--largely due to it's new construction condo market adjoining so much retail venues.  

clarendon_days_on_market_2009_condo_sales0001_400 

 

Massive increase in Clarendon Home Sales

clarendon_real_estate_transactions_20090001_400  yes that is +21%, +80% and +167% sales transactions in Clarendon.

 

No doubt the tax credit by big brother played a role in this and some pent up demand also was a factor.  Several people came out of the blue with whom I'd worked a year ago and bought homes for example who seemed to have full intention of buying a year ago.  

 

3 Responses to "Market Update-- Arlington Virginia Condos and Real Estate Sell Like Hotcakes!"

wrote: [...]Market Update-- Arlington Virginia Condos and Real Estate Sell Like Hotcakes![...]

Posted on Tuesday, January 5th, 2010 at 1:38pm.

Betsy Twigg wrote: Jay: Good to see you back after a 5 month absence. The market has really changed! Happy New Year

Posted on Thursday, January 7th, 2010 at 7:31pm.

jay seville wrote: I know I don't write about the market nearly enough--too busy. Just hired 5th selling agent to work on my team and getting brokers license hopefully by end of Jan....One reason I don't write the infamous overpriced condo series anymore--I'll look into another installment at some point--is that the buyers/sellers are on same page more than ever now from past 3 years so it's become a bit obsolete.

Had no idea you were reading m blog or any other realtors locally for that matter except other RE bloggers like Brian Block, etc. funny.

Of course baby #5 and this keeps me busy as well haha http://picasaweb.google.com/JustNewListings.com/Christmas200902#

Posted on Friday, January 8th, 2010 at 8:36am.

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