Market Stats
Condo Focus – Lexington Square 2010 style
July 12th, 2010 Categories: Arlington Dirt, Condos, Market Stats
As most of you know, the Lexington Square condo complex between Ballston and Virginia Square is one of my favorites. Not just because we lived there once, but it just seems to have it all! Great location, great pool, exercise room, grilling area, decent street parking, etc!
So I thought I’d give you a brief rundown of the activity in the Lexington Square complex so far in 2010…
So far this year there have been 17 closed sales compared with only 10 by this date in 2009!! They are summarized as follows:
4 – 1br units have closed between $324K-$348K
4 – 1br/den units have closed between $375K-$389K
7 – 2br/2ba units have closed between $415K-$435K
1 – 2br/2ba/den unit has closed at $520K
2 – 3br/2ba units have closed for $695K and $755K respectively
Currently there are only 2 active units: a 1 bedroom unit listed for $339K and a 3br unit listed for $759K… there are also 2 under contract, both 2br units listed between $425-$430K
This is a fantastic building – nicely managed with great amenities in a wonderful location. If you have any questions about living here please don’t hesitate to call. I have helped clients buy, sell and rent in this great complex and I’ll look forward to helping you, too!
Happy Monday!
Jennifer
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The Arlington Virginia Housing Market – 1st Half 2010
July 10th, 2010 Categories: Arlington Dirt, Market Stats
As you might suspect, I get asked a lot “How’s the Market?” and if you’ve heard me answer before, it’s usually “it depends.” With the craziness we’ve been experienced, I’m not even exactly sure myself of the true answer to this question most of the time…
We still have unprecedented, historically low interest rates. It’s beyond me why everyone considering buying doesn’t do so RIGHT NOW! With low interest rates, the dollar stretches so much farther! But for the purposes of this article, actually, that’s neither here nor there.
With the tax credit of 2009 and the last minute extension into 2010, we have artificially messed with the proper order of the world – so who really knows?? I have some data for you in 6 month chunks going back to 2007. Here’s how the single family market has been behaving the last 3 1/2 years:
Crazy, isn’t it? 2008 was a terrible year for units sold – and certainly 2008 moving into the early part of 2009 saw longer days on market than we’d seen in a number of years as well. As for pricing, we’ve stayed fairly flat for the last 2 1/2 years seeing the lows in the 2nd half of 2009… I sure would like to believe we’ve stabilized and are heading back up – but I’d like to know why the numbers are what they are – is it truly that prices are down? Or is it that through the tax credit, we encouraged primarily first time buyers to get busy and for the most part, they are not purchasing $1M+ properties… thus perhaps stimulating the lower end of the single family market? And you know, that will make it appear that prices are trending downward, when perhaps it’s not true at all?? Just a theory.
Let’s look at the same data for the Arlington condo sales market:
Following the trends I outlined above, 2008 was a terrible year – units were down and we saw prices eventually going into 2009 below the $400K mark. Also during 2008 the Days on Market were trending up with the tax credit of 2009/2010 perhaps now affecting days on market as well as unit sales?
In the end, I’m really not sure what’s spurring market activity – but I can tell you anecdotally it has been trailing off. We still have inventory issues – right now we only have 264 single family homes for sale in Arlington; we only have 420 condos for sale. Those are low low low!!! But with these interest rates, potential buyers would be foolish not to get themselves into the market before rates go up. There just are no two ways about it.
If you’d like to explore your buying options, please don’t hesitate to call. We’re never too busy to help our new clients (and past clients and referrals and anyone else who shows up on our doorstep with real estate needs) navigate through the process of home buying, selling or both!
Happy Saturday
Jennifer
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Spring 2010 Real Estate Wrap for Arlington Virginia
June 22nd, 2010 Categories: Arlington Dirt, Market Stats
With the arrival of summer yesterday came scorching hot temps that make the blizzards of this past winter difficult to even remember. It also marks the passing of the “spring real estate market.” I’ve always said summer is busy around here, too – but today, let’s look at the last 13 weeks of activity and see if we can figure out what the heck happened!
OK, people, follow along, the GREEN is 2010 – notice what happened about 5 weeks into spring (more importantly it would’ve been right around APRIL 30) – we experienced a HUGE drop-off in ratified contracts! For anyone who believes that other factors are driving the market right now (rates, supply, reasonable sellers, to name a few) I beg to differ. Now if you look at year over year, we are still 13.6% ahead of where we were last year at this time and we are actually 28% ahead of the ratified contracts during the same period in 2008 – so having said that, we are still in a more active market; I would actually contend that we simply MOVED buyers forward in their cycle and that such a drop off is a natural occurrance.
So what now? Well, I have a few random thoughts -
I’ve seen some properties advertised as “missed the tax credit deadline? This seller is willing to give an $8,000 credit at settlement” – that’s one solution.
Another reality is that not everyone is eligible for the tax credit anyway – where are all THOSE buyers now? People do you not understand that these interest rates are likely to go up? We will not have 5% interest rates around forever – the purchase power 1 % of interest rate is HUGE!
And lastly, no sense crying over spilled milk – it’s over – so let’s get back to the business of buyers needing to buy homes to live in whether or not someone gives them something. We all need shelter – a roof over our heads – if you can afford it, if you’ll be around the area for a while and, well, you can afford it, now is a perfect time.
So wherever it is that interests you, whether it’s Arlington or McLean or Alexandria, Reston or wherever, let me know if I can help out. I have some excellent resources who can help make your buying experience exceptional!
Happy Tuesday
Jennifer
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The Tax Credit is OVER… now what?
May 13th, 2010 Categories: Arlington Dirt, Market Stats
So a few weeks back I wrote an article basically posing the question of what was driving the Arlington Home sale market at that moment? Tax credit, interest rates, just plain spring? Well I think I got my answer… last week we ratified an embarrassing 43 contracts… The week before? 108!!! YES we broke 100… and it was then like letting the air out of a balloon…
So it made me start thinking – what’s really going on? Through the tax credit incentive have we created a monster? Have we set ourselves up for NEEDING some sort of man-made incentive to get in the game? What happened to the basic need for housing? Or the fact that interest rates are STILL AMAZINGLY LOW? What happened to examining value in these ways? Home sellers have heard the message loud and clear (at least most of them have) over the past few years and for the most part, they are realistic.
What other conditions are necessary for prospective home buyers to feel comfortable getting in the market?
I’ve seen rates under 5% again this past week
I’ve seen 77 new listings in Arlington County in the last 7 days (11 of which are already under contract)
It’s widely believed that property values will not continue to soften but that we are now on the upward trend…
Tax credit, schmax credit – I say if you’re considering buying, don’t be shy – give me a call if you think I may be talking to YOU…
Happy Thursday
Jennifer
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