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

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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

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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

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

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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.

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.

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Massive increase in Clarendon Home Sales

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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.

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