The Shirlington real estate market has been plugging along, steady eddy style for the past 4 years, with the number of units sold has staying within a narrow 5% range. This is a contrast to the 2006-2007 years that marked the end of the market bubble in condominiums in our area.
However, it is incredibly important to point out that 2011 was the first full year without any home buyer tax credit in a while, yet the Shirlington real estate market maintained sales on par with those years that were “goosed” by the credit.
As we begin 2012, the main refrain for this market, and greater Northern Virginia real estate market, is “Where is the Inventory?”. Based on the contract activity so far since the new year began, which has been hitting ball out of the park, the primary constraint in the market is the lack of inventory. Open houses are seeing large crowds, nicely updated units are under contract within days or a few of weeks, and even those units that withered on the vine for whatever reason last year are getting offers.
For 2012, the local trend should be for a stable to moderate increase in prices, updated units garnering a premium, and buyers making a quality of life decision by purchasing in the closer-in locations and leaving the huge daily commute behind. Even with small increases in mortgage rates, the Shirlington area offers such a rich living experience, on top of what metro Washington DC offers, that it will continue to be a neighborhood of choice in the future.
The Shirlington area is surrounded mainly by condominium developments, with some fee simple town home/row homes & apartment buildings, and has a main street section with: restaurants, movie theatre, award winning live theatre at the Signature, County library, and boutiques. Shirlington Village, which is the proper name, also hosts community activities from the Christmas Tree lighting to Octoberfest to a pet adoption festival, so that on any given weekend the streets and outdoor restaurant seating in filled with local residents. Since it is not on a Metrorail line (but next to I-395 to get to the Pentagon & Washington DC), housing prices are lower per square foot than condos near the Orange line in North Arlington or the Yellow/Blue line to the East in Alexandria City. For all these reasons, it is a preferred destination and location to buy a condo by first time home buyers, military/relocation, and empty nesters looking to downsize into a vibrant community setting.
If you are ready to make a move, please contact me today so that we can start the process of getting you to SOLD!