The Shirlington Report
~ JUNE 2010 ~
After a break from blogging and moving to our new brokerage firm, McEnearney Associates, Inc. in Arlington, it's time to catch up on the goings-on in the Shirlington condo market. By weeks end, I have you back up to speed on the sales and rental markets in this fabulous area to live, just outside of DC in Northern Virginia and just down I-395 from the Pentagon.
It was an extremely busy month for settlements of Shirlington real estate with 40 units reaching the settlement table under the extended Home Buyer Tax Credit. The end of June was the original settlement deadline for the credit, so those individuals that could close did as shown by the lack of fully under contract units in the graph below. The extension of the settlement date, but NOT the contract date, allowed buyers that encountered slow service from their lenders or that are waiting on 3rd party approval for a short sale to hopefully joined the settled group in the coming months. Those units still active on the market have on average 148 days on the market, so they were picked and passed over for better priced/located/prepared listings. As we move forward it will be interesting to see if the list prices will move down to attract a contract.
Sales were skewed towards the upper end of the price range for Shirlington with 60% of sold units occurring above $350K, while most of the inventory still available is priced under the $350K.
* Information taken from the MRIS system deemed reliable, but not guaranteed.
** For the purposes of this report, the Shirlington area includes the following condominium associations: Courtbridge I & II, Heatherlea, ParkFairfax, Shirlington Village, The Arlington, Windgates I, II & III, and all Fairlington communities.