~ The Shirlington Report ~
The Shirlington real estate report for March shows the impact of the increase in quality listings in February and March. There were 28 units that reached the settlement table, up from 17 in February. To put the activity in the Shirlington real estate market into context, a total of 39 new listings were added in March while 41 units went under contract… so demand continues to exceed supply.
I hate keep singing the same refrain (3 months running!), but here it is; Inventory… or more correctly the lack of inventory is an issue within the Shirlington real estate market, with less than 2 months of inventory at the current sales pace. To say that Open house activity remains robust would be an extreme understatement, buyers are flocking to any opportunity to view a quality listing… think sharks and blood in the water (if you know what I mean). Rates have popped up between .25% - .50% in the recent past with the strong upward move in the stock market, so it appears that buyers are looking to lock in near historic low rates.
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 Theatre, 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 area.
The price distribution of sold units in March returned to more a normal bell curve, versus the extreme results in January & February. Half of the 28 units Sold were in the $250K - $350K price range, which is the sweet spot of Shirlington. Though there was more than normal activity just above this range for $350K-$400K priced units.
With that in mind, you have to be properly priced for condition in today’s market and avoid “testing” the market for a higher price. As an analogy, think back to dating… whether it 20 years ago or last week! You always dress up/shower/primp for the first date and don’t break out the flip flops & shorts until the relationship is established. In today’s market, the buyer has very little sympathy or patience for a "good try" when listing, so you need an agent that has proven experience in Shirlington and can help you interpret the market.
Please contact me today so that we can start the process of getting you to SOLD!