Market Report for YTD October 2019
The Arlington Condominium
Arlington, VA 22206
The real estate market has been very strong for sales in The Arlington Condominium, though through the end of October there have been 33 completed sales, which is exactly the same number for YTD October 2018. What is dramatically different in 2019 is how much sales prices have gone up and how much seller subsidies have gone down! Year over year the smallest average sale price increase is in the C model at $25K, while the largest sales price increase was for M models at $43K. These are huge increases on a year over year basis for properties that sell in the $300K to $400K price range.
Of special note by someone who has followed The Arlington Condo since 2005 is that for the first time in the MLS, a 2Bed / 1Bath unit listing has cracked the $400K sales level... and with the smallest model in The Arlington with an A model! The unit was heavily renovated, but still it stands out as the only other sales above $400K; a sale price that had previously been exclusive to the 3Bed / 2Bath L model.
What has driven these sales price increases? Here are my 3 top factors
- Continued low mortgage rates, which have been moving down to about the lowest rates in a year. Low rates create more purchasing power for buyers and they are using it.
- Even lower inventory than last year, which was a skimpy year for listings overall. Below the $500K sales price, the available inventory is 60% below where was last year.
- Lastly... Amazon HQ2 and Virginia Tech Innovation Campus. With the announcement of these two projects coming to "National Landing" (initially I had to look a map too!) sellers have elected to hold their homes for a couple extra years if at all possible and buyers are facing greater competition in the future.
If you are thinking of selling your Arlington condominium, now is a great time! With competition so limited, this is the supply/demand situation that sellers dream of. As a former resident owner of The Arlington, withover 20 Sold listings in the Association to my credit, I understand the great value that the community offers to potential buyers. Please contact me today to get the latest information on the community and we can set a time to discuss your goals and how to get there.
The Arlington Condominium was originally built as an apartment complex in 1950 and was later converted into condos in 1980. The complex covers roughly 27 acres and has 518 separate units in a garden style setting with no building exceeding 3 stories, 612 off street parking spaces in the community lots + street parking, over 600 trees (yes, they actually counted them all...) and plenty of open green space, 2 outdoor pools, and 2 tennis courts. One of the advantages of The Arlington is the time at which it was built; land wasn't nearly as expensive then so it was built at a much lower housing density, even when compared to the neighboring Fairlington condos which were built in the 1940's.
The Arlington Condominum is conveniently located in Arlington, VA on the border with Alexandria City, just a few traffic lights off of I-395 via King St West exit. Depending on where you live in the community, you are located 0.5 to about 1.0 mile from The Village at Shirlington; with it's shops, restaurants, move theatre, award winning live theatre, and library, as well as the Shirlington Dog Park for your 4 legged family members.
Are you considering a move to Arlington County? It is a great place to call home and here are some links to help you with your potential move.
The Village at Shirlington ~ http://villageatshirlington.com/
Arlington Tourism ~ www.stayarlington.com
Arlington County Public Schools ~ www.apsva.us
Arlington County Library ~ https://library.arlingtonva.us/
Arlington County Police ~ https://police.arlingtonva.us/
Here is the YTD September 2019 Market Report so that you can see the month over month changes for yourself.