~ The Shirlington Report ~
The New Year is here upon the Shirlington real estate market here in Northern Virginia… which is just across the Potomac River from Washington, DC. The January report provides a great insight into the movement of the market and the coming Spring market.
As of January 31st, there were 27 active listings throughout the condo associations included in this report. Additionally, there were 14 units in the contract process and 13 units made it to the settlement table. This number of settlements is above January 2012’s total of 9 units and matches the total for the same month back in 2011. This activity is set against the backdrop of slowing rising interest rates, though these are coming off historic lows and are still extremely reasonable.
The local market has suffered from unusually low inventory for the past year, roughly 30% below normal, with the most acute shortage at the lower price points. Now at the 18th of the month the MLS is showing that 22 new listings have come onto the market since February 1st and 22 listings have gone under contract; so that we have the same number of available listings as the end of January, but the velocity of new offers is keeping pace with new listings. If new contracts remain close to the number of new listings going forward, the market in favor of the seller should continue into the future.
Based on the contract activity so far in February and anecdotal information from open houses in the area… buyers continue in a circling pattern waiting for the right unit to come on the market. The appeal of the highly walkable Shirlington market, with it’s close-in location to the Pentagon and Washington, DC, continues on without interruption.
Shirlington straddles the Arlington County / Alexandria City border area, roughly along I-395, and is comprised primarily of condominium developments, (such as all the Fairlingtons, Heatherlea, Windgates, Courtbridge, The Arlington, and Parkfairfax) with some fee simple town home/row homes & apartment buildings. Most of the complexes are garden or town home style condos, with surface parking lots and plenty of mature landscaping. Shirlington’s main street, Campbell Ave, has a vast assortment of restaurants for your dining pleasure, along with a movie theatre, an award winning live theatre in the Signature Theatre, County library, and Harris Teeter grocery store.
2012 started out with a bang and 2013 appears to be keeping up the tradition so far. If you are considering selling time is of the essence; you need to act quickly, price your unit properly, 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 only get one shot at a first impression and generally don’t break out the cut off sweats & flip flops until several dates into the relationship. Today’s buyer has been looking for a while, so they know the market and have little sympathy for units that aren't move-in ready or priced according… 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!