~ The Shirlington Report ~
The Shirlington real estate report for February shows the impact of the huge jump in contract activity in January. There were 17 units that reached the settlement table, which was just one unit shy of the results in February 2011. Coincidentally, there were 17 new listings in February, so the net number of available units is the same as in January at 37.
I hate keep singing the same refrain (and re-use verbiage from the previous months’ report), but here it is. Inventory… or more correctly the lack of inventory is an issue currently, with the Shirlington real estate market having less than 2 months of inventory at the curent sales pace. Open house activity remains robust and rates remain near historic lows, so that competition remains light for properly priced and well presented units.
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 a few empty nesters looking to downsize into a vibrant area.
The distribution of sold units in February is almost a mirror image of the January graph. Just 1 unit settled in the $300K - $400K range versus more than 50% of units in January coming in this range. Additionally, the high end of the area rebounded smartly this month after having just 1 unit settle in January.
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. The market has very little sympathy or patience for a "good try"; so you need an agent that has proven experience in Shirlington and can help you interpret the market to get you settled.
Please contact me today so that we can start the process of getting you to SOLD!