The View from South of the Potomac River: The Shirlington Real Estate Report ~ March 2012

The Shirlington Real Estate Report ~ March 2012

~ 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.

                       Shirlington Real Estate Market Report, March 2012                

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.

                      Arlington Real Estate Market, Solds by price March 2012           

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.  

                      Shirlington Real Estate Market ~ Rolling 6 month Solds             

 

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!

 

AJ Heidmann ~ CRS,  ABR

Cell 703-474-1260 ~ Office 703-717-6324 ~ Fax 703-839-8283

AJ@AJHeidmann.com

www.AJHeidmann.com

McEnearney Associates, Inc.

4720 Lee Highway, Arlington, VA  22207

Licensed in Virginia

Comment balloon 8 commentsAJ Heidmann ~ CRS • April 06 2012 05:39PM

Comments

Hey AJ - Looks like you're on the mark with the Shirlington real estate report!  I will be doing more reports next week.  I don't like doing them but know Google just gobbles them up so I trudge onward.  Hope you enjoy a wonderful Easter with your family and friends.

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) almost 8 years ago

AJ

Shirlington range a bell but I had to look at your location map. I used to live on N 16th St at Kenilworth for quite a few years. Went to W&L my junior, senior years and UVA for 3 years till I partied tooooooo much and they asked me to leave. cheers cvc

Posted by Curtis Van Carter, Your Napa Valley Broker Extraordinaire (Better Homes & Gardens Wine Country Group) almost 8 years ago

John - They definitely can take some time, but Google and area homeowners are definitely looking for the most up to date information that they can find.  If Shirlington had a greater selection of true, move in ready homes the contract number would have been much higher.  have a great weekend.

Curtis - No wonder I like you so much... I think that today you would be called a free spirit!

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) almost 8 years ago

AJ, With more units under contract, the demand is certainly exceeding the supply in Shirlington and that's good news. Also, your graphs are very eye-catchning!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) almost 8 years ago

Larry & Sheila - It is a nice problem to have... but there seems to be a lot of fence sitting by current owners; where will the move to, are prices going to go higher for the unit in the Fall?, etc.  Thanks!

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) almost 8 years ago

Quite the active market.  Only 2 months of inventory, wow!  I wish we were closer to that here.  Great report AJ.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 8 years ago
Hey AJ Dropping by to say hope you had a great Tuesday! I've been crazy with making 4 deals in the past two days come together! Thankful and very blessed on this end of the pc screen:). See you soon in the Rain!
Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) almost 8 years ago

Your area sounds very much like mine with the lack of inventory!  Lots of hungry buyers gobbling up the inventory across the nation so it seems!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 8 years ago

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