~ The Shirlington Report ~
The Shirlington real estate report for April shows the impact of an increase in quality listings throughout the Spring, increased units under contract and sold. There were 28 units that reached the settlement table, the same as in March, which shows that if a move-in ready unit comes on the market it is quickly snapped up by the large pool of buyers circling the area. To put the activity in the Shirlington real estate market into context, a total of 37 new listings were added in April while 36 units are currently under contract… so for the first time this year new listings exceed new contracts, albeit by just 1 listing!
I hate to keep singing the same refrain (4 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, even for my Saturday Open House on National Open House Weekend. The unit went under contract early Saturday morning before the open house, so that the buyers could avoid the competition of another offer off of the open. To give you a mental image of how buyers are flocking to any opportunity to view a quality listing… think of a shark & blood in the water. Rates moved back down a bit, roughly .25% so that conforming conventional & FHA interest rates are below 4% again.
The Shirlington area is surrounded mainly by condominium developments, (such as all the Fairlington associations, Heatherlea, Windgates, Courtbridge, The Arlington, and Parkfairfax) with some fee simple town home/row homes & apartment buildings. The main street section has restaurants, a movie theatre, an award winning live theatre at the Signature Theatre, new County library, and boutiques. The downtown section of Shirlington 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, Pentagon Metro station, & 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 within the Arlington real estate market 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 April is skewed a bit towards the higher price points, versus the normal bell curve in March. This appears to be due to quite a few of the 2 & 3 story units in the Fairlington associations, which run in the higher price points.
The Spring market has been unusually strong and it appears that it will continue for the next 4-6 weeks. If you are considering selling, time is of the essence and you need to act quickly before the majority of buyers become distracted with all the summer activities that are available. Also, 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 only get one shot at a first impression and don’t break out the flip flops & shorts until the relationship is established. In today’s market, the buyer has very 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!