~ The Shirlington Report ~
The strong sales momentum that we had early in the year got even stronger in May, as the Shirlington real estate report shows a total of 43 units reaching the settlement table. An increase in quality listings as we have moved through Spring has been met with an equally strong increase on contracts, so that inventory is still the limiting factor. To put the activity in the Shirlington real estate market into context, a total of 29 new listings were added in May while 26 units went under contract in the month.
I hate to beat the proverbial dead horse (4 months running!), but here it is; Inventory… or more correctly the lack of quality inventory is a big issue within the Shirlington real estate market, with less than 2 months of inventory at the current sales pace. In April & May, there have only been 4 more new listings posted versus the number of units going under contract, so the area is still operating in a very strong sellers market, with multiple offers and escalation clauses being fairly normal. With rates moving down to brand new historic lows this past week, it is fairly common to see lenders offering FHA loans at 3.5% and conventional loans at 3.75%... both with zero points!
It will be important to see how contract activity comes in for June, as the traditional distraction of Summer should thin the buying crowd, if this year follows normal sales trends. Also, the first five days of June has produced 12 new listings which is an unusually strong number… and many of those appear (at first glance) to be at the upper end of the price range for their respective model.
Shirlington straddles the Arlington County / Alexandria City border area, roughly along the line of I-395, and is comprised 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. Most of the complexes are garden or townhome style condos, with surface parking lots and a lot of mature landscaping.
Three new restaurants are in the construction phase along the main street area, which will add to an already fantastic selection places to grab a bite. Additionally, Shirlington has a movie theatre, an award winning live theatre at the Signature Theatre, County library, and Harris Teeter grocery store.
The price distribution of sold units for May is skewed towards the higher price points, due to a large number of the bigger Fairlington & Windgate units in the selling mix.
The year really started out with a bang and appears to be keeping up the momentum. 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 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!