Question: How is the Arlington real estate market looking so far this year?
Answer: Through observations in my business, conversations with colleagues and conversations with providers like lenders, title companies, inspectors and contractors, almost everybody saw a spike in business this winter, a usually slow period. After a few years of relatively flat growth in Arlington residential real estate (most of the price growth we saw in the county from 2014-2016 was attributed to tear-downs and some localized development), I think we’re finally going to see some real market-wide appreciation in 2017.
Below, I’ve compiled a series of key metrics that all support this claim. The data is broken down by housing type – detached, townhouse, and condo – and is presented by Quarter (calendar), mostly in Year Over Year changes.
Increased YoY average sold price shows mostly consistent growth over the last few quarters and a clear increase over Q1 2016.
A large increase in new pending contract in Q1 proves a substantial increase in buyer activity. Increased demand means price appreciation.
Homes in Q1 sold for .5-1 percent more relative to their original asking price, another indicator of high demand.
Homes in Q1 2017 sold much faster than they did in Q1 2016, coming close to the expected market pace during spring markets (Q2).
The housing supply has decreased by about one-third over the last two years, meaning the market is shifting further in favor of sellers.
If you’re a homeowner interested in taking advantage of a favorable market or a buyer wondering how to succeed in a competitive market, don’t hesitate to reach out to set-up a meeting. You can reach me directly at Eli@RealtyDCMetro.com or (703) 539-2529.