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Arlington, VA, housing market remains healthy with prices up but less homes for sale

The question I am asked the most recently: How has the coronavirus pandemic impacted the local real estate market? The answer is that the Arlington, VA, housing market remains healthy with prices up but less homes for sale in April. While it has slowed, people are still continuing to buy and sell homes.

Number Of Homes For Sale Down 18%

Compared to April 2019 the number of homes coming on the market and going under contract in Arlington in April 2020 is down:
* Homes listed for sale fell 18% (279 vs 341).
* Homes under contract tumbled 35% (191 vs 294).

There were 38 homes that were pulled off the market by sellers in April. That’s more than three times the 11 homes withdrawn a year earlier. This is not surprising since April was the first full month of living under stay-at-home orders and many sellers were uncomfortable putting their homes up for sale.

Arlington Home Prices Up 5.7% In April

While there were less homes for sale, the average year-over-year home sales price in Arlington in April was up 5.7% to $762,322. However, there was a wide range of changes compared to a year ago depending on the type of property:

  • Townhome prices jumped 11% to $661,281.
  • Single-family home prices increased 6% to $1,099,989.
  • Condominium prices were up 1% to $505,395.

Strong Seller’s Market Continues

With the number of homes for sale declining, Arlington (and all of Northern Virginia and the DMV) remains a strong seller’s market, just as it has for the last year or two. I continue to see many homes for sale receiving multiple offers and price escalation clauses.

For example, my recent sale of this charming 3-bedroom, 2-bath home in Alexandria received 6 offers and went under contract in just 5 days for $18,000 over list price.

However, if the initial steps to re-open the economy do not cause a new surge in COVID-19 cases, we could see sellers who pulled out of the market feel more comfortable with listing their homes and an increase in the number homes for sale before Labor Day.

Selling And Buying Safely

I have changed and adapted my real estate practices in the face of the coronavirus crisis to make any home sale or purchase as safe as possible, including using:

  • Virtual meetings
  • Social distancing
  • Live video walkthroughs
  • 3D virtual tours
  • Remote or drive-through closings

See details about how the process has changed and how I can help you safely sell your home or safely buy a home you’ll love.

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Thoughts About Coronavirus, Home Buying and Home Selling in Arlington, Virginia

As I write this post, my thoughts are with everyone in Arlington County and throughout our country – as we all grapple with the uncertainty, stress, and worry that Coronavirus has brought into our worlds.

We don’t know how long this will go on.

But we do know that this is a moment that will change almost everything. So I am trying to figure out how to change with it as a way to continue to help my clients.

It is my sincere hope you and your loved ones are safe, healthy, and hunkering down as we all work together to get through this era of #QuarantineLife and social distancing.

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5 Tips For Buying A Home In Arlington, VA’s, Seller’s Market

If you are looking to buy a home in Arlington, you are competing in the hottest seller’s market in the country, according to Realtor.com and the Wall Street Journal (subscription required).

Why is the Arlington, VA, housing market so challenging for homebuyers? There were 18 percent fewer homes for sale in January versus a year ago. There are a number of reasons why there are more buyers than sellers, including:

  • The effect of the new Amazon headquarters (HQ2).
  • Continuing low interest rates on mortgages.
  • One of the lowest unemployment rates in the country.
  • Homeowners are staying in their homes longer.

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Marine Corps Memorial Photo’s 75th Anniversary

One of my favorite public spaces in Arlington is the Marine Corps War Memorial (or Iwo Jima statue). It offers an amazing view of the memorials on the National Mall and of course the annual July 4 fireworks.

Today, Feb. 23, 2020, marks the 75th anniversary the iconic photo taken by Joe Rosenthal of the Associated Press of the flag raising atop Mt. Suribachi memorialized by the statue.

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Congrats to Arlington-based Food Vendors Plugged on Edible DC!

I’m an avid farmers market shopper and supporter so whenever I learn about local Arlington-based food vendors doing well and getting recognized, it’s worth a mention on this blog. This is why I was happy to see EdibleDC, a quarterly magazine focused on the farmers, growers, fishers, home cooks, chefs and others who energize the DC area’s culinary community, including the Arlington Farmers Markets on their noteworthy list of winter markets worth a visit.

EdibleDC Winter 2019

“The Best Brunch in the DMV”

In its Edible Stories post, which makes you want to “eat, read, drink, and think” as their tagline suggests, the Arlington Farmers Market is included in a mouth-watering list of amazing food vendors worth a brunch visit this winter season.

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5 Arlington Organizations To Support On #GivingTuesday

Giving Tuesday, a global generosity movement unleashing the power of people and organizations to transform their communities (and often stylized as #GivingTuesday), is a chance to help local charities right here in Arlington.

This year Giving Tuesday is on December 3. It was created in 2012 as a simple idea: A day that encourages people to do good. 

You can demonstrate generosity in many ways on Giving Tuesday. Whether it’s by giving some of your time, a donation, or the power of your voice in your local community.  

There are some 150 organizations in Arlington, VA, that could use your help and are part of #GivingTuesday. You can find them on Giving Tuesday’s What’s Happening Near Me page.
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