New Grantors Tax Effective July 1, 2013

Currently, there’s a tax charged by Arlington County on the sale of all residential property. The current rate is $1 per $1,000 sale price. Effective July 1, 2013, the new tax rate will be $2.50 per $1,000 sale price. This new rate will be charged in the counties of Arlington, Fairfax, Prince Williams Loudoun, and the Cities of Alexandria and Falls Church.

Current vs. New Tax Rate

Before July 1:

Sale of $600,000 will cost you $600 in Grantors Tax

After July 1:

Sale of $600,000 will cost you $1,500 in Grantors Tax

McLean Luxury Homes Continue To Increase Prices

A total of 64 properties sold in McLean during March. The highest? A 12 bedroom home at $9.3M. Median prices in 22101 increased 14.7%, where sellers averaged 92.7% of asking. While in 22102, median prices increased over 4% and sellers averaged 98.6%.

22101

Single Family Homes
Average Net Sale Price: $1,893,083 in a median of 25 days
Range: $525,000 – $9,300,000

Townhomes
Average Net Sale Price: $915,875 after 39 days
Range: $712,500 – $1,030,000

22102

Single Family Homes
Average Net Sale Price: $1,617,530 in 70 days (median was 40)
Range: $950,000 – $3,675,000

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $256,250 after 15 days (median was 7)
Range: $215,000 – $310,000

2 Bedroom, 2 Bathroom Condos
Average Net Sale Price: $363,556 in 5 days
Range: $330,000 – $410,000

Find Out What Your McLean Home Is Worth or  Search McLean Homes For Sale 

DC Real Estate Prices Average a 4% Gain in March

Sorry these posts are so delayed this month! It’s been a very busy month for us.

DC real estate prices averaged a 4% increase from last year. More properties sold in few days and there’s less inventory, attributing the increases. Sellers averaged 98.6% of asking price.

Single Family Homes
Average Sale Price: $879,669 after 57 days (median was 22)
Range: $65,000 – $8,600,000

Townhomes/Rowhomes
Average Sale Price: $623,779 after 37 days
Range: $69,000 – $2,650,000

1 Bedroom, 1 Bathroom Condo/Coop
Average Sale Price: $327,790 after 41 days
Range: $60,000 – $625,000

2 Bedroom, 2 Bathroom Condo/Coop
Average Sale Price: $598,590 after 57 days (median was 9)
Range: $116,250 – $1,625,000

Find Out What Your DC Home Is Worth or  Search DC Homes For Sale 

Falls Church City Prices Increases 7.4% Over March 2012

Falls Church City saw a flurry of activity in March, resulting in an increase of an average 7.4% over last year. Seller averaged 98.9% of asking price. Overall, 120 properties sold in Falls Church, of which 19 were short sales or foreclosures. Here’s how the numbers shake out:

Single Family Homes
Average Net Sale Price: $575,152 after 38 days (median was 8)
Range: $286,000 – $1,380,000

Townhomes
Average Net Sale Price: $569,949 in 19 days (median was 5)
Range: $283,800 – $938,888

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $177,221 after 13 days (median was 9)
Range: $101,000 – $304,900

2 Bedroom,2 Bathroom Condos
Average Net Sale Price: $288,711 in 31 days (median was 10)
Range: $180,000 – $630,000

Find Out What Your Falls Church Home Is Worth or Search Falls Church Homes For Sale

 

Multiple Offers Everywhere in Arlington During March

March was so busy that I am just getting the opportunity to crunch the numbers for the month. Big breath of relief. Huge increases in number of sales, continued decline in inventory, and multiple offers everywhere you look made the month of March stressful, hectic, and great for sellers. For single family homes in North Arlington, nearly HALF sold at or above list price, same for townhomes, and pretty close for condos. In South Arlington, nearly a quarter of the properties sold at or above list price. A total of 224 properties sold, only 10 were short sales or foreclosures. Average prices increased 7.13% over this time last year and sellers averaged 98.5% of asking price.

Single Family Homes
N. Arlington Average Net Sale Price: $910,092 in 44 days (median was 9)
Range: $395,000 – $3,600,000
S. Arlington Average Net Sale Price: $565,952 in 46 days (median was 18)
Range: $363,750 – $875,000

Townhomes
N. Arlington Average Net Sale Price: $787,989 in 22 days (median was 5)
Range: $535,000 – $1,029,120
Too few THs sold in S. Arlington to compute a fair average

1 Bedroom, 1 Bathroom Condos
N. Arlington Average Net Sale Price: $334,629 in 30 days (median was 7)
Range: $206,400 – $449,900
S. Arlington Average Net Sale Price: $295,453 in 17 days (median was 6)
Range: $224,500 – $351,000

2 Bedroom, 2 Bathroom Condos
N. Arlington Average Net Sale Price: $556,589 in 27 days (median was 9)
Range: $307,500 – $960,000
S. Arlington Average Net Sale Price: $414,929 in 59 days (median was 29)
Range: $149,900 – $690,000

Search Arlington Homes For Sale or Find Out What Your Arlington Home Is Worth

Coming Soon To Clarendon!

Top Floor, Corner Unit, 2 Bedroom for Sale

Huge Gains for Homes in DC, Prices Increase Over 8%

With over 490 sales during the month of February in downtown DC, the biggest price gains were single family homes. Average prices increased 8.18% and sellers averaged 97.8% of original list price. There were 33 short sales or foreclosures that sold during February.

Single Family Homes
Average Net Sale Price: $689,322 after 46 days (median was 18)
Range: $135,000 – $3,150,000

Townhomes/Rowhomes
Average Sale Price: $625,286 after 44 days
Range: $59,000 – $7,600,000

1 Bedroom, 1 Bathroom Condos/Coops
Average Net Sale Price: $328,697 after 47 days (median was 20)
Range: $60,000 – $790,000

2 Bedroom, 2 Bathroom Condos/Coops
Average Net Sale Price: $566,175 after 43 days (median was 10)
Range: $45,000 – $1,021,660

Find Out What Your DC Home Is Worth or  Search DC Homes For Sale 

Falls Church City Inventory Remains Low, Prices Continue to Climb

A total of 84 properties sold in Falls Church in February, of which 11 were short sales or foreclosures. Only 10 were actually in Falls Church City. Prices increased 15.6% and sellers averaged 97% of asking.

Single Family Homes
Average Net Sale Price: $573,599 after 40 days (median was 21)
Range: $292,000 – $975,000

Townhomes
Average Net Sale Price: $581,741 after 61 days (median was 16)
Range: $401,000 – $830,000

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $180,307 after 16 days
Range: $70,270 – $271,500

2 Bedroom, 2 Bathroom Condos
Average Net Sale Price: $387,500 after 13 days
Range: $273,500 – $615,500

Find Out What Your Falls Church Home Is Worth or Search Falls Church Homes For Sale

Big Gains in Single Family Home Prices in McLean in February

During February in McLean, 40 properties sold, of which 5 were short sales or foreclosures. Big gains in 22101 in the single family home sale price helped the overall average increase by 20.5%. Sellers averaged 93.6% of original list price. In 22102, an increase in condo sales caused a decrease in overall average sale prices (condos are obviously cheaper than the usual $1M+ homes that sell in 22102). Sellers averaged 96.8% of original asking price.

22101

Single Family Homes
Average Sale Price: $1,389,886 after 63 days
Range: $685,000 – $2,269,200
Median was 22 days

22102

1 Bedroom, 1 Bathroom Condo
Average Sale Price: $273,175 after 9 days
Range: $226,750 – $319,900

2 Bedroom, 2 Bathroom Condo
Average Sale Price: $407,920 after 14 days
Range: $326,500 – $740,000

Single Family Homes
Average Sale Price: $1,015,665 after 105 days
Range: $774,000 – $1,440,000

Find Out What Your McLean Home Is Worth or  Search McLean Homes For Sale 

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