As we get closer to the official welcome to 2010, this will be my last post for 2009, and I wanted to take this opportunity to say Happy Holidays to all of my wonderful readers, clients, friends, and family.
Although the District of Columbia has 4 markets in the 4 quadrants – NW, NE, SE, SW – the following stats are for the entire District. Please don’t base any specific properties on the following numbers, the intention is to provide an overall picture of the market.
Condos/Co-Ops
Inventory is at the LOWEST it has been in the past 12 months – we had 1,129 active listings in November 2009, that’s 21.4% fewer listings that November 2008 (1,436).
Average sales price is just under 1% below this time in 2008, but still above 2006 and 2007. The average sales price is currently $408,134.
Rowhouse/Townhouse/Detached Homes
Same story here for the inventory: lowest by FAR in the last 12 months. We’re currently at 1,381 active listings, which is down almost 24% from November 2008 (1,809).
*Here’s the biggest difference* Average sales price is down to $552,061, by far the lowest price since 2005 (which was $628,179).
All stats provided by the Greater Capital Area Association of Realtors (GCAAR).
The followings statistics for Falls Church, VA include both the City of Falls Church, and the part of Falls Church included in Fairfax County, VA.
Detached Homes
Average Net Sale Price: $494,356 after 48 days on the market
Range: $218,000 – $1,275,000
Townhome
Average Net Sale Price: $444,188 after 60 days on the market
Range: $120,000 – $967,000
1 Bedroom Condo
Average Net Sale Price: $172,405 after 86 days on the market
2 Bedroom, 1 Bath Condo
Average Net Sale Price: $170,401 after 52 days*
(there were several bank owns in this category, which brought the sales price down considerably)
2 Bedroom, 2 Bath Condo
Average Net Sale Price: $322,597 after 59 days on the market
Market Share Info
There were 19 short sales and 19 bank owned properties that sold in November – that’s 30% of the market in distress
Due to the high number of both short sales and foreclosures in Falls Church, the average sales price is still lower than this time in 2008. However the number of units sold is up, volume is up, and days on the market is down.
There were 55 properties that sold in McLean, VA in November 2009. Per usual, I have the city broken up by zip code since their markets are so different. See the number belows.
McLean – 22101 (30 properties sold)
Detached Home
Average Net Sale Price: $942,205 after 83 days on the market
Range: $425,000 – $2,202,550
Townhomes
Average Net Sale Price: $757,100 after 12 days on the market
Range: $665,000 – $849,200
McLean – 22102 (25 properties sold)
Detached Homes
Average Net Sale Price: $1,395,318 after 230 days on the market
Range: $465,000 – $3,904,500
1 Bedroom Condo
Average Net Sale Price: $260,090 after 79 days on the market
2 Bedroom Condo
Average Net Sale Price: $432,841 after 61 days on the market
Market Share Info:
22101 – there 2 short sales and 2 foreclosures (bank-owned) properties that sold, that’s 13.3% of the market in distress
22102 – there was 1 short sale and 2 foreclosures (bank-owned) properties that sold, that’s 12% of the market in distress
Here’s why we split up McLean by zip code: 22101 has an average sale price down about 48% from November 2008, and days on the market is also down by about 28%. However, 22102 has an average sale price about equal to November 2008, with 100% more units sold, and days on the market down about 30%.
Built in 2008, there are 3 different styles of townhome units, all 4 stories, built in 2008, with a 2-car garage, rooftop deck all 6 blocks from the Ballston Metro and Ballston Mall. All 80 units are located along N. George Mason Drive, N. 4th Ct., N. Henderson Rd., N. Thomas St., and N. 5th Street, Arlington, VA 22203.
Search Buckingham Commons Townhomes For Sale
A 12-unit townhouse community located a few blocks from the Ballston Metro. Built in 1986, units are located at 1100 and 1104 N. Quincy Street, Arlington, VA 22201. Some units have a 1-car garage.
Search Quincy Courts Townhomes For Sale
Built in 2006, the Majestic Oak townhouse community features 11 units, all 3-levels, with a 2-car garage. Units are located on S. Glebe Road, Kenmore Cirlce, S. 13th Street in Arlington, VA 22204. You can find more information on the Courtland Homes Website (Courtland Homes is the developer).
Search Majestic Oak Townhomes For Sale
A townhouse community located along N. 21st Rd and N. Brandywine St, Arlington, VA 22207. Built in 1938, there are 106 units.
Search Glebewood Village Homes For Sale
A townhouse community located on N. Vermont Street, Arlington, VA 22203 just a few blocks from the Ballston metro. Built in 1982, there are 34 units within this community. Units come with assigned parking, and many have a deck/balcony off the top floor level of the townhouse.
Search Ballston Mews Homes For Sale
With the end of November 2009, came the end of the first round of the first-time home buyer credit, which was set to expire on November 30, 2009. Look at the difference a year makes: in November 2008, there were 142 sales, in November 2009, we had 240. How’s that for a year? Check out the numbers:
Detached Properties (Houses)
North Arlington
Average Net Sales Price: $708,376 after 53 days
Range: $438,000 – $1,295,000
South Arlington
Average Net Sales Price: $555,216 after 75 days
Range: $260,000 – $950,000
Townhouses
North Arlington
Average Net Sales Price: $730,475 after 51 days
Range: $514,300 – $1,150,000
South Arlington
Average Net Sales Price: $375,361 after 32 days
Range: $143,100 – $622,990
1 Bedroom Condo
North Arlington
Average Net Sales Price: $294,487 after 20 days
Range: $140,500 – $380,000
South Arlington
Average Net Sales Price: $233,811 after 28 days
Range: $69,000 – $342,900
2 Bedroom Condo
North Arlington
Average Net Sales Price: $502,587 after 50 days
Range: $375,000 – $814,200
South Arlington
Average Net Sales Price: $391,044 after 32 days
Range: $205,155 – $525,000
Of the 240 sales in November, 17 were short sales and 20 were bank-owned properties…which makes 15% of the market a “distressed property.”
As a county, Arlington average prices are down less than 1% from this time last year.
