Washington, D.C. is in a bit of “tale of two markets” scenario with their real estate. On the one hand for Condos/Coops, you had the highest average sale price in the last 5 years, while inventory remains at an all time low. However, rowhomes and detached/single family properties had the lowest average sale price in the last 5 years, and they too have very low levels of inventory. The low levels of inventory just means being patient and waiting for the right property to present itself, and when it does, being prepared to move forward quickly with an offer.
Average Sale Price for Condos/Coops: $424,560
Average Sale Price for Townhomes/Rowhomes/Detached Properties: $480,550
Stats and information taken from the gcaar.com website.
January was a good month for the McLean real estate market, just like it was for Falls Church and Arlington. A total of 33 properties sold, and only 1 was a short sale. True for both 22101 and 22102, the average and median sales prices are UP, units sold was UP, and average days on the market was down! Things are selling faster and for more than this time last year. I’m seeing a trend for Fairfax and Arlington County!
Here are the average net sales prices and average days on the market per property type, per zip code:
22101
Single Family Home: $1,066,229 in 89 days (range: $565,000 – $2,285,000)
Townhouse: $754,917 in 97 days (range: $537,500 – $1,125,000)
22102
1 Bedroom Condos: $229,950 in 63 days
2 Bedroom Condos: $365,000 in 124 days
Single Family Home: $1,040,602 in 132 days (range: $865,000 – $1,346,109)
New year, new start! We last left off looking at the 2009 end of year wrap up – low inventory levels, prices were starting to creep back up, and even the condo market was starting to rebound. So how did that translate into market activity in January 2010?
Overall, Arlington County saw an 18% decrease in days on the market (things were selling, on average, in about 66 days), but the real news comes in Average Sale Price, which is UP 6% from 2009. (insert thumbs up here! where’s my “like” button?) There were 136 properties that sold in January; 7 of those were short sales and 9 were foreclosures/bank-owned properties. In 2009, there were 121 sales, of which 5 were short sales and 10 were foreclosures.
Here are the average net sales prices and average days on the market for Arlington County:
Studio Condos
N. Arlington: $143,667 in 58 days
S. Arlington: $107,000 in 34 days
1 Bedroom Condos
N. Arlington: $343,066 in 47 days (range: $250,000 – $644,500)
S. Arlington: $203,647 in 79 days (range: $101,325 – $304,000)
1 Bedroom with Den
N. Arlington: $352,250 in 51 days (range: $291,000 – $415,000)
S. Arlington: $222,868 in 68 days (range: $114,835 – $300,000)
2 Bedroom Condos
N. Arlington: $597,929 in 72 days (range: $435,000 – $1,400,000)
S. Arlington: $360,955 in 121 days (range: $170,000 – $550,000)
Townhomes
N. Arlington: $569,986 in 10 days (range: $483,181 – $707,000)
S. Arlington: $356,961 in 37 days (range: $205,000 – $484,000)
Single Family Homes/Detached
N. Arlington: $803,440 in 74 days (range: $515,000 – $1,509,900)
S. Arlington: $405,116 in 36 days (range: $175,000 – $672,000)
Keep in mind, averages only tell part of a story. You can see on most of these categories the range is very wide. There are many factors that go into determining the market value of any individual property. If you’re curious what your place is worth, ask me!
