It seems like the story of the summer market thus far as been all of the Arlington condos. Condos, condos, and more condos! Of the current inventory that is active or under contract, 55% of them are condos (that includes coops) (35% are detached homes and about 10% are townhomes). The numbers aren’t out yet for August, but in July, the average condo price was down from last year by 8%. Simple supply an demand will explain that – there is so much to choose from as a condo buyer, it’s definitely a buyers market. On the contrary, the limited supply of single family and townhomes in Arlington are certainly in a sellers market.
Currently, there are:
6 Studio condos active or under contract
184 1 Bedroom, 1 Bathroom condos active or under contract
187 2 Bedroom, 2 Bathroom condos active or under contract
35 3+ Bedroom condos active or under contract
The rest is a mix of units with dens, etc.
I can’t say I have an explanation for why the market is suddenly flooded with condos – could be the 2nd wave of owners (in general, they say people move every 5-6 years, so with all of the buildings that went up in 2003-2006, this is about the time the 2nd owners are moving on), the affordability to buy something bigger with the low interest rates, or could be the people who have to sell their condos to buy their next house gearing up for the Fall market. Only time will tell!
Buyers take note – it’s a great time to negotiate an offer on a condo in Arlington. You’ve got plenty to choose from!
Sellers take note – it’s NOT a great time to sell your unit unless it’s got something that will make it stand out. Probably better to hold off a bit to try to get more for your unit.