Arlington Va Real Estate Inventory
by Adam Gallegos on February 11, 2010
Arlington VA Real Estate inventory is somewhat like the grocery store before this last snow storm. Worsening traffic conditions outside of Arlington, historically low interest rates and the home buyer tax credits have made it an appealing time to be a buyer in Arlington. The challenge is finding the right property when Arlington Va real estate inventory continues to dip. The following chart demonstrates the trend for single family homes and condos for then entire county of Arlington.
Basic economic principles tell us that higher demand and lower supply should start to put upward pressure on prices in Arlington. We are not seeing a spike, but the following chart does demonstrate that prices are inching up for real estate in Arlington Va. When looking at the numbers on a cost per square foot basis, condos seem to be inching up faster than single family homes. This is probably due to the greater number of first time home buyers in the market that are more able to afford Arlington Va condos than single family homes.
There are two sub-markets of Arlington that we can also take a look at. One is the 22203 zip code which encompasses much of Ballston. Ballston real estate is primarily made up of condominiums and that is what we are going to focus on with the charts below. You’ll see that inventory began a massive dip around June of 2009, which soon began a rebound in prices per square foot in Ballston. With another dip in real estate inventory currently in process we should see prices continue inching up closer to $400 per square foot.
The other zip code is 22201, which encompasses much of Clarendon. Clarendon real estate is a good blend of condominiums, townhouses and single family homes. In this case we are going to focus on single family homes in Clarendon. Like condos in Ballston, inventory began its dip during the summer of 2009. In unison, prices began to rise sharply reaching a median price per square foot of almost $355.
The market for single family homes and condos in Arlington VA seems to be heating up as we hope the weather starts to. Based on low inventory and rising prices for Arlington Va real estate, is it time for want-a-be sellers to peek their head out like Punxsutawney Phil? Possibly. Decisions to move are rarely based solely on market conditions, but if it is market conditions that have been holding you back, it may be time to start exploring your options. Feel free to contact us for a free, detailed market analysis of your home.
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