So how is the market? The never ending question! The market is shifting down The market is shifting and in on the downward curve. It’s moving in the buyer’s favor, but don’t make any conclusions too fast. The inventory is still very low – so don’t expect any killer deals or an infinite amount of homes to choose from. So what’s happening with the numbers? The number of available home listings in Arlington, VA in July was the same as last year – (461 2022 vs. 480 2021), BUT the demand – the New Pending – was 25% down (214 vs. 285) So very slowly the inventory will start to build up and the marke ..read more

The question is always “How is the Arlington market?” Well, then how is it? 1. The inventory is rising. The actual number of homes for sale is lower than last year (422 vs. 426), but they are not being absorbed as fast (248 vs. 371 new pendings). Here are some charts for “months of inventory” – this is how we measure supply and demand for real estate. (if no new listings come on the market it would take this money months to sell the current inventory). At 2.5 months of inventory the pricing in Arlington is flat. This is a chart for single family homes for the last 5 years – the craziest part o ..read more

Arlington, VA Real Estate Overview for 2021 Real estate sales and values in Arlington, VA flourished in 2021, except for condos. Single family home market has continued to be absolutely mad and is continuing to be mad due to very low inventory levels. Loan interest rates remained at record lows and helped keep the prices high. Let’s look at Arlington, VA real estate statistics: 1. Single family home supply was low and prices increased. Condo market has stabilized. In real estate we measure supply/demand by calculating “Months of Supply” of homes on the market. How is that calculated? Answer: i ..read more

Real estate market has slowed down in Arlington, VA So how was Arlington, VA real estate market in September, 2021? With a very surprising upswing of real estate during the pandemic everyone wants to know how the market is doing? That’s all I’m hearing from friends, neighbors, clients. HOW IS THE MARKET? Well, we went from 100 to about 80. Here are the main points: 1. The sales are lower than last September. About 11% fewer homes sold this September than 2021 (22 vs. 274). If we look at the actual dollar volume – we are seeing about a 22% dip. 2. Average days on the market wen from 21 to 30 ..read more

Arlington, VA Real Estate Market Update, May 2021 So how is the real estate market in Arlington, VA? Single family home market is still going crazy, while condo market is OK. Townhomes are somewhere in the middle. Arlington real estate, just like any real estate follows the law of supply and demand. We calculate the demand by the “months of inventory”. (If not more new listings come on the market how long it would take to sell the current inventory?) In Arlington it takes about 2.5 months if inventory for the market to be neutral. Take a look at this chart – BLUE is overall market, RED is sing ..read more

Briggman Marker Watch – Arlington Real Estate January 2021 Single family home boom! A new market trend is sweeping through Arlington and the surrounding areas – an absolute lack of single family home inventory – the demand for single family homes is HUGE and the prices are soaring. Townhomes are not too far behind. And condos are just hanging in there – nothing crazy is going on in this market. If you look at the demand and supply chart below – you will see that single family home inventory is under 1 month (in red) – which is very very low. We need to be at 2.5 months to be in balance. I am ..read more

Briggman Market Watch – Arlington Real Estate Overview for 2020 2020 had a very good start, but the pandemic slowed things down in March. And then everyone started moving in the summer. We finished strong even though the condos are not selling as hot cakes any more. Interest rates are at absolutely all time lows hovering around 2.5% – pretty much everyone refinance or are in the process of doing so (including myself). So how are the numbers? The number of total homes sold is about the same as the previous year: 2790 (2020) vs. 2782 (2019) Average and median sales prices are up! Average sales p ..read more

October 2020 Briggman Market Watch: We had 116% more homes for sale in Arlington, VA in October 2020 vs. 2019! Condo inventory is continuing to rise in Arlington, VA and in DC Metro overall. The District of Columbia has a very similar situation – if not identical – see below.  Here is the month of home inventory chart for the last 3 years in Arlington, VA: Here is the same chart for DC: I wonder if this is a long term trend – as real estate pricing is becoming unaffordable and remote employment is becoming a norm. I also noticed that condo rental prices are declining and rental supply i ..read more

11/2/2020 September 2020 Briggman Market Watch: Housing inventory is continuing to rise and condos hit a 4 year high of 3 month inventory That’s just the trend – there are more homes coming on the market and they are not all of them are selling. Last year we had 262 available listings on September 31st, 2019 and this year 501. That’s a 91% increase! New contracts went up only about 10% from 237 to 260. Which means – the prices are going to stabilize, even with the low interest rates. Condos are the most vulnerable segment and will see a significant change in salability. Average sales price wen ..read more

August 2020 Briggman Market Watch: House inventory rose in Arlington, VA – especially for condos Real estate market in Arlington, VA is continuing to shift. First things first – the basics of any market is supply and demand. As you can see in the chart below the inventory is increasing – especially condos. We’ve had 1 or less month of inventory of homes since Amazon’s announcement in November, 2018 and for the first time ever we are getting to close 2 months, and condo inventory is the highest it’s been since about 3 years ago (it’s marked in yellow in the chart). So if you have a condo to sel ..read more