2017 Annual Sales Review for
The Arlington Condominium, Arlington, VA
Now that 2017 is in the books, here is the Annual Sales Review for The Arlington Condominium, in Arlington, VA. Over the last year a total of 51 condo units reached the settlement table, which is well above the rolling 5 year average of 40 units, and considering that the association has 512 units it basically represents a 10% turnover in ownership. The only model to experience a year over year average sales price decline was the C model, which is first floor unit, due to a short sale listing that I personally listed and was fortunate enough to get to the settlement table. The best increase in average sales price was for the A model, with an average sales increase of over $22K over 2016, which coincidentally is also a ground floor unit. The association is popular due to its close-in location, amenities, low density construction, and low condominium fees relative to many surrounding associations.
As we begin the new year, the lack of inventory across Northern Virginia remains the big narrative that sellers will enjoy and buyers will have to navigate. Under the $500,000 price point, there currently is less than 1.5 months of active inventory available, though this should move up as it starts to warm up and the Spring market approaches. If a move is in your future, you should consider putting your condo on the market sooner than later... 2018 has started out of the gate fast with 3 units being listed in January and all were under contract within 9 days on the market. As of this writing, there aren't any active listings in the community so competition from other listings is non existant and buyers are moving agressively to get something under contract before mortgage rates drift any higher.
The Arlington Condominium was built as an apartment complex in 1950, was converted into condominiums in 1980, and is located on the Arlington side of the Arlington/Alexandria City boundary at the intersection of King St and South Walter Reed Dr. The association covers roughly 27 acres of ground with 2 to 3 story garden style buildings with mature trees, green space, 2 outdoor pools, and 2 tennis courts. Of the 512 units in the complex, the vast majority are in a 2 bed/1 bath configuration, roughly 50 in the 3 bed/2 bath models, and then a small collection of one off units. Each building has a common covered out door entryway and then individual doors directly into each unit; some buildings are located on pedestrian courtyards while others are located around surface parking lots. Located just a mile from the Shirlington area (with its award winning live theatre, movie theatre, restaurants, shops, & dog park), and just 4 traffic lights off of the King St exit of I-395, the association provides a great work/life balance with short commutes into DC, Pentagon, Pentagon Metro station, high walkability, and vibrant activities once your off the clock.
As always, if you have any questions about the data or your specific condo unit in The Arlington Condominium, please feel free to reach out directly to me.
Below is the 2017 Mid Year Sales Review for The Arlington Condominium in Arlington, VA for comparison; with preceding Annual Sales Reviews further down so that you can see the data and which way the trends for number of sales, average price, and average subsidy are trending.
For more information about Arlington County, VA please use the links below:
- Tourism ~ www.stayarlington.com
- County Govenrnment ~ www.arlingtonva.us
- Public Schools ~ www.apsva.us
- Police Department ~ https://police.arlingtonva.us
... the 2016 Review
... the 2015 Review
... the 2014 Review.