This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your inquiries to him through e-mail for response in future columns. Take pleasure in!
Query: Final month you wrote about troubling indicators within the rental market. Do you see issues leveling off or getting worse?
Reply: The traits I wrote about final month — shifting demand in single-family housing out west and troubling indicators within the Arlington/D.C. rental market — continued by September with the creating modifications within the rental market being probably the most noticeable. Let’s check out what we’re seeing within the housing market by September…
Arlington/D.C. Apartment Stock Piling Up
The variety of condos listed on the market in Arlington throughout September (261) ranks because the 2nd most in any month over the past 10+ years, trailing a record-setting April 2016 quantity (268) by simply seven. The final time we had this a lot energetic rental stock in the marketplace in Arlington was September 2017 and you need to return to September 2016 for a month with increased Months of Provide (measure of provide and demand).
Our neighbors in D.C. blew previous all-time highs over the past 10+ years with 969 condos listed on the market, properly above the file set this previous July (863). Three of the 4 months with 750+ rental listings in D.C. have taken place within the final three months. You must return to June 2011 for a month with extra energetic rental stock in D.C. and July 2012 for a month with increased Months of Provide.
Fairfax and Loudoun County Condos Doing High-quality/Higher
Whereas Fairfax and Loudoun County rental markets are seeing an identical late-season surge in listings, these markets are doing a greater job of absorbing the stock, so Months of Provide measures are nonetheless rather more favorable for sellers with Fairfax County getting solely barely worse in 2020 and Loudoun County really getting much more aggressive.
Arlington Single-Household Market Secure
Arlington’s single-family market stays steady and is extra reflective of the slight slowdown we anticipate round this time of the yr, particularly one month from an election. Single-family houses are nonetheless promoting at peak costs, albeit generally with barely increased days on market and fewer affords than earlier within the yr.
We’re experiencing unusually excessive itemizing quantity for this time of yr, however that was anticipated given how little stock was listed this spring/early summer season. The variety of single-family houses listed on the market within the third Quarter of 2020 is up 42.5% over Q3 2019, however energetic listings are up simply 2.1% for a similar interval, suggesting that the market has had no issues absorbing the additional stock…and better costs.
Sellers haven’t missed the memo that costs and demand are up in Arlington for single-family houses. September is the primary month in 2020 that the median asking price of energetic single-family listings dropped beneath $1.5M.
I hope you’ve discovered this market overview attention-grabbing and/or useful. Should you’d like to debate shopping for or promoting methods, don’t hesitate to achieve out to me at [email protected].
Should you’d like a query answered in my weekly column or to set-up an in-person assembly to debate native actual property, please ship an e-mail to [email protected]. To learn any of my older posts, go to the weblog part of my web site at www.EliResidential.com. Name me instantly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington D.C., and Maryland with RLAH Actual Property, 4040 N. Fairfax Dr. #10C Arlington, VA 22203, (703) 390-9460.