September Housing Recap – Arlington

Turnberry Tower Arlington

Image Courtesy of Turnberry Tower Arlington

I went into to greater detail regarding my approach to the monthly local statistics on the Vienna post, so if you are interested in some additional insight into my perspective head on over there. However, for the remainder of the area’s updates I figured it best to jump right in.

Looking at Arlington real estate stats is always a tough task because the market performance is extremely diverse among zip codes and among neighborhoods. So if ever my argument from the video above were true it is in Arlington. That said, as part of a broader overview the most concentrated single family home activity in Arlington as a whole took place in the $500k – $599k price range, which tends to be entry level in Arlington for single family homes. 16 out of 80 total single family transactions took place in this tier. Condo sales were pretty well balanced from $150k – $699k.

The broader picture for Arlington:

22207: Avg. Price Down 12.1% Compared to Sept. 2009 / Time on Market Down 34.5%
22205: Avg. Price Up 9.4%% Compared to Sept. 2009 / Time on Market Up 272.2% (That is not a typo, but I am looking into the stat to confirm)
22203: Avg. Price Up 19.8% Compared to Sept. 2009 / Time on Market Down 4.7%
22209: Avg. Price Up 78% Compared to Sept. 2009 / Time on Market Up 20.59%

Now we start to see why looking at Arlington as a whole does not make sense. 22207 prices down 12.1% in September, while 22209 is up 78%, yet the overall Arlington market is down -3%. Where you are in Arlington makes a huge difference. However, If we break down some of the Sub-plots we will see that even looking at your zip code on it’s own can be misleading.

Here are a few sub-plots for Arlington:

SUB-PLOT #1: The Glaring 22209 Discrepancy
22209 is up 78%? What happened there right? Quite simple, Turnberry Tower Arlington. This ultra luxury high rise condo development overlooks the Potomac and Georgtown from Roslynn. Priced from $599k to $5m the units have actually been selling briskly since the spring with some models having only a few units remaining. I spoke with a representative at Turnberry today and 2 bed, 2 bath units are close to selling out and have a starting price of $950,000.

SUB-PLOT #2: What Is Available For Under $500k in 22207?
In the $500k-$599k non-condo market things are starting to fill in a bit. There are more listings here than in the past, while there are fewer $600k-699k listings. Now what is interesting is that there is not a trickle down up through the price brackets. There is a small dip in the $600’s then the inventory numbers pick right back up again over $700k. However, with more inventory in the $500k price tag that means we have more selection for entry level, single family home purchasers.

(data source for the above: ©RealEstate Business Intelligence, an MRIS Company, Data provided by MRIS as of Oct. 5, 2010)

Here are a couple charts with additional data:
Medium Chart
Medium Chart

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