December 2017 Real Estate Statistics

Here are your December 2017 Arlington Va Real Estate Statistics. Inventory continues to lag. There were 351 active listings in Dec. 2017 as opposed to 399 in 2016. New listings, new contingent contracts, new pending sales all lagged behind 2016. Buyers are waiting out new inventory. They have shown a reluctance to pay more just because inventory is low. The detached average sold price dropped 3.43% year over year, while the attached average sold priced crept up 1.40%. Attached and Detached number of units sold but dropped year over year. If you are buying in Arlington, Va or selling or thinking of selling in Arlington it’s important to note that these are county wide numbers. There will be differences when looking at specific zip codes or even neighborhoods within those zip codes. When pricing an Arlington property it’s important to understand what’s happening to real estate prices in the specific neighborhood you are in. If you would like additional information about zip codes or neighborhoods, ask a specialist. Jane Jensen 571-228-5656 or janejensen@comcast.net

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Arlington County Real Estate Assessments

The 2018 Arlington county real estate assessments are in. The following is a press release from the county, including a link to find your current assessment. Yes, your assessment probably went up, yes, you’ll pay more in taxes, yes your home is now worth more and that’s a good thing.

Arlington Property Values Rise at Slower Rate in 2018

  • Overall increase of 1.9 percent (compared to 3.0 percent last year)
  • Average residential property up 3.8 percent
  • Most commercial property values up, but office values down 6.8 percent
  • CY 2018 assessments available online at 11 p.m., Friday, Jan. 19

Arlington County property values grew at an overall slower rate in 2018 compared to the previous year, as the County completed its annual assessment process. Declines in office property values were the main driver of the slowdown.

Overall, the combined value of all residential and commercial property rose by 1.9 percent over the past year, compared to 3.0 percent the previous year.

Residential properties recorded a solid 3.9 percent increase, up from 2.5 percent last year. The value of the average Arlington home, including condominiums, townhouses and detached homes, is now $640,900, up from $617,200 last year.

“Year after year, we see through our rising residential property values that Arlington is a place people want to live,” said County Manager Mark Schwartz. “At the same time, we’ll have some challenging budget decisions in the months ahead, given that our overall property values did not grow as much as projected.”

Most commercial property values rose in 2018, too, with hotels, retail and apartments all posting gains. Existing apartment values increased 4.1 percent, reflecting increasing rents, while general commercial increased 2.7 percent and hotels increased 1.0 percent.

Office properties, which represent 17.6 percent of the County’s total property tax base, saw significant declines—down 6.9 percent since last year. This decrease was driven primarily by office vacancies as well as rent concessions.

Real estate assessments will be mailed on Saturday, Jan. 20, to all Arlington property owners. Calendar year (CY) 2018 assessment information will be available online Friday, Jan. 19, at 11 p.m. The CY 2018 assessment is an estimate of the fair market value as of Jan. 1, 2018. Look up your 2018 property assessment.

Slower growth in assessments will impact County budget

Arlington, like all local governments in Virginia, relies heavily on revenue generated from real estate property taxes to fund vital services for residents, visitors, businesses and workers.

This past fall, County officials projected a 3.2 percent increase in the value of all residential and commercial real estate—and a comparable increase in tax revenues. With actual growth of 1.9 percent, the County will face a greater shortfall as it works to develop a balanced budget for the upcoming 2019 fiscal year, which begins July 1.

Expenditures are rising at a greater rate than revenue, due to normal inflationary cost increases and other pressures, including rising costs for social services for residents, significant increases in enrollment in Arlington Public Schools, and increasing debt service costs.

The County and Schools will work with the community to determine how best to balance these and other competing demands, including making strategic investments to enhance the County’s economic competitiveness and minimizing the burden on County taxpayers.

The County Manager and Arlington Public Schools Superintendent will present their budgets to the County Board and School Board in late February.

For more information on the budget process, visit the County Budget webpage.

About real estate assessments

Real estate assessments are not appraisals. They are the County’s opinions of value for each parcel of real property in Arlington. The assessments are made using accepted methods, standards and techniques of the real estate appraisal and assessment profession. For more information, visit the County webpages on real estate assessments.

Media Contact

Ben Hampton, 703-228-3225


Real Estate Market Statistics for Arlington, Va December 2017

 

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Here’s your December real estate market statistics for Arlington County, Va. There is really no bad news in here for Arlington sellers. Total sold volume is up year over year even though total units sold is exactly the same. Average sold price is up 1.32% year over year. Average days on market for Arlington is up, but that is likely a reflection of the number of $1M + homes on the market. These take longer to sell. If you are thinking of selling, note that a big driver for the increase in home prices is the 12% drop in active listings, year over year. It is not hard to figure out that inventory is low, low, low. Buyers are very active now. With interest rates creeping up, buyers are ready to lock in their lower interest rates. Note that there were 29 cash deals but the vast majority of closed transactions entailed some type of financing. If you are thinking about selling and would like more information on your specific zip code and neighborhood please email me at janejensen@comcast.net or call 571-228-5656. I’m happy to get that information to you. It’s a great time to be a home seller in Arlington.