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


N. Arlington Open House January 14

Look past the green carpet and you’ll see an incredible real estate opportunity in N. Arlington. Priced at $785,000, this lovely brick home located in the new Discovery School district of N. Arlington. This home is larger than it looks and features a family addition off a sizable kitchen. Large deck off the family room for barbecues and entertaining. Near shopping and restaurants including CVS, Peking Pavillion, Backyard Barbecue and more. Easy access to bus service and near the East Falls Metro too. 3 bedrooms with a potential 4th in finished room in basement. Storage in Large finished lower rec room and extra storage too. Lots of space for the money in this neighborhood of $1M-$2M homes. Visit the Open house from 1-4 on January 14, 2017 or call or email me for a private showing. 571-228-5656 janejensen@comcast.net.


Coming soon. N. Arlington home, walk to metro

Looking for real estate in N. Arlington? Need some room to roam with a budget under $1M? This home is larger than it looks and has features that you’ll generally find in $1M+ homes. 3 bedrooms and 2 baths on main including master bath. Master bath features a dual vanity and bedroom has two closets. Nice size kitchen with adjoining family room area with fireplace. Three season addition off the kitchen/family room. Large finished lower level with fireplace, bedroom, workroom and storage.  Front porch to enjoy this wonderful neighborhood. Large shed with carport in rear. Oversized flat lot for gardening, play time, etc. All this and walk to the East Falls Metro.

IMG_89976239 23rd St. N. Arlington, Va. 22205.

Contact:  Jane Jensen  janejensen@comcast.net 571-228-5656

Your Westover Farmers Market Real Estate Sponsor


Walk to metro brick home in N. Arlington…under 800K

Yes, you read that right. Coming soon, lovely home on the corner of Williamsburg Blvd and Powhatan St. in N. Arlington. This a wonderful real estate deal. 3 Bedroom, 2 bath home with finished basement and bump out family room and deck off nice size kitchen. Fireplace and hardwoods under rug too. Walk to the East Falls Church Metro. Walk to Williamsburg restaurants and shops. Plenty of $1M-$2M homes in this neighborhood so you can feel free to do a nice renovation of kitchens and baths. You’re gonna love it. IMG_8988janejensen@comcast.net 571-228-5656


New North Arlington, Va Listing

On the market Friday. Listed at $945,000. This beautiful brick home is located 5 minutes to Chain Bridge and 10 minutes to DC. Quiet cul-de-sac in great neighborhood. Private lot is over 1/4 acre.  4 bedrooms, 3 full baths, large patio and beautifully landscaped yard. Large family room with fireplace, wet bar and kitchenette. Pool table conveys as well! You will love this home. 10 year young architectural shingle roof, HVAC is 1.5 years old, New refrigerator and dishwasher, double over, cook top and microwave 5 years young. This is a wonderful N. Arlington real estate property. It will go fast. Call or email for a preview. janejensen@comcast.net 571-228-5656

3857 N. Tazewell St. Arlington, Va. 22207



Open House in N. Arlington May 7th 1-4

Looking for real estate in Arlington, Va. Need a nice short commute to DC. Come join me at this lovely home at 3827 N. Tazewell St. Arlington, Va. 22207

This beautiful townhome features 4 full bedrooms (3 up and 1 in walk out Lower Level), Spacious dining room, step down living room with fireplace. Master Bedroom with lovely bath and fireplace.

Elevator to all three floors.

Lower level walk out to private stone patio backing to grassy area and trees. It’s hard to find this much real estate in Arlington for the price of $1,050,000. 10 minutes across Chain Bridge to DC, easy access to Mclean/Tysons/Arlington.

For a private showing contact me at 571-228-5656 or janejensen@comcast.net


Real Estate Market Statistics for Arlington, Va December 2017

 

mktstatsdec2017

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.


Just sold in N. Arlington

JJ_2321 N Quantico St-01

This stately colonial located at 2321 N. Quantico St in N. Arlington just sold! Located just blocks to the EFC metro this 4 bed/3.5 bath home sold for $955,000.

Setting the right price on a property takes a great deal of evaluation. Factors include easily quantifiable variables like square footage and updates. Where experience will often tell is in less quantifiable factors such as home layout, schools, metro access, proximity to main streets and commuting routes. These things can be positive or negative and can change over time. It’s important to work with a realtor who stays on top of the market and understands these factors when you are pricing your home.

For more information and/or a no obligation valuation call me at 571-228-5656  or email janejensen@comcast.net