A year ago, many of us were excited for 2020 to start. Little did we know what was in store for us. Instead of focusing on the negative, I am spending the end of this year reflecting on the positive things that happened. I bought a house, and I was able to assist more clients than ever in doing the same in the middle of a pandemic. I got to spend more time with my husband and son (and my dogs), and I made a lot of progress on getting my name changed after 20 years of marriage! Professionally, I had my best year by far. I closed the most sales of my real estate career, I had the opportunity to connect with our community through Stylebook, and I developed and deepened my relationship with my Realtor peers through the Northern Virginia Association of Realtors’ Leadership Program. My brokerage, TTR Sotheby’s International Realty, had its best year ever with record growth and record sales (including the top sale in Arlington history by a long shot).
The Arlington real estate market was on fire, with median home prices up almost 10% since last year. Here are some highlights:
This was definitely the year for breaking records, and the top selling home in Arlington did not disappoint. It was also the top published sale of all time in the entire D.C. region. The Falls is an exquisite modern estate sitting on over three acres along the Potomac. In addition to the 31,000+ square foot main house, the estate includes a garage capable of housing 30 vehicles, a gate house, private gardens, tennis courts, an infinity pool overlooking the Potomac, and a one-of-a-kind guest house. What makes the guest house truly exceptional is that it was designed and constructed by the world-famous architect Frank Lloyd Wright. Click here for a video tour of this phenomenal estate.
In the early days of the COVID outbreak when most activities were shut down, real estate agents had to get creative and move to the virtual world to serve our clients. I personally got more comfortable being on camera, hosting virtual open houses and FaceTime tours. Although these things are no longer mandatory, they proved to be helpful and we will continue to employ virtual tools beyond COVID.
As of the close of November 2020, the median home sales price year-to-date increased 9.74% from the same period in 2019. This percentage was even higher than the 2018-2019 increase, which was 9.19%. The areas that saw the largest increase in median sales price were Rosslyn (25.6%) and Ballston (24.8%).
What has allowed home buyers to stretch and reach the record high sales prices are the record low mortgage rates. Freddie Mac has been keeping track of the weekly averages for the most popular mortgages (30-year fixed, 15-year fixed, and 5/1 adjustable) since 1971 through its Primary Mortgage Market Survey. In its most recently released survey results last Thursday (12/17), Freddie Mac reported a historic low of 2.67% with an average 0.7 point (down 1.06% from last year) for the average 30-year fixed mortgage rate and 2.21% with an average 0.6 point (down .98% from last year) for the 15-year mortgage rate. It is hard to imagine rates getting any lower!
Curious about how the housing market will fare in 2021? Watch this space for my 2021 predictions next week. For those of you who celebrate, I wish you a very Merry COVID-Safe Christmas!
*Market data sourced from Market Stats by ShowingTime, which comes directly from the Multiple Listing Service (MLS) as of December 4, 2020.
TTR Sotheby’s International Realty is regarded as one of the highest-performing real estate firms in the United States. With nine offices and over 450 sales associates across Washington, D.C., Maryland, and Virginia, our commitment to professional service, integrity, and community leadership allowed us to capture more than $3.17 Billion in closed sales in 2018, while also serving as one of Washington D.C.’s foremost leaders in corporate philanthropy.
TTR Sotheby’s International Realty
2300 Clarendon Blvd., Suite 200
Arlington, Virginia 22201