The Impact of the Coronavirus on our Real Estate Market (Part 7): How did it go This Summer?

The August numbers are in and it is time to check in on the Arlington real estate market. Let’s take a look at how the market fared this summer…

 

4408 33rd Rd N, Offered by Mona Banes of TTR Sotheby’s International Realty

 

4408 33rd Rd N, Offered by Mona Banes of TTR Sotheby’s International Realty (back of house)

 

Summer 2020 vs. Summer 2019*

As I have mentioned in previous posts, we saw a small dip in activity in the spring following the coronavirus outbreak. This prompted many to speculate that we would see a summer surge from pent-up demand. That absolutely was the case in Arlington. When compared to summer 2019, the number of sales this year was up by 11.4%, the median sales price increased by 15%, and the average number of days a property stayed on the market was down by three days (from 19 days to 16 days). In certain neighborhoods, sales were happening within a day of being listed. This is great news for sellers – it remains a seller’s market. An interesting metric that is good news for buyers is that the number of new listings this summer was up by 50%. This means that the number of choices for buyers has improved.

 

1205 N Garfield St, Offered by Jennifer Toole Jo of TTR Sotheby’s International Realty

 

 

Summer Trends* 

Another indicator of recovery from the small spring dip is how market activity increased month over month this summer. From May to June, new home sales increased by 21%. From June to July, new home sales were up by 24%. From July to August, the number of new home sales still increased, but at a slower pace – the number was up by 4.2%. That last number indicates that most of the pent-up demand from the spring has likely been realized. Prices were on the upswing month over month in June (up 21%) and July (up 24%) but dropped in August by 4.8%.  The pace of sales continued to pick up, dropping from 19 – 17 days on average in June and down to 14 days on average by August. While it appears that the number of sales is not increasing at the same rate, sales are happening more quickly. It remains a very competitive market as we move into the fall.

 

1011 N Kensington Street, Offered by Lynn Kern of TTR Sotheby’s International Realty

 

The chart below shows contract activity week by week for the past four summers in Arlington:

Source: Bright MLS as of September 5, 2020

 

*Market Data retrieved from 2020 MarketStats by ShowingTime and Bright MLS as of July 7, 2020.

 

  • The latest from Jennifer
Realtor
Jennifer Jo is a well-regarded and respected Northern Virginia Realtor based in the Arlington Office of TTR Sotheby’s International Realty. She works closely with her business partner (and sister) Maggie Toole to guide buyers and sellers through the real estate process. Before devoting herself to a career in Real Estate, Jennifer spent fifteen years as an Attorney at the U.S. Department of State. She was also an Adjunct Professor at American University’s Washington College of Law. As a Realtor, she draws on the skills developed as an attorney and professor to advocate for and advise her clients. With access to the vast resources of TTR Sotheby’s International Realty and her own network of contacts, Jennifer focuses on bringing a luxury experience to her clients, regardless of price point. “I like to spoil my clients – I am so grateful to them because they allow me to do what I love!”

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.

 

Jennifer Jo
TTR Sotheby’s International Realty
2300 Clarendon Blvd., Suite 200 
Arlington, Virginia 22201

703.745.1212

jtoole@ttrsir.com

 

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