2022 REPORT MARKET REAL ESTATEFairlington QUARTER 2 703-CALL-KAY (225-5529) • khassociates.com BROUGHT TO YOU BY:
New Listings Closed Listings Days On Market (DOM) Ratio of Sales Price to Listing Price YEAR-OVER-YEAR QUARTER 2 COMPARISON MARKET ANALYSIS 13 FAIRLINGTON 27 22206 269 ARLINGTON What does this mean for you? Even in a HOT market, not all listings sell. When it comes to your home, trust a local expert! Expired or Withdrawn Listings 2021 2022 104 84 82 70 15 8 100.9% 101.8% FairlingtonSales
Barcroft BY THE NUMBERS Low $462,000 High $607,500 $534,100 Sales price by home model (Year to Date) 10 sold Sales of homes that were in need of major rehabilitation or with special renovations/modifications are excluded to provide a better market analysis Berkeley & Sherwood Low $438,000 High $450,000 $446,000 3 sold Braddock Low $280,000 High $333,000 $316,200 15 sold Clarendon I Low $543,000 High $675,000 $626,100 27 sold Clarendon II Low $495,000 High $633,000 $550,000 24 sold Dominion I Low $749,900 High $780,000 $761,600 3 sold Edgewood Low $476,500 High $575,500 $529,000 8 sold Richmond & Staunton Low $410,000 High $435,000 $421,700 3 sold Hermitage & Monticello Low $500,000 High $553,800 $528,300 5 sold These numbers are based on sales through the end of June. The market has changed quite a bit since then so be sure to read our in depth market analysis on the next page.
As of August 8, there were 23 Active or Coming Soon listings in Fairlington. Just three homes have gone under contract in the week prior.
In June, 15% of Fairlington listings underwent a price drop. Since July 1, that number is 25%. So the unfortunate truth is that prices are coming down.
First, we should say that we are not doom and gloom about the state of the market. Homes are still selling/expected to sell and Fairlington owners are still getting great prices. However, higher interest rates have definitely had an effect on things. Homebuyers are looking at monthly payments that are several hundred dollars higher than what they would have been in the first few months of the year:
We usually try to get these reports out as soon as possible after the end of the quarter However, June & July brought new developments in interest rates and inflation so we thought it best to gather a few weeks’ of additional data for our Fairlington neighbors.
Assumes $600,000 sales price, 5% down, $5,700 taxes, $800 annual insurance, $400 monthly condo fee
A NOTE FROM KAY
Of those three new contracts, the average days on market before getting a contract was 24 days. The average days on market of current Fairlington listings is 20 days. 10 listings have been on the market for three weeks or more.
The big question is how will this affect Fairlington sellers? We’ve already gotten a little bit of an indication from Q3 2022 Here are some stats on how things have changed in Fairlington recently:
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next move Moving locally? We can help
We hope this helps shed light on the situation but please never hesitate to reach out to us at
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farewellfairlington.com for more info. So what can Fairlington sellers do to maximize their sales price?
CALL KAY or (225 5529) hello@khassociates.com. KWMetroCenter 2111WilsonBlvdSuite1050,Arlington,VA22201 703 224 6000 This is not intended to solicit property already listed If you are currently represented by another brokerage or firm, do not consider this as solicitation and disregard Each office is independently owned and operated ©2022 Kay Houghton & Associates If you are interested in buying or selling, contact us today for a free, no-obligation consultation! 703-CALL-KAY(225-5529)•khassociates.comLicensed in VA, MD, & DC Does
ubiquitous models in the neighborhood and
Take the time to properly prepare the home. With more inventory on the market, buyers are looking for turnkey properties now more than ever. Our team can provide advice on which improvements buyers are looking for today. We can recommend a network of skilled contractors and will handle obtaining quotes, scheduling the work, and checking the quality upon completion. Are your resources tied up in the home? We have contractors that will defer payment until closing for a small fee, you to take advantage of the potential returns from pre-listing prep. advantage of free staging staged homes sell for more! Are you selling a vacant home and Will you be living in the home and need advice about decluttering and maybe a few We think sellers should never have to worry about the cost of staging such a difference, so we include it in every listing, absolutely free with Year after year, nobody helps more Fairlington sellers make their you find a great new home in the area Visit Our advice remains the same as ever: 703 this mean still To let’s how the changed over The Clarendon I is one of the most the of great
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