Arlington continues to be a favorite location for many reasons. There are so many varied neighborhoods to be found throughout the county. The more established, higher priced neighborhoods are in North Arlington. These communities have easy access to the downtown areas of McLean and Great Falls and are just a short drive across Chain Bridge to Upper Northwest D.C. South Arlington offers more affordable homes and is convenient to Crystal City and Old Town Alexandria. The Wilson Blvd. corridor from Rosslyn to Ballston is filled with high rise and garden Condo’s, more older, established neighborhoods , and trendy restaurants and shops.
The dog days of summer kept the real estate market relatively stable in August. The significant statistics were literally unchanged from August of 2009, and showed a slight decrease from the previous month. The total number of units sold was exactly the same as in July. The days on market increased by a few days , and the average sold price decreased slightly. The market seems to have paused at this average price level and the Market Action Index shows that conditions currently favor buyers. Both prices and inventory levels are unchanged in recent weeks. Buyers seem to have taken another wait and see attitude. Despite historically low interests rates and stable or decreasing prices, there has not been an urgency to enter into the fray. The government reported recently that 1 in 7 Americans are living near the poverty level. Fear of loss of jobs has stopped otherwise ready buyers from moving forward. I suspect that until after the November elections there will not be much activity.
These are the days that in 5 or 10 years we will look back and say we wished we had bought when the prices and interest rates were so low. Despite all the gloom in the forecast, owning your home is still the wisest long term investment you can make.
Commentary and analysis provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors
Find Your Home. Plan Your Life. www.averyhess.com