| June 24, 2005 |
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Arlington, Virginia, Realtors say real estate is still selling briskly, thanks to the area's proximity to Washington, D.C.
About the market, Chipman says, "Spring market continues to be solid for sellers! With persistent demand from buyers, sellers received an average of $720,319 on detached homes in May. And on average the homes sold in 18 days! Arlington County has consistently stayed one of the strongest markets in Northern Virginia which, along with low interest rates, making it a great investment for buyers. And what options there are in Arlington! Buyers have their choice from quaint/historic detached homes to trendy high-rise apartment communities. One caveat -- If you see something you like, don't wait to make a move. In May alone, 135 detached homes were sold."
She explains, "Arlington is considered to be a residential and commercial suburb of Washington. There are no cities or towns within Arlington County. Two regional parks, Upton Hill and Potomac Overlook, serve the community. Also the rose garden at Bon Air Park, with its azaleas and miniature roses, is very popular for neighborhood strolls. There are numerous community centers, playgrounds, trails, tennis courts, and swimming pools. Arlington County's excellent bus service and 10 Metrorail stations make for easy commutes to the city. It is where the Arlington National Cemetery, Arlington House, The Robert E. Lee Memorial, the Pentagon, and Ronald Reagan National Airport are located." She continues, "Employment declined by 131 jobs in January and February of 2005. The job losses brought about an increase in the average monthly unemployment rate from 1.8 percent in the fourth quarter of 2004 to 2.5 percent for the first two months of the first quarter of 2005. Despite the job losses, the job situation still remains strong in Arlington County. Combined with favorable low mortgage rates, home sales should continue at a strong pace."
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