Arlington, Virginia, Realtors say real estate is still selling briskly, thanks to the area's proximity to Washington, D.C.
"Arlington, a county just outside of Washington, D.C., has something for everyone," says Realtor Karen Chipman . "It is home of the Iwo Jima Memorial and the Tomb of the Unknown Soldier. The massive Pentagon also lays within the county. For those who like to shop -- The Fashion Centre at Pentagon City, Ballston Commons, and the unique Crystal City Underground are all options within Arlington County. And one never has to worry about driving in Arlington. Eleven of the 33 D.C. METRO stations are within the county."
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."
Realtor Nabila Salame says, "Cross the Potomac River connected by four bridges to Washington DC. We're surrounded by Fairfax County and Alexandria, close to I-66, I-395 and I-495."
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."
"Buyers, if you 'have' to live in Arlington, get ready to be aggressive with solid loan approval, great contract terms and large deposit amounts. Think 100 percent, interest-only financing, or an inheritance," says Realtor Barbara Northam . "Sellers, be polite and lose the attitude when offered more than list price by hordes of would-be purchasers. It's still a seller's market in close-in, desirable Arlington. Compared to this time last year, the average sold price for all homes is up 21.78 percent. Average days-on-market is slightly increased. Average sale price as a percentage of list price is around 103 percent. Low inventory and multiple offers equal 'no bargains here.' It's war for condos and townhomes (once called "modestly priced") under $450K. Multiple offers (think 20-40) on each property."
