Just Sold Condos in Arlington: September 26, 2024

Each week, “Just Sold Condos” spotlights condos in Arlington that have sold over the previous week. The market summary is crafted by Rick Bosl, the Arlington Condo Expert, founder of ArlingtonCondo.com , and an agent with KW Metro Center. Contact Rick and make your next move the right move.

Welcome to Just Sold Condos in Arlington!

Last week there were 22 condos that went to settlement, but only 7 condos that were taken off the market (expired, cancelled, or withdrawn). How does the condo market compare to the single-family home market in Arlington?

Numbers-wise, there are more condos that are sold every month in Arlington than single-family homes, as the chart below shows. Every month, for the past few years (and more) there have been consistently more condos (gold) sold than single-family homes (red) and townhomes (green) combined.

The media often focuses on the single-family market, though. All the stories about a home getting 50 offers, that is most likely a single-family home. Why all the attention? One, people can see a house from the street, so it is more relatable and two, prices are much higher.

The chart below shows the median sales price of condos (gold), townhomes (green), and single-family homes (red) for the past 3 years in Arlington. Last month, single-family homes had a median price of $1,250,000, which was almost 3x the median sales price of a condo at $488,750.

For more info on the sold properties, visit ArlingtonCondo.com Just Sold Condos page.

How Selling a Condo Differs from Selling a House

In Arlington’s competitive real estate market, knowing the key differences between selling condos and single-family homes is crucial for success. Condos often require specialized marketing strategies due to factors like communal living, association considerations, and location-driven pricing. While condo sales remain steady year-round, they come with unique challenges, including document requirements and financing limitations, making a targeted approach essential. Here are 8 key aspects to consider.

1. Understanding the Market Differences

When selling real estate in Arlington, understanding the market dynamics between single-family homes and condos is crucial. While more condos are sold each month compared to single-family houses, this does not mean that selling a condo is necessarily easier. The scarcity of single-family homes can lead to a faster sale. It is also harder to show the unique character of a condo located in a building rather than a house that is viewable from the street.

It’s also important to note that the average price of a single-family home in Arlington is significantly higher –almost three times more than that of a condo. This price disparity reflects the differing buyer demographics and their motivations. Many first-time buyers opt for a condo as that is more in their price range. Understanding these distinctions can help sellers tailor their marketing strategies effectively, appealing to the right audience and maximizing their property’s value.

2. Condos and Curb Appeal

Curb appeal is typically associated with houses, where the exterior is easily visible from the street. However, it is equally important for condos, even though they are situated within larger buildings. The concept of curb appeal for condos involves both the building’s exterior and the immediate surroundings. A seller has less control over the curb appeal in a condo building, but they can pressure their board to take action.

Here are the key points to consider:

Building Maintenance — The overall appearance of the condo building plays a crucial role. Regular maintenance, including fresh paint, clean walkways, and well-kept landscaping, enhances the building’s appeal and can attract potential buyers .
Entryways and Balconies — For individual units, ensuring that entry doors are clean, painted, and inviting can make a significant difference. Additionally, maximizing balcony spaces with greenery or decor adds a personal touch that can be seen from common areas.
Common Areas — The shared spaces, such as hallways and lobbies, should also be kept tidy and appealing. This includes good lighting and decorative touches that reflect a welcoming atmosphere. By focusing on these elements, condo sellers can enhance their property’s appeal, making it stand out even in a multi-unit setting.

3. Advertising & Marketing

When it comes to advertising and marketing properties, the strategies for single-family homes and condos differ significantly. A single-family house often benefits from traditional marketing methods, such as a yard sign, which can generate foot traffic and attract potential buyers directly from the street. This visibility is a powerful tool, as many buyers may casually drive through neighborhoods looking for homes.

In contrast, condos are usually situated in buildings where visibility is limited. As such, sellers must employ more creative marketing strategies to attract potential buyers.

This can include:

Digital Marketing — High-quality photos, virtual tours, and targeted online advertisements are essential to showcase the unique features of a condo and its communal amenities.
Social Media — Engaging posts on platforms like Instagram and Facebook can highlight the lifestyle that comes with condo living, helping to connect with younger buyers.
Networking — Collaborating with local real estate agents and leveraging online real estate platforms can also enhance visibility and reach potential buyers who are specifically looking for condo living options.

These targeted approaches can effectively draw interest in a condo market where foot traffic is not as prevalent.

To see the remaining 5 factors, continue reading at How Selling a Condo Differs from Selling a House .

Please note: While ArlingtonCondo.com provides this information for the community, they may not be the listing agent of these homes. Equal Housing Opportunity.