We try to remain cautiously optimistic, particularly when reading that Federal Reserve Chairman Ben Bernanke stated that the deep recession is “very likely over at this point.” Although, Bernanke further said, “It’s still going to feel like a very weak economy for some time.” Arlington has shown signs of a recovering market through the first three quarters ofthis year. The following represents market activity for September:
- Active listings: 907
- Closed sales: 221
- Pending sales: 265
- Average sales price: $478,911
- New listings: 351
- Average DOM: 62
The number of units sold for the month was up 15% over 2008. However, the average sales price was down 6.5%. This would indicate sales were happening in the lower priced homes where first-time buyers are taking advantage of incentives and low interest rates. Another distinct factor is the decrease in the days on market (DOM). Down from 85 days in September 2008 to 62 days this year, it reflects lower inventory and an increase in the buyer pool causing increased interest. Consequently, when houses are in good condition and priced right, the buyers will come. If you’re thinking of selling, now is the perfect time.