Last month we expressed some cautious optimism as the number of units sold increased and the days on market continued to decrease. That trend continues in the Arlington, Virginia market through October as seen by these statistics:
- Active listings: 950
- Closed sales: 195
- Pending sales: 265
- Average sold price: $529,360
- New listings: 416
- Average days on market: 46
The number of units sold for the month was up 25% over the previous year, but down 12% from last month. While the average sales price was down 7.25% from a year ago it is up 5% from last month and is back above the half-million dollar mark. Meanwhile, the days on market continues to drop significantly. New listings and pending sales remains robust so it appears that reasonably priced homes in good condition are selling quickly.
In addition, the pool of qualified buyers seems to be growing as well. The list price to sales price ratio remained unchanged from a year ago at 95%, which suggests that the number of multiple bid situations decreased. The extension of the Federal Housing Tax Credit is good news for both first-time and move-up buyers. For the last few years, foreclosures basically eliminated the move-up segment from the market as banks became the sellers of property, but were not repurchasing. Now, with the number of foreclosures decreasing and the incentive for move-ups in place, hopefully we’ll begin to see a return to some level of normalcy in the marketplace.
Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in Arlington, and the rest of the DC Metro: www.averyhess.com