The end of the year came to Arlington with a little more than a whimper, but certainly not a bang. Statistically December 2010 was almost identical to December 2009.
The good news is that during the year, although prices continued to drop, December’s average sold price was $592,267 compared with $548,048 in November. But, where there’s good news you can usually find some cautious news as well.
While the overall average sales price is up, the detached homes are up by 9% but the attached homes (condo’s/coop’s) are down by 6% and they make up about 56% of the active listings. So the lower end home prices are what have been keeping the prices down.
|December 2010||December 2009||% Change|
|Sold Dollar Volume||$117,861,210||$119,711,708||-1.55%|
|Avg. Sold Price||$592,267||$598,559||-1.05%|
|Avg. Days on Market||67||61||10.08%|
|Avg. Sold to List Ratio||94.2%||94.6%||-.47%|
The outlook for 2011 is favorable for 1st time homebuyers. As the general real estate market improves people who have been waiting for the bottom will realize that it’s time to make a purchase decision while prices and interest rates still favor the buyer. Rents are starting to increase as inventory begins to decline so the traditional renter may see the benefit of ownership. The spring market is on the horizon. Look for a shift in market conditions and don’t be left wishing you had bought when the price was right.
Commentary and analysis provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors
Find Your Home. Plan Your Life. www.averyhess.com