With the exception of February, July and August of 2010, the market conditions in Arlington have favored the buyer since early 2007.
The higher end detached houses have shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. However with an abundance of attached homes and condos, the market, overall, shows prices on the rise and the number of contracts written is increasing.
Here are some recent statistics:
The average sold price is $589,970 up from $519,288 the previous month.
The average days on market has dropped by 25% from the previous month.
The number of new listings dropped by 9% from the previous month but the number of pending sales isup 8%.
If you’re considering purchasing, the interest rates are still at historic lows and prices are only just beginning to rise.
The proposed change in conforming loan limits being considered will lower the maximum loan amount from $729,000 to $625,000.
Buying now makes a lot of sense. Waiting for prices to drop is really no longer a good strategy.
If you are considering selling your home, price and condition are the two important elements that you can control. Consider listing now while the inventory is still relatively low.
Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.
Search for homes in Arlington County, and the rest of the DC Metro: www.averyhess.com