As the old saying goes, “real estate is local.” This certainly holds true as we listen to the evening news and read about the market conditions throughout the country.
Most of the major markets are still suffering the effects of the downturn in the economy fueled by the unprecedented number of foreclosures and short sales. However, there are a few bright spots and Arlington can be considered to be one of them.
Although still not back to the pre-2005 levels, Arlington has seen more of a recovery than most locations in the DC area. While the end of the summer did show a slight decline in many statistical areas from the early summer, August numbers remained relatively consistent with the previous year.
|August 2011||July 2011||August 2010|
|Average Sold Price||$559,599||$553,666||$533,584|
|Average Days on Market||58||55||58|
|Total Active Listings||636||700||718|
Nearly 75% of all the sales were conventional financing. Because the average sales price exceeds the FHA guidelines, the buyers tend to be more qualified and financially secure, able to put 20% down thus having a bigger stake in home ownership. This will lead to a continuing rise in property values and stabilization of the market.