As we enter the winter market there is good news for buyers. Inventory is growing and interest rates have not increased. It's a great time to think about buying that home you always wanted.
While property values are increasing monthly, if you've wanted to sell but didn't because you think you're underwater with your home loan, now would be a good time to find out. A large number of sellers are pleasantly surprised to learn they won't have to short sale their home now. Are you one of them? Homes are selling, in some areas within days and with multiple offers. If it looks good and it's priced right it's selling.
Whether you're thinking of buying or selling you owe it to yourself to get the facts.
While the numbers below show a dip in the average sold price from the previous month, the average sold price is actually up approximately $70,000 since the beginning of this year! You'll also notice the average days on the market have significantly dropped as our supply tightens and demand continues to grow. New homes are hot right now, filling in the gap for the short supply of resale inventory.
I want you to remember that interest rates are still very low, which helped stimulate our economy and the housing industry to spur the recovery from the bubble burst. It's great to see we're bouncing back and if you're thinking of selling or moving, now may be a great time for you.
The statistics below show that the Arlington market continues to improve. The average sold price in Arlington County has increased by $115,402.00 since I last wrote in March. Because prices are increasing and interest rates on loans to purchase continue to be at an all-time low, people appear to be listening and are buying.
Remember, these statistics are based on detached, semi-detached, town homes, condominiums and coops in all of Arlington County. Regardless of what area you choose to live in - prices are on the rise and days on the market have decreased.
If you're listening to the news, they are saying our market bottomed out last year. While some would say this is considered an ascending
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.
Last month I closed my report by suggesting that perhaps we were beginning to see a return to normalcy in the Arlington market. The November statistics show a significant improvement over the same period last year.
Seated along the Metrorail's Orange Line, the Ballston neighborhood in Arlington, Virginia has a terrific mix of luxury condos and apartments, along with townhouses and single family homes. Learn more about Ballston and why it's the perfect blend of business and entertainment.
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.
We try to remain cautiously optimistic, particularly when we read that Federal Reserve Chairman Ben Bernanke states that the deep recession is "very likely over at this point." Although, Bernanke further states that "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:
As previously noted, Arlington County has not suffered the same declines in the market as most of Northern Virginia. Comparing August 2009 to August 2008 the numbers are not dramatically different. While the average sales price is down by 7.5%, the median sold price is up by 7.5% indicating that despite a drop of 10% in units sold, the higher end homes showed an increase in sales activity. Condo sales still represent nearly half of all sold properties for the month.