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
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
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
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.
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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.