The dog days of summer kept the real estate market relatively stable in August. The significant statistics were literally unchanged from August of 2009, and showed a slight decrease from the previous month. The total number of units sold was exactly the same as in July. The days on market increased by a few days , and the average sold price decreased slightly.
The first few months of 2010 show a slight upward trend in the housing market and the year over year figures indicate a rise from the same period last year. The total number of homes sold is up by nearly 50%, the average sales price continues to go up with a 3.5% increase, the average days on the market has decreased from 90 to 61, a 32% decline. Sellers are getting 95.5% of the asking price as opposed to 92.5% last year…
All the prognosticators have been making their predictions as to the state of real estate for 2010. On balance, 2009 was a positive year in Arlington. The total dollar volume of sales increased by 7% and the total units sold increased by 11%. The average sales price decreased by nearly 4% and the days on market dropped by 8.5%. This shows that while prices dropped, more properties were sold in a shorter period of time. January 2010 statistics point to some interesting things to keep an eye on in Arlington County, Virginia.
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.