A Strong Start to the Fall Market
After the initial uncertainty brought about by the quarantine, the Arlington real estate market saw a steady rise in home sales this summer, a trend that has continued into fall. From a low of 189 homes sold in May—a traditionally strong month—the number of homes sold increased month after month through the end of the summer, with 293 home sales in August, and 274 home sales in September.
393 homes have sold in Arlington since Sept. 1st. That’s the second-highest total number of fall home sales in the last 5 years, and a 24% increase over the same period of 2019. The average sale price was $819,958, a 14% increase over 2019.
Here’s a full breakdown:
| Timeframe | # of Homes Sold | Average Sale Price | Average Days on Market |
|---|---|---|---|
| Sept 1st-October 20th 2020 | 393 | $819,958 | 20 |
| Sept 1st-October 20th 2019 | 298 | $704,616 | 20 |
| Sept 1st-October 20th 2018 | 342 | $683,014 | 33 |
| Sept 1st-October 20th 2017 | 397 | $680,199 | 30 |
| Sept 1st-October 20th 2016 | 334 | $635,879 | 39 |
Analysis
After a very strong September, home sales in Arlington have slowed down to a more traditional pace in October. As of this writing, 121 homes have sold so far this month. This number is more or less in line with the same period of October 2019, and 10% lower than the same period of 2018.
Looking at the year as a whole, home sales in Arlington are down 5.5% in 2020. That’s not bad when you consider the pandemic hit right at the start of the Spring market, and has continued to impact every aspect of the real estate business.
What does the rest of the year hold for Arlington? Well, one very interesting statistic is the current amount of inventory on hand. There are currently 471 homes for sale in Arlington, which is more than twice the amount of inventory on the market in October 2019. That’s a historically-large amount of inventory for this time of year, and should add some life (and sales action) to the Arlington market for the remainder of the year, which is traditionally the slowest part of the real estate calendar.
This is good news for potential buyers, as the glut of inventory could shift the market dynamic from a sellers market to a buyers market. Buyers should be prepared to pounce on the opportunities present, by having their pre-approval in order, and keeping abreast of new listings as they go live.
For home sellers, the picture is a little less clear. It could be a good time to list, or it might make more sense to hold off until 2021. It all depends on your home, and how it compares to what’s currently on the market.
If you’d like to learn more about the Arlington market, and discuss your options, please don’t hesitate to reach out.
Cheers!
Lou Sagatov, Realtor®
571-305-2405