The Arlington real estate market statistics are (through May 2014):
Sold (Single Family, Condos and Townhouses)
310 – Closed Sales
$654,988 – Average Sales Price
98.86% – Average Sold to Orig List Price
33- average days on market
Arlington Real Estate Market Report
Sales activity in May continued the swift rise that began in April. The number of homes sold rose another 21.57% in May after rising over 40% in April, and the average sale price rose over 10%.
131 single family homes and 179 condos and town homes were sold in May. This marks a huge increase in single family home sales in the past month.
As of the end of May, active listings were up 28% over the same period of 2013. This is very good news for the Arlington housing market.
You can expect home sales to remain strong in Arlington this summer as home prices continue the slow, steady rise that started in 2013, and has continued into the first part of this year.
The amount of inventory has steadily increased from spring into early summer. This should continue to stimulate more sales activity in inventory-starved Arlington. So if you’re thinking of selling here, you should really list sooner rather than later to take advantage of the excellent seller’s market we are currently experiencing.
The Northern Virginia real estate market statistics are (through May 2014):
Sold (Single Family, Condos and Townhouses)
3,338- Closed Sales
$497,835- Average Sales Price
98.25% – Average Sold to Original List Price
36 average days on market (DOM)
Northern Virginia Real Estate Market Report
The Northern Virginia real estate market also continued to experience the rise in sales activity that began in April. The total number of homes sold rose 13% in May, after seeing a 30% increase in April.
Housing inventory in May was 46.8% higher than the same period of 2013. The healthy inventory combined with low interest rates should stimulate more buying activity this summer.
This summer is an excellent time to put your home on the market. Home prices will remain strong for the foreseeable future, and there are still a lot of buyers out there.
If you’re thinking of selling your home in the next 6 months, act sooner rather than later. If you list while inventory is still very low, you will be able to take advantage of the strong selling conditions that exist right now. If you’re a buyer, the low inventory means you have to be ready to make an offer when you see the right house. All of your paperwork must be complete before making an offer, that includes a lenders letter or proof of cash (if an all cash purchase).
If you have any questions or would like to discuss your real estate needs please call or text me a 571.305.2405 or email me at: lsagatov@kw.com
Lou Sagatov
Keller William Realty
www.lousagatov.com
June 16th, 2014
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