Over the past year, Arlington Ridge has seen a 7.1% increase in average home sale price. The total number of homes sold when compared to the previous year is also up 12%.
These numbers are indicative of a strong seller’s market that has seen steady growth over the past two years.
As one of the most sought-after neighborhoods in Arlington, this is to be expected. What is impressive to me is the turnover rate.
In Arlington Ridge, there were 77 single family home sales over the past year, and a total of 1,134 single family homes. That’s a 6.7% turnover rate, which is very high for Arlington. The average turnover rate for all of North Arlington is about 3.7%, and you’d be hard-pressed to find another neighborhood with a turnover rate of 6% or higher.
12 single family homes are currently listed for sale in Arlington Ridge, and there are 9 pending sales. That gives us 80 days of inventory currently on the market. Once again, this indicates a strong seller’s market.
Sometimes I feel like a broken record when talking about neighborhoods in Arlington. But it comes down to this: Most areas of Arlington have seen strong growth over the past 5 years, and there are no signs of trouble on the horizon. Unlike before the bubble burst a decade ago, the growth has been slower and more steady. Prices rise steadily, and homes sell quickly.
Even in this environment, Arlington Ridge stands out as one of the strongest neighborhoods I’ve looked at recently.
What that means for home sellers: It’s a great time to sell, with few single family homes on the market and a quick average sale timeframe.
What that means for home buyers: Like any competitive neighborhood in Arlington, if you’re looking to buy you need to be pre-approved, and willing to put an offer on a home very quickly. There will be competition for any quality property that hits the market in Arlington Ridge, and a good Realtor® can mean the difference between getting the home you want, and losing out to another buyer.