The sales numbers in Arlington have been trending slowly downward since July. This is generally to be expected, because the market historically trends downward in the last quarter of the year. But is there any reason to be worried about this year’s slowdown, and is it different than previous years?
Not really, in my opinion. I pulled some numbers on sales figures for this October and October 2013, and examined some other key market indicators. This is what I found-
First, the sales numbers:
Home Sales – October 2014
- 66 SF sales (vs 68 in Oct. 2013)
- Average List Price: $862,164 (vs $882,517 in Oct. 2013)
- Average Sold Price: $854,600 (vs $877,388 in Oct. 2013)
- Average Living SF: 1,580 (vs 1,423 in Oct. 2013)
- Avg Days on Market: 42 (vs 34 in Oct. 2013)
The Arlington housing market cooled off in October as the total number of homes sold fell 17% from September. This is to be expected at this time of year. If you compare this year’s October numbers to last year’s, you’ll find there is very little difference in overall market activity. The real estate market usually cools down in the Fall and Winter, and begins to build momentum with the coming of Spring.
If you’re thinking of selling your home this winter, you just need to be realistic about the current market. Homes are going to sell slower this time of year. Patience is important in the current selling environment.
Speaking of the current environment, here’s what the current inventory situation looks like-
As of the end of May there are 234 single-family homes listed for sale in Arlington: 167 in North Arlington and 67 in South Arlington.
Here’s the breakdown of inventory:
- Single Family Home Listings Under $1 Million: 57 homes (162 days of inventory, indicating this portion of the market is still a seller’s market)
- Single Family Home Listings Over $1 Million: 110 homes (33o days of inventory, indicating the high end of the market is now a strong buyer’s market)
- Single Family Home listings: 67 homes (440 days of inventory, indicating that the South Arlington market is currently a strong buyer’s market)
The current level of inventory in Arlington is high for this time of year. In fact, it’s up 44% from the same time last year. This is an interesting phenomenon for this time of year, and it could stimulate some significant sales activity this winter. Keep an eye on the market for the next few months!
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