North Arlington Real Estate Market Stays Strong in June
As part of my monthly real estate research, I look at sales statistics for key areas of Northern Virginia. I see what the sales trends are, and what the current inventory looks like.
This month I took an in-depth look at recent sales activity in North Arlington. 90 single-family homes sold North of Arlington Boulevard in June.
Here are the sales figures:
Single Family Home Sales- June 2014
Total Sales: 90 homes
– Average List Price: $997,878
– Average Sold Price: $998,510
– Average Lot SF: 8,461
– Average Living SF: 1,652
– Average Days on the Market: 33
Home Sales By Price Range
– $750,000 & Under: 24 home sales
– $750,000-$1,000,000: 34 home sales
– $1,000,000-$1,250,000: 14 home sales
– $1,250,000-$1,750,000: 12 home sales
– $1,750,000 & Up: 6 home sales
Market Insights
The Arlington housing market stayed strong in June after a big May. In North Arlington, the average sale price was 11% higher than in May 2013.
The high end of the market was particularly strong in June, with 32 home sales over $1,000,000 compared to 17 home sales over $1,000,000 in June 2013.
On average, the sale price was HIGHER than the list price for homes sold in June. This means that many homes received multiple offers, which pushed the price above asking price in many instances.
Current Inventory
North Arlington real estate inventory has been increasing steadily all spring and summer. Here’s what the current inventory picture looks like as of the end of June:
– Homes less than $1.1 Million: 4.2 months of inventory
– Homes $1.1-1.6 Million: 4.6 months of inventory
– Homes $1.6 Million & Up: 6 months of inventory
Six months of inventory indicates a balanced real estate market; less than 6 months indicates a seller’s market. These numbers indicate that North Arlington continues to be a strong seller’s market in all but the very top end of the price range.
It’s still a great time to sell in North Arlington!
Want to learn more about North Arlington Real Estate? Please feel free to call me any time at 571-305-2405, or email me: lsagatov@kw.com
If you would like a free in-depth sales report for your neighborhood, click here.