The Spring Market has run its course, the numbers are in. So how has the market performed so far this year?
Let’s Take A Look:
| Home Sale Stats Spring 2017 vs 2016 | Spring 2017 | Spring 2016 |
|---|---|---|
| Homes Sold | 263 (Up 15%) | 223 |
| Average Sale Price | $1,079,919 (Up 6%) | $1,018,197 |
| Average Days on market | 44 | 42 |
| Average # of Bedrooms | 4 | 4 |
| Average # of Bathrooms | 4 | 3 |
3722 N Wakefield St
Arlington, VA 22207
Currently Under Contract
Sale Prices are up this year, as are the number of home sales. When I took a closer look at the breakdown of home sale prices, I noticed that there were significantly fewer home sales on the low end of the market this year as compared to last year:
| Sale Price | Homes Sold Spring 2017 | Homes Sold Spring 2016 |
|---|---|---|
| Less than $750,000 | 37 | 62 |
| $750,000-1,000,000 | 110 | 74 |
| $1,000,000-$1,250,000 | 48 | 36 |
| $1,250,000-$1,500,000 | 28 | 25 |
| $1,500,000-$1,750,000 | 22 | 10 |
| $1,750,000-$2,000,000 | 12 | 12 |
| $2,000,000-$2,250,000 | 3 | 2 |
| $2,250,000-$2,500,000 | 3 | 2 |
| Totals | 263 | 223 |
1005 N Kentucky St
Arlington, VA 22205
This is due to the incredible demand for homes on the low end of the market here in Arlington. They have been selling quickly and for full price for several years now, and we are simply running low on available sellers as a result.
When I say the low end of the market, I’m referring to homes worth less than $750,000. In North Arlington, these homes are generally old Colonials or Ramblers built during WWII or soon after. Many times, the real value in these homes from a real estate standpoint is the land, as the homes are often old and dated for the North Arlington market.
So they are purchased by builders and speculators as well as those wanting to find a relatively affordable home in the highly sought after North Arlington market. Competition is fierce, and those looking to buy in this price range need to stay on top of new listings, have a pre-approval letter ready, and be willing to put an offer on a house very quickly.
There was also a strong increase in homes sold at the high end of the market this Spring. That’s a good sign for overall market health.
Sales are always slower at the high end of the market. There are fewer qualified buyers, and a lot of new homes being built on speculation. As a result, those qualified buyers have more choices when shopping for a home in North Arlington.
The uptick in sales is a good sign for the market. It means that more new homes built on speculation are being purchased, which in turn will fuel further development as well as home sales at the lower end of the market.
If the Spring Market is any indication, this should be a good year in North Arlington real estate.
So what’s on the market right now? Here’s a quick look at the current inventory:
| List Price | Active Listings | Days of Inventory |
|---|---|---|
| Less than $750,000 | 58 | 193 |
| $750,000-$1,000,000 | 46 | 78 |
| $1,000,000-$1,250,000 | 32 | 112 |
| $1,250,000-$1,500,000 | 25 | 120 |
| $1,500,000-$1,750,000 | 33 | 99 |
| $1,750,000-$2,000,000 | 14 | 120 |
| $2,000,000-$2,250,000 | 5 | 75 |
| $2,250,000-$2,500,000 | 7 | 210 |
| $2,500,000 + | 7 | 105 |
| TOTAL: | 228 | 106 |
Looking at these numbers, I see something I don’t expect: The inventory of homes under $750,000 is really high right now!
It looks like we have a new wave of homes for sale on the low end, so if you’re looking to purchase something in this price range in North Arlington, now is a very good time. The increased inventory shouldn’t last long.
Want to know more about the current market? Feel free to get in touch with me anytime.
Lou Sagatov, Realtor®
571-305-2405
LouSagatov@gmail.com
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