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Home sales were solid although average prices in the single-family and townhouse sectors were relatively flat in July, as the Arlington market showed more oomph than most other localities across the region.
Sales for the month totaled 342, up 21 percent from the 283 transactions recorded in July 2020, according to figures reported Aug. 12 by MarketStats by ShowingTime, based on listing data from Bright MLS.
While the average sales price of $785,710 was down 5 percent from $828,024 a year before, that largely was due to the lower total of single-family homes in the overall sales mix.
The typical single-family home sold for $1,199,285, down 0.9 percent, while the average attached home went to closing for $569,690, up 1.2 percent.
Condominiums showed the biggest boost year-over-year, with average prices rising 6.7 percent to $506,894.
A total of 81 properties went to closing for more than $1 million, including four for more than $2.5 million.
Add up all the sales and prices, and the total sales volume of just under $267 million for the month represented a boost of 15 percent from $232.3 million a year before.
In normal times, July frequently represents a somewhat sluggish transition month following the usually stronger spring market.
Suggesting that the market may be returning to historic norms after a higgledy-piggledy COVID year that included a red-hot summer of 2020, some data indicates a slight cooling. Homes that went to closing last month spent 23 days from listing to ratified sales contract, up from 17 a year before, and garnered 99.1 percent of listing price, down from 100.2 percent.
Conventional mortgages represented the method of transacting sales in 257 cases, followed by cash (45) and VA-backed loans (30).
While it couldn’t be described as plentiful, overall inventory in the Arlington market is up, with the 480 properties at the end of the month comparing to 370 a year before. New listings coming onto the market for the month were down about 20 percent, however – although that may simply be a case of prospective sellers being on vacation, something that was denied to many during the worst of the COVID era last year.
July’s pending sales remain up nearly 10 percent from a year before, suggesting the market will not go completely dormant, but new pending sales reported in July were down from a year before.
Figures represent most, but not all, sales during the period. Figures for July 2021 are preliminary and are subject to revision.