Arlington single-family homes continue to sell, on average, for more than $1 million as the market moves deeper into the competitive spring-summer season.
A total of 261 residential properties went to closing across the county in April, according to figures reported May 10 by RealEstate Business Intelligence, based on data from Bright MLS. That’s up 4.4 percent from the 250 transactions reported in April 2017.
The average sales price of all properties that sold for the month was $667,810, down 1.3 percent. But that dip was due primarily to more attached homes in the overall mix compared to single-family homes.
Among the three legs of the local market:
• The average sales price of single-family-detached properties stood at $1,014,762, up 5.4 percent from a year before.
• The average price of attached homes, such as townhouses and rowhouses, was $482,088, down 2.7 percent.
• The average price of condominiums was $441,168, up 5.4 percent.
Add up the sales and average prices, and the total dollar volume sold in April stood at $174.3 million, up 3 percent from a year before.
The April market had almost, but not quite, as much spring in its step as a year before; the average length between a home’s listing and ratified sales contract for the month was 36 days, up slightly from 34 a year ago. Homes that went to closing in April garnered 98.5 percent of listing price, unchanged.
Conventional mortgages represented the method of transacting sales in 200 cases, followed by cash (31) and VA-backed mortgages (14).
Inventory remains lower than a year before; the 475 homes on the market in Arlington at the end of the month represented a decline of nearly 12 percent from a year before. But the number of homes coming onto the market during the month was up about 4 percent.
Where is the local market headed? Pending sales and homes under contract both were lower in April from a year before, suggesting the situation could be good but not exceptional as it moves into the heavy May-June-July sales period.
Figures represent most, but not all, homes on the market. All data are preliminary, and are subject to revision.