The arrival of Amazon may change things over the long haul, but for now, the Arlington real estate market seems to be moving through a dormant period, sales-wise – with few signs of improvement on the near horizon.
But while sales were down, the average sales price was up slightly and prices of single-family properties averaged more than $1 million during the month, according to new figures.
A total of 220 properties went to closing in September, according to figures reported Nov. 12 by RealEstate Business Intelligence, based on data from Bright MLS. That’s down 13 percent from the 254 transactions from September 2017.
Among all properties that sold, the average sales price of $659,278 was up 2.7 percent, but it was in the single-family sector that prices really took off – the average sales price of $1,017,809 was up 10.5 percent.
The other two legs of the stool, however, saw declines:
• The average sales price of attached homes, such as townhouses or rowhouses, declined 2.2 percent to $450,425.
• The average sales price of condominiums declined 9.2 percent to $397,009.
Add it all up and the total sales volume for the month stood at $145 million, down 11 percent from a year before.
Inventory was down on a year-over-year basis in Arlington, with 505 properties on the market at the end of the month, compared to 554 a year before.
Where is the county market headed? Pending sales, new pendings and homes coming under contract during September all were in a downward trajectory from a year before, which may mean a soft period until the advent of the spring buying season.
Figures represent most, but not all, homes on the market. All figures are preliminary and are subject to revision.