Year-over-year home sales across Arlington, which had taken a major tumble in October, saw an even bigger drop in November, although the impact on sales prices was largely confined to the condominium market, according to new data.
But there may be good news on the horizon, as the number of pending sales for the month showed a big bump upward from a year before.
A total of 198 properties went to closing across the county in November, according to figures reported by RealEstate Business Intelligence, based on data from Bright MLS. That’s down nearly 22 percent from a year before, coming on top of a 13-percent year-over-year drop in October sales.
But year-over-year average sales prices were stable in two of the three segments of the market:
• The average sales price of single-family homes, was up 2.8 percent to $987,214, although it had stood above the million-dollar mark in October.
• The average sales price of attached homes, such as townhouses and rowhouses, was down 2 percent to $458,032.
• It was in the condominium market where the most major shift took place, with the average sales price down 7.8 percent to $400,202.
Add it all up, and total sales volume for the month stood at $129.3 million, down about 21 percent from a year before.
(A total of 31 properties went to closing for more than $1 million during the month, including one single-family home for more than $2.5 million).
Of homes that went to closing in November, conventional mortgages represented the method of transacting sales in 134 cases, followed by cash (34) and VA-backed loans (18).
Inventory of available properties at the end of the month stood at 349 properties, down from 476 a year ago.
Where is the market headed? It looks as if the two-month downturn in sales will be reversed in coming months, as pending sales and homes coming under contract in November were way up – 31 percent and 158 percent, respectively – from a year before.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.