Demand that has been pent up since spring continued to result in a strong Arlington real-estate market in August, with the promise of continued growth in coming months, according to new figures.
And while the rest of the region continues to face reduced inventory, Arlington is now awash in properties on the market as homeowners test the willingness of buyers to pay ever-spiraling prices.
A total of 295 properties went to closing last month countywide, up 19.4 percent from the 247 transactions a year before, according to figures reported Sept. 11 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime. While that doesn’t get the Arlington market back to year-to-date parity with 2019, it shows that current demand appears unfettered by either health or economic concerns.
The average sales price of all homes that went to closing during the month was $688,016, up 8.4 percent, with increases in all three segments of the market:
• The average sales price of single-family homes rose 2.5 percent to $1,132,891.
• The average sales price of attached homes, such as townhouses or rowhouses, rose 13.4 percent to $530,488.
• The average sales price of condominiums rose 10.2 percent to $473,059.
A total of 67 properties, close to a quarter of all sold, fetched $1 million or more.
Add it all up, and the total sales volume for the month of $221.9 million increased nearly 28 percent from a year before.
Homes that went to closing in August spent an average 14 days between listing and ratified sales contract, an improvement from the 19 days required a year before, and garnered 100.3 percent of listing price, up from 99.9 percent.
Conventional mortgages represented the method of transacting sales in 212 cases, followed by cash (50) and VA-backed loans (25).
Until the pandemic hit, Arlington was facing a shortage of available properties that, to some professionals, was approaching crisis proportions. But in recent months, prospective sellers have hopped back into the fray, and at the end of August, the 397 listings on the market represented an increase of 75 percent from a year before.
But apparently there are still plenty of buyers: New pending sales in August were up more than 50 percent from a year before, while total pending sales stood nearly 40 percent higher. That means good news for the September sales report, slated for release on Oct. 11.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
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