Continuing year-over-year growth in sales coupled with ever-spiraling prices (in two of three sectors, at least) pushed the total dollar volume of Arlington’s real-estate market up more than 40 percent in October, according to new data.
That figure, coupled with data showing home-sale strength likely will be robust through the end of the year, seem to confirm that the Arlington market has shrugged off the COVID crisis and is not looking back.
A total of 264 properties went to closing in October, up 25.7 percent from the 210 transactions a year before, according to figures reported Nov. 11 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
The Arlington-wide average sales price of $757,378 recorded in October was up 14.5 percent from $661,447, with a 16.7-percent increase in the average sales price of single-family homes (to $1,148,445) and a 2.7-percent increase for attached homes, such as townhouses and rowhouses (to $537,547). The condo market showed a decline, with the average sales price dropping 1.6 percent to $481,368.
A total of 54 properties went to closing for more than $1 million.
Add it all up, and the total sales volume for October stood at $199.2 million, up 43.3 percent from $139 million a year before.
Homes that went to closing for the month garnered 99.2 percent of original listing price, a rate unchanged from a year before, while the average number of days needed to go from listing to ratified sales contract (17) was just slightly changed from October 2019 (18).
Conventional financing marked the method of transacting sales in 204 instances, with cash (27) and VA-backed loans (24) running behind. (In proof that habits of a bygone era die slowly, there was one property acquired by assuming the existing mortgage.)
Sellers that had been sitting on the fence in recent months are now jumping in, with the 427 properties coming to listing in October up 61 percent from a year before as some homeowners see the prospect of having transactions wrapped up and cashing in before the depths of winter.
Despite the healthy sales totals, buyers suddenly have plenty to choose from, with the 563 active listings on the market at the end of the month more than double the 260 properties on the market at the end of October 2019.
Where is the market headed? The juggernaut rolls on – both the number of new pending sales for the month, and overall pending sales, were up by more than double digits vis-a-vis a year before, suggesting the strength of the market will roll on through the end of the year.
If so, 2020 might possibly end up seeing more transactions in Arlington than 2019 did, an end result that might have been considered unfathomable in the springtime.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
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