The red-hot summer real-estate market that evolved out of the springtime COVID crisis showed no signs of abating in September across Arlington.
If anything, the market last month doubled down – literally.
Home sales across the county totaled 274, up 44.2 percent from the 190 transactions recorded in September 2019, according to data reported Oct. 13 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
That whopping year-over-year increase was more than twice the 19.4-percent year-over-year hike recorded in August. And while there are some signs that such a high rate of growth might not be sustainable through the end of the year, data suggest the market will continue to see robust sales in coming months.
Complementing the increase in sales was a rise in average sales prices, which hit $826,675 in September, an increase of 17.1 percent (or nearly $120,000) from a year before.
Average prices were up in all segments of the market:
• The average price of a single-family property rose 9.5 percent to $1,193,607.
• The average price of an attached home, such as a townhouse or rowhouse, was up 17.7 percent to $565,236.
• The average price of a condominium was up 17 percent to $514,494.
A total of 77 properties – or 28 percent of all transactions – went to closing at more than $1 million for the month.
Add it all up, and the dollar value of residential real estate sold in September was just under $225 million, up 69 percent from $133.4 million a year ago.
Homes that went to closing in September spent an average 21 days on the market between listing and ratified sales contract, an improvement from the 29 days recorded a year before, and garnered 100.2 percent of original listing price, up from 98.9 percent.
For the month, conventional mortgages represented the method of transacting sales in 205 cases, followed by cash (33) and VA-backed loans (26).
The feeding frenzy that began in early summer apparently worked to convince more and more prospective sellers to get off the fence and test the market – the number of new listings coming to market for September represented a 51-percent increase from a year before, which has helped to ease the three-year inventory crunch.
Where is the market headed? Figures still suggest upward, as the number of pending sales in September (282) was up 12.8 percent from a year before. Those pendings usually translate into completed transactions a month or two after posting.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
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