The average sales price of single-family homes in Arlington approached the $1.5 million mark in November, as the real-estate market showed no sign of slowing down from the tear it has been on since summer.
And because more property owners are testing the waters by putting their homes on the market, prospective purchasers have more availability to choose from than they have for years.
A total of 223 properties went to closing last month, up 29 percent from the 173 transactions in November 2019, according to figures reported Dec. 15 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
It was another month that saw the local market make up for time lost during the spring, when the pandemic pandemonium cost the market several of its prime months. Heavier-than-normal sales activity since summertime has meant that the 2020 market is likely to exceed 2019 sales totals, with average sales prices hitting record highs.
In November, the average sales price of all properties that went to closing stood at $862,232, up 18.6 percent from $726,927 a year before.
While part of that bump up was because of a larger percentage of single-family properties in the overall sales mix than in November 2019, prices were up in every segment of the market:
• The average sales price of single-family homes reached $1,455,156, up 18.1 percent from a year before.
• The average sales price of attached homes, such as townhouses or rowhouses, stood at $543,279, up 6.6 percent.
• The average sales price of condominiums stood at $468,353, up 3.5 percent.
A total of 53 properties changed hands for more than $1 million – including 62 percent of single-family homes – with one selling for more than $5 million.
Add up all the sales and prices, and total sales volume for the month (just over $197 million) was up 56 percent from November 2019.
Homes that went to closing in November spent an average of 23 days on the market between listing and ratified sales contract, essentially unchanged from a year before, and garnered 99 percent of listing pice, slightly below the 99.4 percent of a year before.
Conventional mortgages were the method of transacting sales in 163 instances, followed by cash (36) and VA-backed mortgages (15).
While sales have been hot, the number of homes coming onto the market to take advantage of conditions also have seen major increases.
In November, 308 properties were placed on the market, nearly 70 percent higher than a year before. All told, there were 531 properties available for sale countywide at the end of the month, compared to just 211 at this point last year.
Where is the market headed? It shows no sign of slowing, as pending sales for the month were up nearly 30 percent from November 2019. Those sales generally translate into completed transactions a month or two after posting.
While not guaranteed, that trajectory is likely to push Arlington’s 2020 home sales past the 2019 total. For the first 11 months of the year, sales have totaled 2510, down 2.3 percent (or 59 transactions) from last year.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revisions.
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