The Arlington real estate market’s rebound from the depths of the COVID pandemic and the resulting government-mandated shutdown continued in July, with both sales and prices in positive territory.
And – finally! – it appears that the inventory crunch is easing, with prospective sellers hopping into the market.
A total of 283 properties went to closing last month across Arlington, an increase of 6.4 percent from the 266 properties changing hands in July 2019, according to figures reported Aug. 11 by MarketStats by ShowingTime with data from Bright MLS.
The sales increase represents a turnaround from May and June, which saw year-over-year declines because of health and economic challenges that made some of daily living, including the search for a new home, difficult.
Prices continued their rise into the stratosphere, with the average sales price of the homes that went to closing in July standing at $828,024, up nearly 21 percent from the $684,884 reported a year before.
Part of that increase was due to a larger percentage of single-family homes in the overall mix. But average sales prices were up, albeit in varying degrees, in all segments of the market:
• The average sales price of single-family homes rose 20.8 percent to $1,209,519.
• The average sales price of attached homes, such as rowhouses and townhouses, was up 14.6 percent to $563,034.
• The average sales price of condominiums was up 4.9 percent to $475,028.
A total of 81 properties, or 29 percent of all sales, changed hands for more than $1 million during the month.
Add it all up, and the total sales volume for the month stood at $232.3 million, up 27.5 percent from $182.2 million a year before.
Of properties that went to closing in July, homes took an average of 17 days from listing to ratified sales contract and averaged 100.2 percent of listing price, both essentially unchanged from July 2019.
Conventional mortgages represented the method of transacting sales in 211 cases, followed by cash (43, suggesting investors were still in the market for properties) and VA-backed mortgages (20).
Homeowners who had been sitting on the fence, waiting to see whether to put their homes on the market, jumped in with both feet during the month. The 446 properties coming onto the market in July were up more than 72 percent from the 258 of a year ago, and the total active listings also were up more than 70 percent.
Where is the market headed? Both overall pending sales and new pending sales were up by double digits in July, suggesting the sales boomlet is likely to continue, at least over the short term.
Figures represent most, but not all, sales during the period. All sales figures are preliminary, and are subject to change.
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