Inventory was the big sticking point for the Arlington real-estate market in June, as a dearth of properties on the market could have been responsible for another year-over-year decline in home sales.
But that same tight inventory is helping to push home-sales prices higher, at least in the single-family and townhouse markets.
The 267 residential properties that went to closing in June represented a drop of 20.5 percent from a year before, according to figures reported July 11 by MarketStats by ShowingTime.
While sales were down, average prices increased in all three segments of the market, albeit by varying degrees:
• The average price of single-family homes sold during the month was $1,146,839, up 7.4 percent.
• The average price of attached homes, such as townhouses or rowhouses, was $489,096, up 8.7 percent.
• The average price of condominiums was $429,419, up 0.8 percent.
The average sales price for all properties – $737,905 – was up 13.7 percent from a year before, with part of that rise due to the larger percentage of single-family homes in the overall sales mix than most months.
Add up all the sales and prices, and the total sales volume for June stood at just under $197 million, down 9.6 percent.
A total of 54 properties traded hands at more than $1 million.
Homes that sold during the month garnered 100.3 percent of listing price, suggesting bidding wars had broken out in some cases, and spent an average of 36 days on the market between listing and ratified sales contract, an improvement from 58 days a year before.
Of homes that went to closing, conventional mortgages represented the method of transacting sales in 186 cases, followed by cash (48) and VA-backed loans (16).
Inventory tightened significantly, with the 245 properties on the market at the end of June down more than 55 percent from the 553 properties available in June 2018. The number of new listings coming on the market during the month was down about 27 percent from a year before.
(Part of that inventory crunch may be due to homeowners who are biding their time to see if the “Amazon effect” really does produce ongoing increases in sales prices. That’s the opposite of what appears to be happening at the national level, where surveys suggest homeowners would rather sell now and cash in, anticipating that overall appreciation in the coming months won’t be worth holding back properties in hopes of higher sales prices.)
What is the Arlington market’s trajectory? Homes coming under contract in June were way up from a year before, although total pending sales were down.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.