Inventory continues to be the big sticking point for the Arlington real-estate market, but homes that sell often are bringing higher prices, according to new data.
The 266 residential properties that went to closing in July represented a drop of 9.5 percent from a year before, according to figures reported Aug. 13 by MarketStats by ShowingTime.
That year-over-year decline, however, was less than half the sales drop-off seen in the June sales data, reported a month ago.
A total of 47 properties traded hands at more than $1 million.
While transactions that went to closing were down, average prices increased in all three segments of the Arlington market, albeit by varying degrees:
• The average price of single-family homes sold during the month was $1,001,356 up 2.9 percent.
• The average price of attached homes, such as townhouses or rowhouses, was $491,165, up 2.1 percent.
• The average price of condominiums was $452,951, up 9.2 percent.
The average sales price for all properties – $684,884 – was up 4 percent from a year before, a lower rate of increase than in June, the month that often represents the high point of the Arlington market (both sales and prices) for the year.
Add up all the sales and prices, and the total sales volume for July stood at just under $182.2 million, down 5.9 percent.
Homes that sold during the month garnered 100.3 percent of listing price, the same as in June, suggesting bidding wars had broken out in some cases, and spent an average of 30 days on the market between listing and ratified sales contract, an improvement from 50 days on the market a year before.
Of homes that went to closing, conventional mortgages represented the method of transacting sales in 185 cases, followed by cash (52) and VA-backed loans (20).
Inventory remains tight, with the 215 properties on the market at the end of July down from 255 a month before and nearly 57 percent below the 499 properties available in July 2018. The number of new listings coming on the market during the month was down about 16 percent from a year before.
(Part of that inventory crunch may be attributed to homeowners who are biding their time to see if the “Amazon effect” really producing sustained increases in sales prices in Arlington. A similar situation is occurring in Alexandria.)
What is the Arlington market’s trajectory? Homes coming under contract in July were way up from a year before, although total pending sales were down – a similar result to June’s figures.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.