A significant decline in inventory across Arlington is holding back home sales and helping to pump prices up, according to new data.
A total of 289 properties went to closing in May, down 11 percent from the 325 transactions a year before, according to figures reported June 12 by MarketStats by ShowingTime.
The average price was up, rising nearly 7 percent to $713,323 and seeing increases, in varying degrees, in all three segments of the market:
• The average price of single-family homes was up 5 percent to $1,060,322.
• The average price of attached homes, such as townhouses and rowhouses, was up 5.9 percent to $496,343.
• The average price of condominiums was up 2.7 percent to $451,674.
A total of 58 properties changed hands for $1 million or more during the month.
Add up the sales and prices, and the total sales volume of $206.1 million for the month was down 5 percent.
Inventory continues to be exceptionally constricted, with the 268 properties on the market at the end of May down a whopping 49 percent from a year before. Perhaps as a result, home-sellers are getting what they’re asking for – the average sales price represented 100.5 percent of listing price, a rate up from 99.2 percent a year before and a figure not regularly seen since the days before the real-estate recession of 2008-09.
Conventional mortgages represented the method of transacting sales in 214 cases, followed by cash (49) and VA-backed mortgages (15).
Where is the market headed? While homes coming under contract in May were up significantly from a year before, the total number of pending sales was down.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.