There could be multiple underlying reasons for it, but the lack of available inventory most assuredly is having an impact across the Arlington real-estate market.
The number of homes on the market at the end of August was down 52 percent from a year before, making it harder for prospective purchasers to compete for properties while pushing average prices higher.
The net result: Total sales volume countywide for the month was down nearly 14 percent to $173.9 million according to figures reported Sept. 11 by MarketStats by ShowingTime.
Home sales for the month totaled 247, a decline of about 14 percent from the 288 transactions recorded a year before. But sellers were getting top dollar, with the average sales price representing 99.9 percent of listing price, second only to Alexandria across the region for the month.
The average sales price of $704,070 was up 0.6 percent, with two of the three legs of the market posting increases:
• The average sales price of detached homes was $1,105,461, up 1.4 percent.
• The average price of condominiums was $429,305, up 4.2 percent.
• The average price of townhomes was $465,825, down 2.9 percent.
A total of 47 properties went to closing for $1 million or more.
The dearth of inventory was due to a number of factors, including the “Amazon effect” – property owners holding their homes off the market in anticipation that the arrival of highly-paid Amazon workers and those connected to them will push prices higher in the future. Prospective purchasers are having to compete with investors taking a buy-now-and-hold approach, perhaps being willing to keep the properties off the market until next spring or longer.
For the month, conventional mortgages represented the method of transacting sales in 188 cases, followed by cash (40, often representing investors) and VA-backed mortgages (13).
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.