The ongoing dearth of inventory cut into home sales across Arlington in December, but prices closed out the year on a strong note.
With 203 residential properties going to closing during the month, total sales were down 15.8 percent from the 241 transactions recorded in December 2018, according to figures reported Jan. 13 by MarketStats by ShowingTime.
While sales were down, the average sales price was up nearly 9 percent to $727,684, with higher prices reported in all three segments of the market:
• The average sales price of single-family homes was up 11.5 percent to $1,133,574.
• The average sales price of attached homes, such as townhouses and rowhouses, was up 2.8 percent to $507,698.
• The average sales price of condominiums was up 4.7 percent to $456,968.
Add it all up, and the total sales volume for the month of $148.09 million was off 8 percent from a year before.
A total of 37 properties, changed hands for $1 million or more, and homes garnered 98.5 percent of original listing price, up from 97.2 percent a year before.
Conventional mortgages represented the method of transacting sales in 149 cases, followed by cash (34) and VA-backed loans (13).
Inventory remained the market’s major challenge, with the 148 homes on the market at the end of December representing a decline of nearly 29 percent from the 208 properties available a year before. And buyers were pouncing on what was available, as more than half of the homes that went to closing in December spent less than 10 days on the market before finding a purchaser.
Where is the market headed? That lack of inventory will continue to have an effect, as pending sales for December continued a trend of being down significantly from the previous year.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.