April 2008 Sales Figures are in for Arlington Virginia
May 8th, 2008 Categories: Arlington Dirt, Market Stats
The time is flying by – the trees are a remarkable shade of deep green; the days of glorious flowering trees have passed; the weather is feeling warmer, the sun a little higher and brighter and I can feel summer ahead! This is usually our busiest time of the year in real estate – although unlike some markets around the country who are VERY cyclical, we are such a transient area here that while not without dips and peaks, we tend to be a little steadier than some.
April numbers look pretty good – and pretty consistent with March with very few swings. Here’s the chart for the month:
Just a note, these are now NET Average Selling prices I’m reporting on… so if there are any seller subsidies, or contributions towards closing, they will be reflected in these prices. I would say all in all, no big surprises. Here are the current absorption rates:
Again, fairly consistent, given that these statistics can swing wildly because they are dependent on the sales for the prior month. I did pull some additional information which I thought was very interesting. On average, condos are selling for 94.6% of original list price – again, a NET number – I prepare ALL of my sellers that they may be asked to contribute closing costs – this is an automatic 2–3% reduction, bringing it down to a 97–98% expectation IF list price is right on.
As I looked at the sale of single family homes throughout Arlington, I found that they are selling for an average of 91% of list – however, there was 1 sale of a VERY high end property that swung the average unfairly, so taking that out, I found almost the same statistics for condos at around 94%. Interestingly enough, I can pull statistics based on either original list price OR the last listed price, meaning after any/all price reductions. What I found was pretty interesting. Across all property types, after a price drop we were still looking at an average of 96–97% of list price – again, considering paying any closing costs, it gets pretty close to asking price as an average.
As for asking prices, of the 77 single family homes that sold in Arlington in April of 2008, 16 of them sold AT OR OVER 100% of list price. TEN of these being over 100% the highest being 116% of list price.
Very interesting statistics… I believe pointing to the fact that we’re in a healthy marketplace for both buyers and sellers… Pricing is key!
To discuss further, I’m always available! Give me a jingle any time!
Happy Thursday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
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Thanks for the clarity on subsidies.
Aloha,
Keahi
RE/MAX 808 Realty
Just stopping by to peek in on Arlington Stats! Looks like the market is pretty healthy on your side of the river! Great looking site you’ve got, I think I’m going to have to work on design development with them as well!