October 2008 Sales Figures for Arlington County Virginia
November 11th, 2008 Categories: Arlington Dirt, Home Buying, Home Selling, Market Stats
Here I am again to give you the overal market statistics for Arlington Virginia for October 2008. I have to say, I expected dismal – and with expectations like that, I was pleasantly surprised. October really was pretty steady from September – similar inventory levels as well as contract writing and solds. So it got me thinking – lately I’ve had people quoting numbers to me like “Arlington market has decreased 5–10% in the past 2 years” and other such statements… I’ve been tracking statistics for a while, so I went back to October of 2007 AND October of 2006 and take a look for yourself:
Condo Observations:
Average sales prices are within a range of $425K-$450K with a slight decrease each year – but remember, this is just ONE month compared to the same month in years past – not any sort of average. Unit sales are UP this year and days on market are lower than in either of the previous 2 years.
Single Family Home Observations:
These numbers are a little more scattered and tougher to draw conclusions… however, across the board, we are not seeing the steady declines year over year for the past 3 years as you would be led to believe. In fact, we had healthy selling and good selling prices with fewer days on the market than in years past.
Overall, I would say that in Arlington County we have fairly balanced opportunities for buyers and sellers alike. Our absorption rates are telling as well:
This tells us how long it would take to sell through our current inventory – most would tell you that as long as we’re in the single digits, we’re doing OK!
On a final note, you may or may not be aware that I have been reporting on contracts written on Arlington County properties – so for the week ending November 6, 30 contracts were written. While that’s down from last week, it is an appropriate level to resume where things were as of early October. The rolling average graph now looks like this:
So, the upshot is…. the market is fine. People are still successfully buying and selling homes. I would be delighted to talk with you further about representing you on your home purchase or sale.
Happy Tuesday – go HUG a Veteran and thank them for their service to our great country!
Jennifer
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