January 2009 Sales Figures for Arlington County Virginia – the words “so-so” come to mind…
February 9th, 2009 Categories: Arlington Dirt, Market Stats
I’ve finally come down off of the nice weather “high” from yesterday – what a day, wasn’t it? I think we all needed a little dose of spring. I really like winter as a season, but yesterday was like a shot of energy! So now, we hunker back down for a little more cold and wait out the daffodils that are right around the corner…
But back to real estate – I just finished doing a little review of January – not so bad, but not great, my friends. In a lot of ways, we are right about where we were last year – Inventories are up in both condos and single family homes. Contract writing is down VERY slightly but solds are up –
We’re also seeing lower Average Selling Prices but fewer days on market, too. I’d call it pretty much a wash, truthfully. 22207 is not flourishing as it once did, but the “deals” are found in other parts of the county and believe me, buyers are looking for deals!
Anecdotally, I was out over the weekend and visited 3 open houses with clients yesterday – traffic was steady, one agent reporting that in the first 2 hours over 20 groups had already been through. These were, for the most part, priced to sell in entry level price points for their respective locations. I would bet that at least 2 of these homes will go under contract this week and the 3rd, maybe within another week or so.
Here are the absorption rates – in case you don’t remember what that means, it’s the length of time it will take to sell through our current inventory. The numbers are interesting, but are highly dependent on whether it was a good month, or not. For example: typically in 22207, we are averaging about 5–6 months of inventory. You will see from this table that we have almost 20 months of inventory at the current sales rates – we all know that’s not accurate – just had a VERY slow January. We’ll see if February brings us different results!
(I liked the serenity of this photo with the clouds reflecting in the water and the mesh lounge chair – maybe lingering thoughts of yesterday’s warm weather.)
Have a fantastic week – I’m always here to discuss the real estate market for you, your home, your neighborhood or your investment inquiries – I look forward to talking with you!
Happy Monday
Jennifer
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Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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