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November Recap of Home Sales in Arlington County

November Recap of Home Sales in Arlington County

Hi!   Some good news for Arlington – after a sluggish start to the fall home selling season.

The median home price in Arlington is up from a year ago for the same month:  $498,500 to $590,000. That’s an 18.4% increase. Year-to-date, median price is up 1% From $525,000 to $530,000. That’s not a stellar, tho welcomed decent increase, considering what has been a lackluster showing overall this year, including fairly low inventory and what seem to be fewer buyers in the market. There is no tracking system for buyers. I rely on my working knowledge of being at work and networking in Arlington’s market full-time, and meeting and talking to buyers at open houses every weekend.

Closed sales were 182 units which was up 4.6% for the same month in 2013. New Listings were 190 units – down 11.6% from same month last year. New pending sales are 216 and down from ly 2.3%. Stats provided by RBI.

What does all of this mean? While we had a respectable increase in sales for the month over last year, not many homes were placed on the market the same period, so it is going to be more difficult for those buyers still in the market to have a decent choice of homes to buy. Meanwhile, the lower than last year for the same month pending sales means that fewer homes are under contract to close, so sales in December, at year end, may be softer than last year.

All-in-all, it’s a good time to be a seller, and and a good time to be a buyer. There are fewer homes asking for attention, so there is less competition from sellers, so it is a good time to list your home. And some buyers are distracted, as usual, by the holiday season and the colder weather, so there is less competition from buyers. It is a good time to find your home and to pay less for it.

Please let me know what questions you have!

Cheers,

Ken

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