Arlington County, VA Market Report – 10/27/09

We try to remain cautiously optimistic, particularly when reading that Federal Reserve Chairman Ben Bernanke stated that the deep recession is “very likely over at this point.” Although, Bernanke further said, “It’s still going to feel like a very weak economy for some time.” Arlington has shown signs of a recovering market through the first three quarters ofthis year. The following represents market activity for September:

• Active listings: 907
• Closed sales: 221
• Pending sales: 265
• Average sales price: $478,911
• New listings: 351
• Average DOM: 62

The number of units sold for the month was up 15% over 2008. However, the average sales price was down 6.5%. This would indicate sales were happening in the lower priced homes where first-time buyers are taking advantage of incentives and low interest rates. Another distinct factor is the decrease in the days on market (DOM). Down from 85 days in September 2008 to 62 days this year, it reflects lower inventory and an increase in the buyer pool causing increased interest. Consequently, when houses are in good condition and priced right, the buyers will come. If you’re thinking of selling, now is the perfect time.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington County, and the rest of the DC Metro: www.averyhess.com

Arlington County, VA Market Report – 9/22/09

The August Metropolitan Regional Information Systems (MRIS) statistics have been reported for Arlington County, Virginia with no major surprises in the market condition:

• New Listings: 285
• Pending Sales: 242
• Closed Sales: 214
• Average Sales Price: $ 537,120
• Average DOM: 71

As previously noted, Arlington County has not suffered the same declines in the market as most of Northern Virginia. Comparing August 2009 to August 2008 the numbers are not dramatically different. While the average sales price is down by 7.5%, the median sold price is up by 7.5% indicating that despite a drop of 10% in units sold, the higher end homes showed an increase in sales activity. Condo sales still represent nearly half of all sold properties for the month. Buyers continue to seek out properties, resulting in 242 pending sales. There were 285 new listings taken for the month, meaning inventory is being replenished.

Interest rates remain favorable. Though there are still some low appraisal issues, for the most part that does not present itself as a big problem.

Just a little over 2 months remain for first time buyers to purchase and close in order to receive the $8000 federal tax credit. Movements are afoot to request Congress to extend the credit time period–even making it permanent–but buyers should not gamble by waiting for that to happen.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington County, and the rest of the DC Metro: www.averyhess.com