How was Arlington, VA real estate market in March, 2015?
Per Zillow.com the temperature of Arlington’s real estate market is “Warm”. Neighboring DC is on fire with a “Very Hot” market’s temperature. Zillow.com calculates this based on list-to-sell ratios, price cuts and how long it takes to sell a home. DC is definitely a hot destination with very limited supply of available homes.
1. Market Activity. We had a 22% increase of homes sold vs. March 2014 (219 sold in 2015 vs. 179 in 2014) – does that mean the prices are going up? Not necessarily, because we had 29% more homes for sale than a year before (512 vs. 397). So we had increased demand, but the supply was up as well – which means the market is pretty flat.
2. Average Sales Price is 2.04% up from March of 2014 from $ 616,000 t0 $628,500. You can see different market segments in the chart below.
3. Average Days on the market are up to 49 vs. 36 last year (a 36% increase). Please see average days on the market for different market segments.
4. Average Price per Square foot is slightly down overall from $454 last year to $433 this year. Condos seem to have the largest dip from $423 to $398.
It feels like a very healthy market with a great sales activity. Sellers do have to make an effort to get a top dollar for their home and buyers still are competing for the “cream puff” properties – it’s a market where a real estate agent can make a big difference. Let me know if I can help!