Happy to report – Arlington real estate market is very hot and healthy, but not crazy. Last year home values went up 4.3% and based on numerous factors Zillow predicts they will rise 1% within the next year. You might be wondering – why only 1%? Simple laws of supply and demand – number of homes for sale is increasing (supply is going up) and the number of sold properties (demand) is staying about the same – higher supply means prices aren’t going to be pushed up.
1. Market Activity – January statistics show 30% increase in available homes comparing to January 2014. New pendings are 10% down and sold homes are 10% up comparing the January 2014.
2. Median Sold Price in Arlington is 4.21% up comparing to January 2014. It went up from $498,975 to $520,000. You can see different market segments in the chart below.
3. Average Days on the Market is up to 72 – and that’s the highest level in years. It’s 45% higher than January 2014. With the upcoming spring market I anticipate this number to come down.
4. Average Price per Square Foot has been rising in Arlington for 6th year in a row and is at $464 – 8.7% increase from January 2014.
2015 should be a very steady year for Arlington’s real estate. Don’t forget – each neighborhood and each home are unique and these trends might not apply in every case. This is the type of market where real estate agent can really make a difference starting with home preparations, marketing strategies and negotiations. Please call if you’d like to maximize your odds of selling!