Briggman Market Watch – Arlington Real Estate Overview for 2020
2020 had a very good start, but the pandemic slowed things down in March. And then everyone started moving in the summer. We finished strong even though the condos are not selling as hot cakes any more. Interest rates are at absolutely all time lows hovering around 2.5% – pretty much everyone refinance or are in the process of doing so (including myself).
So how are the numbers?
The number of total homes sold is about the same as the previous year: 2790 (2020) vs. 2782 (2019)
Average and median sales prices are up! Average sales price is up 11.63% (increased from $703,641 to $785,459) Median sales price went up 8.44% (increased from $610,000 to $661,500)
Homes sold at about 99.6% of the sales price.
Real estate is a market based on supply and demand – below you can see the chart of “Months of Supply” – which is a measure for supply and demand for real estate. As you can see in the chart below – the home inventory (blue) started increasing in July – mostly because of the condos. Condo inventory reach 3 months (yellow) – we haven’t had this much inventory since 2016! So condo market is not as hot as it was. But single family home inventory is still so low (red) – which prices will continue to go up.
The prediction for 2021 is a very good real estate market. The interest rates will continue to be low – which will keep prices high as buyers will be able to afford more. If you own a townhome or a single family home – good news for you – the inventory is so low and the demand is very high, even for luxury homes – prices will continue to go up. If you are a buyer – you might get a good deal on a condo, but not so much on a townhome or a single family home.
Contact me today and tell me about your situation. Would love to help you navigate and not make any mistakes with these big transactions!