Arlington, VA real estate market is continuing the madness. Amazon’s announcement and low interest rates created a perfect storm of record low inventory (available homes for sale) and record high demand (buyers looking to buy). The prices are rising and I am not sure when we will get some relief.
Here are some statistics for your review:
- We’ve had extremely low level – one month of supply of homes for the last 10 months – which means if no new listing come on the market -current inventory would sell in 1 month. This level of inventory means fierce competition and rising prices. In Arlington we need about 2 months of inventory for a more balanced market.
- Record low number of available listings – about 51.3% fewer than September 2018. So if on September 30th, 2018 buyers had 538 listing to choose from on September 30th, 2019 they had 262.
3. Average Arlington, VA Sold price went up 12.35% if we compare September 2018 ($628,412.) vs. 2019 ($705,997)
So what can we expect? I think the market will have a seasonal slow down for the winter, but I don’t see conditions improving in the foreseeable future. If you are a seller – it’s a great time for you to get top dollar or unload an unwanted property, if you are a buyer – you need to be ready to compete. And I can help you navigate this with success! Contact me now for your free consultation.
