How was Arlington, VA real estate market in February 2015?
The market is very steady and healthy! There was a lot more buying activity this February – many buyers battled the snow and made their offers – a lot more than last year. The prices haven’t seen any significant increases since the inventory of homes available for sale has been rising as well.
1. Market Activity – Arlington February statistics show new pendings/contracts are up 26.9% comparing to February 2014. New listings also are up by 21.1%. The inventory – active listings – has been rising since September 2013 and is 23.3% higher than 2014. Sold homes are 8.5% down comparing to February 2014.
2. Median Sold Price in Arlington is 1.3% down comparing to February 2014. It went down from $514,500 to $508,000. You can see different market segments in the chart below. Single family homes are winning though – they had the largest increase in median sales price.
3. Average Days on the Market is up to 46 – a 64.3% increase comparing to February 2014. So it takes longer to sell a home in Arlington.
4. Average Price per Square Foot is down to $432 – a 3.1% decrease from $446 in February 2014. Single family homes had a 4% increase comparing to February 2014, but condos and townhomes are lagging behind.
If you are looking for a single family home in North Arlington under $800,000, even under $900,000 – these statistics might not make any sense – that market is an extremely hot market with a lot more demand than supply. Condos are lagging behind – so I’m cautioning sellers to not overprice. Just recently I’ve talked to 2 “stale” condo listing owners – they can’t believe their places haven’t sold. If you are thinking of buying or selling – you need to know your market and it’s trends! I can help!