Hi, I’m Renata Briggman, and this is the Briggman Market Watch, giving buyers and sellers the latest news on Arlington real estate. So what was happening in Arlington real estate market in October 2014?
Here in Arlington the market does not seem to have the same buzz as in 2013, even though the number of sales so far this year is about the same. (2,841 in 2013 vs. 2,846 in 2014) So what’s happening? I think it’s the increase in inventory. We have 40% more homes available for sale than last year, with 661 active listings in October, compared with 472 homes available in October 2013. This is the highest level of inventory for October since 2011.
So the demand for homes is still there, but less desirable listings are not selling or are sitting on the market longer – which can make one feel like the market is slow.
A total of 221 homes sold in October 2014, a 14% decrease below October 2013 homes sales of 258, but still better than a 5-year average of 206.
Average home sales prices rose slightly this October, to $610,000 and it’s the highest average sold price for October yet! This is up 2% compared to October 2013, when the average price was $598,000.
With a higher supply of homes and a decreased demand it makes sense that on average it took longer to sell homes – 43 days vs. 29 days in October 2013.
Despite an improving job market and low interest rates, first-time buyers are now at record low for the past three decades. Arlington has a ton of new apartment buildings along Orange Line – all this extra supply is lowering rental prices and more potential buyers are choosing to rent.
In summary Arlington real estate market is doing well and last month reached a record average sales price for October yet. Housing demand is at about the same level as last year, but due to increased level of inventory some less desirable homes are not selling as fast.