We had 40% more listings for sale in April 2014 vs. April 2013.  (493 vs. 350) I think this is huge!  We had 15% less “under contracts” than a year before.  So what does this mean?  I am not exactly sure yet, but what I am seeing – the supply is up and the demand is down – so the market might be slowing down. Here are some more Arlington real estate statistics for April, 2014:

If you are a buyer you might be wondering if this market is crazy or what?! Are you hearing multiple offers?Escalations? And on and on and on? Well, the market is a little crazy, but not as crazy as you think and not everyone is getting multiple offers. If you want a “cream puff” property that is perfectly located with a decent layout and in a lower price range – yes – you will have to fight for it, but there are plenty of homes that are not selling the 1st weekend.

So what’s happening? Here are the Arlington real estate statistics for February, 2014.

Inventory – the number of houses that are available for sale – is low. The last 5 year average for active listings is 449, in February there were 377 active listings – that’s 16% less than average.

Number of homes that went under contract (current demand) is 184.  Last 5 year average is 201 for Arlington. So that’s a little less than average – I wonder if it has something to do with the freezing cold winter we’ve been having.

The number of new listings is about the same as usual – about 254 (5 year average is 264).

So the law of supply and demand – supply is lower, demand is about the same – expect for the prices togo up!

From the 4 listings that I put on the market this year in Arlington – I did not have multiple offers on a single one of them.  Yes – 1 of them did sell in 2 days above list price, but the buyers weren’t snoozing and waiting for the open house – they made an irresistible offer to my client. Others got great offers in a week or two.

The prices are definitely heading up and don’t expect to pay yesterday’s prices – especially in a hot spring market. If you are looking for a single family home under a million in North Arlington – you really need to roll up your sleeves. A lot of buyers are out trying to buy something before the interest rates go up. If you are a seller – this is a great time to sell.

I welcome your feedback on the market – I definitely am not out there selling every home in Arlington and might not know about a certain market segment that’s absolutely crazy – would love to hear about this.

Here are the statistics from out local MLS that I was referring to:

 

Arlington real estate has been steady.  What are the biggest differences between January of this year vs. January of 2013?

1. The inventory is WAY WAY better.  Last January buyers had 260 homes to pick from.  This January buyers had 336 homes to pick from – that’s almost 30% more.  I know some of you who have been waiting for a 2 bedroom 2 bathroom condo at the Clarendon 1021 – this might not seem true, but the market seems more balanced than last year.

2. Average days on the market went from 60 to 45 – which is a 25% improvement.  If you like the house – don’t wait around too long or you will miss the opportunity.

The rest of the statistics is very similar – number of sold homes, homes that are under contract, average sales price, median sales price. If you’d like to see all the statistics in detail – click here.

I know a lot of buyers – especially in lower price ranges that are waiting for some new listings – hang in there – March and April should bring some more opportunities.  Just make sure you get your loan approval ready so you can jump on something quickly.

 

Arlington real estate market is steadily going up. Increase in interest rates has definitely made an impact and slowed things down, but the high demand for housing in Arlington is keeping the prices going up. Homes and condos near Orange line metro experienced the largest increase, but some condos in south Arlington are still struggling and have not reached the price levels of the last real estate boom.

The statistics below I calculated myself from the history of sales in MLS – so there is definitely some room for error, but the trends are definitely obvious.

Arlington Residential Real Estate Statistics:

*The average sales price of $600.309 in Arlington was up 3% from the previous year.

*The dollar volume of homes sales in Arlington for 2013 was $1,574,012,179, about the same as last year.

*Average days it took to sell a property in Arlington in 2013 was 22 – which is almost twice shorter than last year.

 Here is a chart for Arlington Residential Sales History:

 

Real Estate is very local – if you’d like a sales history of your own neighborhood – please shoot me an email and I will send it to you – no obligation. I hope for another great year!