September 2020 Briggman Market Watch: Housing inventory is continuing to rise and condos hit a 4 year high of 3 month inventory
That’s just the trend – there are more homes coming on the market and they are not all of them are selling. Last year we had 262 available listings on September 31st, 2019 and this year 501. That’s a 91% increase! New contracts went up only about 10% from 237 to 260. Which means – the prices are going to stabilize, even with the low interest rates. Condos are the most vulnerable segment and will see a significant change in salability.
Average sales price went up from $705,000 to $826,000 and Median sales price went up from $590,000 to $710,000 for the month of September, 2020. I think it’s very much driven by the record low interest rates. So it is better to sell now than a year ago, just good luck selling!
Here’s a chart of inventory levels for different Arlington housing types: condos, townhomes, single family homes and overall (2.5 months of inventory is a healthy market for Arlington, VA):
As we coming to the holiday season I expect the market to slow down – that’s a regular yearly trend, even during pandemic. It will be interesting to see how election results will affect Arlington real estate.
On the other hand – best homes always sell – in any market. So put your best foot forward, make your home look great, price it right and it will sell. And I am here if you need help.