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Tuesday, November 30, 2021
ArlingtonArlington home sales solid in September

Arlington home sales solid in September

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Home sales across Arlington in September, while down slightly from a year before, were at the high end of the 10-year range of Septembers gone by, according to new data.

Meanwhile, the average home appreciation in the single-family segment slowed significantly, while in the townhouse and condo markets, it shifted into reverse, according to figures reported Oct. 12 by MarketStats by ShowingTime, based on listing data from Bright MLS.

Whether those flaccid sales prices are a momentary blip, or a sign that the Arlington market may have finally reached a point where housing costs are moving too far out of reach for many, remains the million-dollar question.

The 242 properties that went to closing last month represented a dip of 11.7 percent from 274 last September – though it is worth noting that the period between late summer and late autumn last year saw the real-estate market playing catchup from the initial stages of COVID lockdowns, leading to larger-than-normal sales totals.

When looking back over the preceding decade’s September sales, the 2020 figures stand up well. Sales ranged from 190 (in 2019) to 254 (2015).

For the month, both median ($645,000) and average ($725,956) sales prices took tumbles, but that was due in part to fewer single-family homes being part of the overall sales mix. Single-family properties represented 33 percent of transactions this September, compared to 42 percent a year before.

Even so, average sales prices were relatively flat in one leg of the home-sales stool, down in the other two:

• The average sales price of a single-family home was up 1.6 percent to $1,174,898.

• The average sales price of attached homes (townhouses, rowhouses and condominiums) was $504,256, down 10.8 percent.

• The average price of condominiums alone was $457,673, down 11 percent.
A total of 41 properties changed hands for more than $1 million, including a trio for at least $2.5 million.

Add it all up, and the total sales volume for the month stood at $176.2 million, down 21.7 percent from $225 million a year before.

Homes that went to closing in September spent an average of 30 days between listing and ratified sales contract, up from 21 a year before, and garnered 97.8 percent of original listing price, down from 100.2 percent. Both suggest that the local market’s engine, while still purring along nicely, is no longer overheating.

(Turn that frown upside down, prospective home-sellers: The number of pending contracts recorded in September was up by 18 percent from a year before, suggesting a couple of stronger sales months ahead.)

Among homes that sold in September, conventional mortgages represented the method of consummating the deal in 174 cases, followed by cash (43) and VA-backed loans (14).

Inventory remains relatively light – the 540 properties on the market at the end of the month represent the equivalent of a 2.5-months’ supply, a figure that while moving toward the direction of equilibrium with buyers, still tilts toward sellers.

Figures represent most, but not all, sales during the period. Figures for September 2021 are preliminary and are subject to revision.

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