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Thursday, May 26, 2022
ArlingtonReal EstateArlington homeowners cashing in at sales time

Arlington homeowners cashing in at sales time

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There may be an end in sight at some point for rising single-family home values in Arlington. But so far, it hasn’t been reached.

The average sales price of the 100 single-family properties that went to closing in April was $1,348,813. That’s up 14.5 percent from a year before.
Figures were reported May 11 based on data provided by MarketStats by ShowingTime based on listing activity from Bright MLS.

The single-family market wasn’t alone in its upward trajectory: The average sales price of attached homes, such as townhouses and rowhouses, rose 3 percent to $558,215 while the average sales price of condominiums increased 10 percent to $512,303.

A total of 303 properties went to closing last month, down from 342 a year before as inventory continued to be a major issue. The 325 properties on the market at the end of April marked a decline of a third from the 487 properties available for prospective purchasers in April 2021, and represented just slightly more than a month’s worth of inventory.

(For the market to be considered “balanced” between buyers and sellers, the inventory would have to grow to approximately three months’ worth.)

A total of 84 properties went to closing at more than $1 million last month, including five for more than $2.5 million. And houses didn’t have to be massive to merit a seven-digit sales figure: The five single-family homes of one or two bedrooms that sold during the month received $1,153,600 on average.

Total sales volume for the month was $240.8 million, down 5.9 percent due to the sales decline.

Homes that closed in April spent an average of 19 days on the market (up slightly from 17 a year before) and garnered 102.8 percent of original listing price (up from 100.6% a year before). Conventional mortgages represented the method of transacting sales in 224 cases, followed by cash (50) and VA-backed mortgages (22).

The inventory crunch has been holding back total sales in Northern Virginia as much of more so than increasing interest rates and affordability issues, but all three are likely to play a part in coming months. In April the 337 homes that were listed as pending sales were down 18 percent from a year before.

Figures represent most, but not all, homes on the market. April 2022 figures are preliminary, and are subject to revision.

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