Home sales may have belly-flopped in July, but the average sales price of a single-family home just kept on pushing into record territory in Arlington, according to new sales data.
Will that be a symbol of the “new normal” in local real estate – fewer sales, higher prices – or is it something of a bacchanalian feast before a significant correction approaches? Only time will tell.
A total of 245 properties went to closing in Arlington last month, according to figures reported from MarketStats by ShowingTime based on listing activity from Bright MLS. That’s down 26 percent from the 342 sales recorded a year before.
Sales were down but the average sales price of $894,779 was up 13.8 percent, due in part to a larger percentage of single-family homes in the sales mix for the month – 42 percent of all sales compared to 34 percent a year before.
(While single-family transactions were down 12% to 103 for the month, sales in the townhouse/condo sector plummeted 37% to 142.)
The average sales price of single-family homes rose a seemingly incredible, given cooling market conditions, 17 percent to just over $1.4 million, while the average sales prices of attached homes ($526,720) and condominiums ($460,294) were down 7.5 percent and 9.2 percent, respectively.
A total of 77 properties went to closing for more than $1 million, including five for $2.5 million or higher.
Add it all up, and total sales volume for the month stood at just over $218 million, down 18.3 percent from just under $267 million a year before.
While sales were dropping, sellers who made a love connection with a buyer were making out OK: It took an average of 20 days between listing and ratified sales contract for homes that went to closing in July, and homes sold, on average, for 99.4 percent of original listing price – both up from a year before. Just over half of homes found a buyer within 10 days of going on the market.
Conventional mortgages represented the method of transacting sales in 170 cases, followed by cash in 49 instances and VA-backed loans in 22.
Inventory, which at one point had been exceptionally tight in Arlington, is now only somewhat so: The 461 properties on the market at the end of the month represented a supply of 1.9 months, still somewhat in pro-seller territory.
But there’s little question the slowing sales will continue, as the number of homes that were listed as pending were down by nearly 30 percent compared to July 2021.
Figures represent most, but not all, home sales in the market. All July 2022 figures are preliminary and are subject to revision.