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Monday, October 18, 2021
ArlingtonArlington single-family home prices keep on rising

Arlington single-family home prices keep on rising

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Average sales prices of single-family homes bumped up nearly 10 percent year-over-year while average prices for attached homes and condominiums were relatively flat, according to June home-sales data across Arlington.

A total of 369 properties went to closing last month, up 62 percent from 228 in June 2020, according to figures reported July 13 by MarketStats by ShowingTime, based on figures from Bright MLS.

The year-over-year comparison isn’t that important this time around, because in June 2020 the local market continued reeling from the initial blast of the COVID crisis and the resulting economic lockdowns and generalsocietal skittishness.

But year-over-year sales prices are a good indicator of the current state of the market, and most figures point higher.

The average sales price of $820,153 across Arlington in June was up 13.1 percent from $725,495, although that jump was due in part to the higher number of single-family homes that were part of the sales mix in June 2021 compared to a year before. Single-family homes represented 41 percent of transactions in June 2021 compared to just 32 percent a year before.

And the single-family sector was the only one that saw a big bump up:

• The average price of single-family homes in the county was $1,217,376 last month, up 9.8 percent from $1,109,179.

• The average price of attached homes, such as townhouses and rowhouses, was $538,786, down 0.4 percent.

• The average price of condominiums was $477,865, up 1.6 percent.

A total of 102 properties went to closing for more than $1 million during the month, with three of them fetching more than $2.5 million.

Add up the total sales and prices, and the total sales volume for Arlington in June stood at just a hair over $300 million, up 81 percent from $166 million a year before.

Homes that sold in June spent an average of 20 days between listing and ratified sales contract, up slightly from a year before, while sellers garnered 99.9 percent of listing price, up from 99.5 percent.

Conventional mortgages represented the method of transacting sales in 284 cases, followed by cash (48) and VA-backed mortgages (30)
Inventory is up from a year ago, with 526 properties on the market at the end of the month. But that remains less than a two-month inventory, so the market still favors sellers (although a glut of condos at some price points is benefiting buyers).

Figures represent most, but not all, homes on the market. June 2021 figures are preliminary, and are subject to revision.

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