Something may have to give, eventually, but, for now, average single-family-home sales prices in Arlington continue to spike, according to new data.
The average sales price of the 108 existing single-family homes that went to closing across the county in June stood at just over $1.35 million, up 11 percent from the already red-hot market of June 2021, based on data provided July 13 by MarketStats by ShowingTime based on listing activity from Bright MLS.
For those in other segments of the market, however, signs of a general weakening of the market are beginning to accumulate:
• The average sales price of all attached properties – townhouses, rowhouses and condominiums – was $521,789 for the month, down 3.2 percent from a year before.
• The average sales price just in the condo segment of the market was $455,131, down 4.8 percent and reflecting what has been a cooldown in appreciation rates in that sector over the past year.
A total of 86 properties went to closing for more than $1 million during the month, with four closing for at least $2.5 million.
For the month, 286 properties went to closing, down 22.5 percent from a year before. The main culprit in the decline does not appear (yet) to be higher interest rates and resulting affordability issues, but rather an ongoing dearth of inventory.
While neighboring Fairfax County’s active listings have returned to be almost on par with last year, Arlington’s 422 properties on the market at the end of June represented nearly 20 percent less than at this point in 2021. Fewer sellers were bringing their homes to market, too, as the new listings for the month were down 16 percent.
The 22-percent year-over-year decline in sales for June may actually accelerate, as the number of pending transactions in the pipeline but not yet fully consummated is down 33 percent from a year ago.
Still, it’s hardly a gloom-and-doom environment. Sellers received, on average, more than 100 percent of original listing price for their properties (up slightly from last year), while 57 percent of all properties that sold spent less than 10 days on the market between listing and ratified sales contract and 70 percent had found a suitor within 20 days.
For the month, conventional mortgages represented the method of transacting Arlington sales in 196 cases, followed by cash (59) and VA-backed mortgages (19).
Add up the sales and prices, and total sales volume for the month stood at $234.2 million, down 22 percent from a year before.
Figures represent most, but not all, homes on the market. All June 2022 figures are preliminary and are subject to revision.