Average sales prices were down in the single-family and condominium categories, but sales were way – make that waaaaaaaaaaayyy – up in February, leading to a 52-percent year-over-year increase in total sales volume for Arlington’s residential-real estate market.
Sales for the month totaled 247, up a whopping 68 percent from 147 in February 2020, as the Arlington market saw higher inventory to choose from.
Figures were reported March 11 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
The average sales price tumbled 9.2 percent to $714,367, but a good chunk of that decline was due to a smaller number of single-family sales in the overall mix compared to a year before.
Even so, the average sales price of single-family properties was down 11.2 percent to $1,103,787, while the average price of condominiums was down 1.3 percent to $478,186. In the detached marketplace – townhouses and rowhouses and including condos – the average sales price of $547,794 was up 3.4 percent.
A total of 45 properties changed hands for more than $1 million.
Add up all the sales, and the market volume for February stood at $176,254,859, up 52.2 percent from $115,817,406 a year before.
Homes that went to closing during the month spent an average of 31 days on the market, up from 22 days a year ago, and garnered 99 percent of original listing price, down from 100 percent a year before.
Conventional mortgages represented the method of transacting sales in 186 cases, followed by cash (30) and VA-backed loans (2).
Inventory, which continues to be tight in most of Northern Virginia, has loosened up substantially in Arlington. The 380 properties on the market at the end of February represented an increase of nearly 120 percent from the 174 properties available a year ago.
(At the prices Arlington homes are fetching, can anyone blame owners for testing the market to see how high it might go?)
For the first two months of the year, sales across Arlington have totaled 405, up 36.8 percent from 296 a year before.
As to the future, the short-term at least looks solid, with pending sales reported for the month up nearly 30 percent from a February 2020, the last full month before the pandemic upended daily life in the region and nation.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to change.