It’s an admittedly lagging indicator in a fast-evolving market, but Arlington home sales held up strong in May, according to new data, overcoming inventory challenges and a more complex economic environment.
A total of 313 properties went to closing during the month, down just 6 (or 1.9%) from a year before, according to figures reported June 14 by MarketStats by ShowingTime based on listing activity from Bright MLS.
That relatively flat number of home sales comes even as inventory remained depressed, with the number of homes on the market down about a third from the already tight conditions of a year before.
The decline was most noticeable in the single-family segment, where sales for the month declined 17 percent to 105. In the attached-homes market of townhouses, rowhouses and condominiums, sales were up 8 percent to 208.
That fewer number of single-family homes in the sales mix accounted, in part, for a 4.1-percent decline in average sales prices, dropping from $855,715 a year before to $820,363 this May. But even within the single-family market, average prices were down, with the average sales price of $1,308,205 dropping 1.4 percent from a year before.
The average sales price of all attached homes was $574,056, up 5.5 percent, and the condominium submarket of that sector saw average prices up 4.7 percent to $509,954.
It’s worth keeping uppermost in mind that these transactions, which went to closing between May 1-31, largely were consummated in late March or early April. The market today seems to have shifted owing to rising interest rates and other economic factors, though experts largely believe it remains in pro-seller territory.
Homes that sold in May garnered an average of 102.7 percent of original listing price, up from 101.3 percent a year before, and spent an average of 18 days between listing and ratified sales contract, essentially on par with the 19 days needed a year ago.
Inventory remains tight, standing at 354 homes at the end of May 2022 compared to 525 in May 2021. And only 396 properties came on the market during the month, compared to 499 a year before.
Couple the lack of inventory with rising economic pain, and it’s maybe no surprise that the number of pending sales reported in May was down 24 percent from a year before. The upshot: It might be a bumpy ride ahead.