Arlington’s real-estate market, which has been hot since the summer of 2020, is showing signs of cooling off, but prices in the single-family sector are holding steady, according to new data.
A total of 299 properties went to closing in August, according to figures reported Sept. 13 by MarketStats by ShowingTime, based on listing data from Bright MLS.
That’s essentially unchanged from a year before (when sales stood at 295) but shows a significant bump from the 247 sales recorded in August 2019 in the pre-COVID era.
The average sales price year-over-year was down (dipping 2.8 percent to $741,020) but that in part was due to a slightly smaller percentage of single-family homes in the overall sales mix for the month. Single-family properties comprised 36 percent of transactions in August 2021 compared to 39 percent in August 2020.
But while the average price for single-family homes was up (1.1 percent to $1,145,495), average prices were down in the other two segments of the market:
• The average price of all attached homes – including townhouses, rowhouses and condominiums – was down 3.4 percent to $512,311.
• The average price exclusively of condominiums was down 9 percent to $430,622, as the upper-end condo market continues to be out of favor with some buyers.
A total 63 properties changed hand for more than $1 million during the month.
Add up the sales and prices, and total dollar volume for August stood at $221.5 million, essentially unchanged from August 2020 but up from $173.9 million in August 2019.
Is the market cooling? Some additional data point that direction: It took an average of 22 days from listing to ratified sales contract in August, up from 14 days a year before, and homes sold for 99 percent of listing price, down from 100.3 percent a year ago.
Conventional mortgages represented the method of transacting sales in 214 cases during the month, followed by cash (61) and VA-backed loans (18).
In the summer of 2020, the local real-estate market was beginning a rapid rebound from the early onset of COVID, but inventory was still restrained (just 397 properties on the market in August 2020). In August 2021, that number had grown to 490 – still a low figurer, historically speaking, but not quite as much a pro-seller environment as in earlier months.
More signs of cooling: The number of new pending sales during the month were down 16 percent from a year before, with all pending sales down 5 percent. Those pending sales usually translate into completed transactions within a month or two of posting.
Figures represent most, but not all, sales during the period. Figures for August 2021 are preliminary and are subject to revision.