Wilson Realty Group continues our weekly series on the local real estate market statistics. This week we focus on Arlington County which includes McLean, Ashton Heights, Clarendon, Auora Hills, Crystal City, Ballston, South Arlington, North Arlington, Rosslyn, West Arlington and Fort Myer.
1. Market Activity – In Arlington, Market Activity is up almost across the board by 20% in February. After a stronger January than in 2014, the market is jumping into the spring market a little earlier than last year. Listings are up significantly from January by 50 and up 21.1% over the same time last year. Higher listings contributed to a robust inventory of 461 listings which is greater than 23.3% higher than February, 2014. However, Closed Sales remain flat compared to January which is much better than the traditional downward trend during the winter.
2. Median Sold Price – Detached homes are up 6.9% from the same time last year to $775,000 and Townhomes are up 3.3% to $727,500. Condos had a more modest increase of only 1.1% to $370,000 down from their peak $415,500 in November, 2014.
3. Average Days on Market – The ADOM decreased to 63 days across all segments with Condos leading the way at just 61 ADOM. This is the first time in over 8 months that the ADOM has dropped from the prior month and hopefully reflects the coming Spring market trend.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio increased to 96.9% across all segments with Condos leading the way at 97.3%. The ASOLP Ratio is down 0.9% from the same time last year.
The Arlington County real estate market continues to show strength given the economic challenges, interest rate fluctuations and historically tight inventory. At Wilson Realty Group, our clients are seeing tremendous value leveraging our hybrid model because it simply keeps more of their hard earned money in their pocket. With a Median Sales Price in excess of $500,000, our Arlington County clients are saving thousands on their next move. Don’t waste your time and money – call Wilson Realty Group today at 202-642-5478 and let’s move!