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 has been mixed over the last several months. After a robust start to 2013, the market has settled back to a more normal pace towards the end of the year. New Listings are up over last year by 31%, All Pendings are down almost 26% over the same time period. While the final quarter of the calendar year is traditionally the slowest for real estate, other factors such as low inventory, rising interest rates and an unstable economy play a role in the trends we are seeing.
2. Median Sold Price – Condo prices pulled the Median Sold Price down slightly to $527,500 for October, 2013. However, Detached homes jumped to their highest point ever – $799,800 – a 17.8% increase over the same time last year.
3. Average Days on Market – The ADOM dropped for the first time in 3 months back down to 29 days across all segments. This continues to point to the limited inventory and desireability of Arlington County as a place to call home in the DC Metro.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio rebounded to a 3-month high of 98.5% across all segments with Townhouses leading the way at 100.6%.
The Arlington County real estate market continues to show strength given the economic challenges, interest rate fluctuations and low 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 anywhere from $5,000-30,000 on their next move. Don’t leave your money on the table – call Wilson Realty Group today at 202-642-5478 and let’s move!