New year, new start! We last left off looking at the 2009 end of year wrap up – low inventory levels, prices were starting to creep back up, and even the condo market was starting to rebound. So how did that translate into market activity in January 2010?
Overall, Arlington County saw an 18% decrease in days on the market (things were selling, on average, in about 66 days), but the real news comes in Average Sale Price, which is UP 6% from 2009. (insert thumbs up here! where’s my “like” button?) There were 136 properties that sold in January; 7 of those were short sales and 9 were foreclosures/bank-owned properties. In 2009, there were 121 sales, of which 5 were short sales and 10 were foreclosures.
Here are the average net sales prices and average days on the market for Arlington County:
Studio Condos
N. Arlington: $143,667 in 58 days
S. Arlington: $107,000 in 34 days
1 Bedroom Condos
N. Arlington: $343,066 in 47 days (range: $250,000 – $644,500)
S. Arlington: $203,647 in 79 days (range: $101,325 – $304,000)
1 Bedroom with Den
N. Arlington: $352,250 in 51 days (range: $291,000 – $415,000)
S. Arlington: $222,868 in 68 days (range: $114,835 – $300,000)
2 Bedroom Condos
N. Arlington: $597,929 in 72 days (range: $435,000 – $1,400,000)
S. Arlington: $360,955 in 121 days (range: $170,000 – $550,000)
Townhomes
N. Arlington: $569,986 in 10 days (range: $483,181 – $707,000)
S. Arlington: $356,961 in 37 days (range: $205,000 – $484,000)
Single Family Homes/Detached
N. Arlington: $803,440 in 74 days (range: $515,000 – $1,509,900)
S. Arlington: $405,116 in 36 days (range: $175,000 – $672,000)
Keep in mind, averages only tell part of a story. You can see on most of these categories the range is very wide. There are many factors that go into determining the market value of any individual property. If you’re curious what your place is worth, ask me!