Median Sales Price Increase of 10 Percent in May 2011

May 2011 in Arlington County was another strong month for our real estate market. We saw a median sales price increase of 10.4% over May 2010, while the year to date increase says strong at 9.5%. Undoubtedly contributing to the growing market, we saw a decrease in short sales and foreclosures – from 8% in 2010 to 5% this year (219 total sales, of which 4 were bank owned and 8 were short sales). Compare the following numbers to May 2010:

Single Family, Detached Properties
North Arlington: $874,658 in 44 days (Range: $410,252 – $1,675,000)
South Arlington: $559,528 in 77 days (Range: $271,000 – $885,000)

Townhouse
North Arlington: $666,377 in 27 days (Range: $430,000 – $875,000)
South Arlington: $489,350 in 77 days (Range: $286,000 – $770,000)

1 Bedroom Condos
North Arlington: $338,972 after 55 days (Range: $189,000 – $490,000)
South Arlington: $234,300 in 25 days (Range: $128,100 – $290,000)

1 Bedroom + Den Condos
North Arlington: $343,684 in 73 days (Range: $220,900 – $470,000)
South Arlington: $279,143 in 32 days (Range: $126,500 – $340,000)

2 Bedroom Condos
North Arlington: $532,720 in 50 days (Range: $356,000 – $781,500)
South Arlington: $429,005 in 39 days (Range: $285,000 – $722,900)

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