Arlington VA Home Prices Up 17% from 2009

There has been a palpable shift in the Arlington, VA real estate market over the past few months, and the March statistics reflect that. Inventory is way down as we’ve sold through many of the properties for sale, and haven’t had the same number of new properties come on the market for sale – the market has self-corrected. Here’s the overall picture of our current market:

A total of 227 properties were sold in Arlington in March 2010. Of those, 14 were short sales and 10 were bank-owned properties, making our “distressed” market only about 10.5%. Average NET prices of condos/co-ops is down 6% from 2009, BUT townhouses are up 13% and single family homes are up by 17%. Here’s the breakdown by property and location for average net sale price and days on the market:

Single Family Homes
North Arlington:  $793,308 in 99 days
South Arlington: $473,380 in 62 days

Townhomes
North Arlington: $754,803 in 71 days
South Arlington: $367,018 in 16 days

1 Bedroom Condos
North Arlington: $317,134 in 42 days
South Arlington: $228,078 in 45 days

1 Bedroom with Den Condos
North Arlington: $375,889 in 36 days
South Arlington: $251,490 in 46 days

2 Bedroom Condos
North Arlington: $600,739 in 105
South Arlington: $393,708 after 49 days

Remember, these are just averages. For a more detailed price analysis for you home, please contact me.

Source: MRIS

Washington, D.C. Real Estate Market Lacking Properties To Sell

Much like the surrounding areas of the D.C. Metro area, The District is at very low inventory levels too. So low in fact, that 52% of the condo/coop inventory in March sold in the first 30 days; for rowhouses/single family homes – it was at 42%.

Condo/Coop Inventory is down 16% from this time in 2009, but it’s the highest level since last August. Part of this comes from the fact that sales are up 27.5% from 2009, and average sale price is higher than 2006 and 2007, but only a smudge lower than 2009.

Rowhomes and Single Family properties have seen inventory levels fall by 31% since 2009. The number of units that traded hands last month is up 39.2% from 2009, probably because average sale price is at the lowest it’s been in the last 5 years.

Data provided courtesy of the Greater Capital Area Association of Realtors(R).