Arlington VA Real Estate Market Update – August 2009

I’ve been so focused lately on individual condo building and townhouse community blogs, that I neglected my monthly market updates! So here goes with the numbers:

August 2009 Sales for Arlington County Virginia

Detached Properties

North Arlington
Average Net Sale Price: $815,959 after 73 days on the market (DOM)
Range: $350,000 – $1,769,000

South Arlington
Average Net Sale Price: $535,547 after 94 DOM
Range: $205,000 – $950,000

Studio Condo

North Arlington
Average Net Sale Price: $228,150 after 25 DOM

1 Bedroom Condos

North Arlington
Average Net Sale Price: $311,106 after 41 DOM
Range: $134,000 – $447,820

South Arlington
Average Net Sale Price: $196,937 after 90 DOM
Range: $70,000 – $355,000

2 Bedroom Condos

North Arlington
Average Net Sale Price: $479,115 after 50 DOM
Range: $273,000 – $638,500

South Arlington
Average Net Sale Price: $424,029 after 111 DOM
Range: $155,200 – $740,000

Townhouses

North Arlington
Average Net Sale Price: $691,137 after 72 DOM
Range: $432,900 – $1,075,000

South Arlington
Average Net Sale Price: $381,131 after 70 DOM
Range: $175,000 – $592,495

These are all averages. Please don’t use them to place any value on your particular unit. For example, the most expensive townhouse sold in South Arlington this past month was a brand new unit with a garage at the Shirlington Crest – you can’t use that as a comp for a 2 bedroom 60 year old unit.

Anyhow, what the numbers are telling us for August is that Arlington is running about average with just over 200 sales last month. The overall average sales price is down about 7% from last year, but the median price is 7% higher! Average days on the market before going under contract is also down – mostly because inventory levels are so low (about 3.5 months worth), that properties in decent condition and priced fairly, are selling within days!

Thinking about buying? Search the current Arlington VA Homes For Sale