Arlington Virginia – Days on the Market – July 2009
For those of you who read my monthly statistics regularly, you know I normally break out Arlington statistics by zip codes and styles. Well this month, something struck me as so important, that it deserves a blog to itself: Days on the Market.
The MRIS tracks the number of days from when a property is first listed, until it is under contract (regardless of whether it’s contingent on anything). Days on the Market (DOM) is a good indication of buyer activity and pricing. Take a look at the chart below for July 2009:
North Arlington: 22201, 22203, 22205, 22207, 22213 – On average, 57.4% of all the listings sold in July sold within the first month!
South Arlington: 22202, 22204, 22206 – On average, 51% of all the listing sold in July sold within the first month!
This to me is absolutely incredible. It’s also indicative of the level of inventory we’re experiencing right now. For some people, there’s just nothing to buy! Or when something comes on the market that’s in decent shape, a good location, and a reasonable price – it’s literally FLYING off the market (and more often than not, after multiple offers).
With the December 1st deadline for eligibility for the $8,000 tax-credit quickly approaching, buyers are not hesitating to make an offer when they find something they like!
*Data provided from MRIS. All information deemed reliable but not guaranteed.