Who put the brakes on this thing?
That’s who I feel about the Arlington real estate market. Quiet. Dead. Ghost Town.
I will admit that the Spring market, namely February, March, and April were CRAZY. I was working 16 hour days between showing houses to clients, writing and negotiating contracts, and all of the other parts that make the Spring market boom. I love every minute of it.
However, since the beginning of May, I will say I felt a noticeable difference in the market. Not that prices have declined or more foreclosures are hitting, because it’s actually quiet the opposite. There are fewer foreclosures than last year and prices have stabilized and we’ve seen the beginnings of a price increase. But just the sheer number of actual PEOPLE out there in the market has considerably decreased. Inventory hasn’t been coming available as much or as often as last year, causing bidding wars for the few really active buyers out there. Example: 1 bedroom condos along the orange line? Few and going fast because there aren’t many to choose from! Check this out:
May 2009 New Properties for Sale: 388 June 2009 New Properties for Sale: 365
May 2010 New Properties for Sale: 353 June 2010 New Properties for Sale: 317
May 2009 Pending Properties: 330 June 2009 Pending Properties: 290
May 2010 Pending Properties: 233 June 2010 Pending Properties: 214
Down. Down. Down. It’s just activity that’s down – fewer people buying, fewer properties to pick from.
Things that will determine what happens next:
Sellers – Price and Timing.
Properties that are priced well are still selling quickly. Of the 402 pending sales, 114 (28.4%) went under contract in under 7 days, and 219 (54.5%) went under contract is 30 days or less.
Buyers – Be Ready to Make A Move.
So you’ve exhausted the current inventory in your price range and don’t like anything….be ready to jump when something new comes on the market for sale. If you see a new property – go see it. And be ready to make an offer, because there’s likely someone else in your price range looking at it too.