You would think that having upwards of 500 homes on the market at any given time would be a lot, right? Wrong. In June, our active inventory level was 527 properties. In 2011, that number was 713. As of this writing, the active number of properties on the market is 513, last July that number was 700 (and the year before that was 772). Typically, Arlington has about 200-300 sales per month, higher in the Spring/Fall and lower throughout the rest of the year. That means it would take about 2-3 months to sell through all of the properties on the market.
Some places are lacking inventory more than others, for example, condos right now are selling quickly for the most part because there are so few on the market. Same for single family homes under ~$850k.
Why is this important?
Buyers should know that the market is moving very fast, even through Summer is usually slower. Multiple offers are still happening more often than not, and many times things are selling above asking price if it’s a new to the market listing. If it’s been on the market for a while, you’ll generally have more room to negotiate.
Sellers should know that if you own a property that you’re thinking of selling – seriously consider it right now! The market is better than ever with buyers looking to take advantage of the low interest rates and affordability with rising rents. Low inventory means more buyers fighting over your home.