When Averages Can Be Misleading: January 2013 Arlington Real Estate Market Review

Arlington Real Estate Market Review:

The real estate market right now in Arlington is definitely a sellers market. Low inventory, multiple offers, contingency waivers, and a frenzy of showings indicates that the supply level right now just can’t keep up with demand. A total of 132 properties sold in January, of which 24% sold AT or ABOVE list price. Even crazier: 26 were cash transactions. Only 8 were foreclosures or short sales. However, the averages for the month don’t reflect the market as a whole right now. Average sale price was down 6.5% and median sale price was down 11.5%, while sellers were getting an average of 96.1% of original list price. This is due to the huge increase in smaller transactions that occurred in January (think condos under $200k). Looks like those sellers are taking advantage and moving up into bigger properties.

Single Family Homes
N. Arlington Average Net Sale Price: $777,999 in 57 days
Range: $390,000 – $1,500,000
S. Arlington Average Net Sale Price: $585,393 in 54 days
Range: $279,100 – $1,035,000

Townhomes
N. Arlington Average Net Sale Price: $856,519 in 20 days
Range: $469,900 – $1,099,600
Not enough sold in S. Arlington to compute an average

1 Bedroom, 1 Bathroom Condos
N. Arlington Average Net Sale Price: $294,365 in 39 days
Range: $180,000 – $405,000
S. Arlington Average Net Sale Price: $237,370 in 43 days
Range: $77,300 – $370,000

2 Bedroom, 2 Bathroom Condos
N. Arlington Average Net Sale Price: $589,595 in 41 days
Range: $390,000 – $1,005,000
S. Arlington Average Net Sale Price: $379,560 in 21 days
Range: $265,150 – $455,000

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