Reading the newspapers and watching television, one believes that the whole country is in the midst of a housing slump.  While sales and prices are down on a national level, it is important to realize that real estate values and real estate sales are indeed very local in nature.  This holds true for the Greater Washington D.C. area, which has not been spared the effects of the slowdown in the housing market.  Homes are spending longer on the market and region-wide prices are down, inventories are up, and sellers are getting worried.

Arlington, Virginia, the closest to D.C., Northern Virginia suburb is an exception to the overall trends.

Here is the home sales data for July 2007 in Arlington, Virginia:

There were a total of 286 homes sold in Arlington during the month of July.  This is down from this year's peak sales month of June which saw 342 home sales, but on par with July 2006 when 289 homes sold in Arlington.

Here in chart form are Arlington sales for January-July for 2006 and 2007:

Single Family Homes:

102 single family homes sold in Arlington in July 2007 at an average price of $835,633 with a range of $415K to $1.9M.

While fewer homes sold in July compared to the 124 in June, the average sales price was $13K higher than June's average of $822,679.

The most single family sales occurred in the Arlington community of Berkshire Oakwood, within walking distance of the East Falls Church Metro stop where there were 9 sales for the month.

Currently there are 354 single family homes on the market in Arlington, only a 3.47 month inventory at the current sales clip.

Townhouses:

48 townhouses sold in Arlington in July at an average sales price of $535,367 with a range from $295K to $1.2M.

This compares to 68 sales in June at an average price of $567,261.  However, the June sales price figures are skewed by the inclusion of an extraordinary sale of a 6000 square foot Chain Bridge Terrace townhouse for almost $2M.  Even with the exclusion of this townhouse, Arlington townhouse prices are down just a bit in July.

The most popular townhouse communities were Fairlington and Arlington Village.

Currently there are 128 townhouses on the market in Arlington, representing a slim 2.66 month supply -- a genuine scarcity creating a strong seller's market.

Condominiums:

149 condos sold in Arlington during the month of July at an average sales price of $403,390 with prices ranging from $188K to $999K. 

Number of sales dipped from June's 178, but June's average price was only $378,924 -- so the average Arlington condo sale in July was almost $25K more than a month prior. 

The most popular areas for condo sales in Arlington include the various parts of Fairlington with 18 sales, luxury condo The Odyssey near Courthouse with 7 sales, and 6 sales in the brand new 1800 Wilson condominiums.

Currently there are 396 condos on the market correlating with a 2.65 month inventory of condos in Arlington.

CONCLUSION:

Sales prices are up, inventory is low, and people want to live in Arlington.  People looking to sell their homes in Arlington should take advantage of this seller's market opportunity.

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