Arlington, Virginia has remained a very strong housing market throughout the turmoils of the housing slowdown in the Greater Washington D.C. area.  Arlington remains very desirable due to its proximity to D.C., the Orange Line metro running throughout the Rosslyn-Ballston corridor, and the variety of housing styles and pricing options available.

Days on Market:  Quick Arlington Sales Slowing Down Significantly 

Of the Arlington homes that went to settlement in the last 30 days, the average amount of time on the market was only 38 days.  This is still very fast and any Northern Virginia seller should be happy to have their home sell in such a short period. 

The graph below compares the days on market for Arlington homes sold in the various Arlington zip codes for closed sales within the last 30 days, pending (under contract) sales, and active property listings:

Throughout all of Arlington, the average days on market for pending sales is 64 days and the average for active listings is now 72 days.  In almost all areas, the days on market for pending sales and active listings is significantly higher than for the sales that closed in the last 30 days.

As this trend continues, we should be seeing price reductions on Arlington homes over the next 30 days as motivated Arlington sellers grow more anxious to get a sale. 

Pricing Report:  Listing Prices are Higher than Average Sales, but facing downward pressure; Pending Sales Prices Rise

The asking price for the current inventory of homes in Arlington is quite a bit higher than the recent sales prices.  The pending sales are also typically higher than last month's sales.  I expect that with the increase of days on market, we'll see prices stabilize around the average listing price of the pending properties.  Note: until settlement, we do not know the final sales price of the pending properties, so it may very well be lower than the reported listing prices. 

22201 Zip Code:  74 sales in July 2007 averaging $578,855.  Average pending sale is $665,040; average list price of 138 properties on the market is $704,400.  Most popular areas for sales in July were 1800 Wilson condominiums, Odyssey Condos, Ashton Heights, Courthouse Hill, and Westview at Ballston.

22202 Zip Code: 23 sales in July 2007 averaging $566,928.  Average pending sale is $579,313; average list price of 53 active properties is $620,378.  Most popular sales areas were Addison Heights and Aurora Hills.

22203 Zip Code: 32 sales in July 2007 averaging $442,342.  Average pending sale is $473,360; average list price of 100 available homes is $527,140.  The most sales were in Arlington Oaks, The Hawthorn condominiums, The Jefferson Retirement condos, and Tower Villas.

22204 Zip Code: 53 sales in July 2007 averaging $426,247.  Average pending sale is $441,989; average list price of 235 available homes is $473,366.  The most sales were in Arlington Village, Barcroft, Penrose, and The Carlton condominiums.

22205 Zip Code: 17 sales in July 2007 averaging $732,994.  Average pending sale is $838,150; average list price of 65 available homes is $947,801.  Most popular sales area was Dominion Hills.

22206 Zip Code:  32 sales in July 2007 averaging $391,114.  Average pending sale is $380,836; average list price of 69 available homes is $420,165.  Over half the sales in July were in Fairlington, with The Arlington condominiums, and Windgate of Arlington other popular areas.

22207 Zip Code: 52 sales in July 2007 averaging $864,308.  Average pending sale is $1,010,599; average list price of 120 available homes is $1,281,704.  Most popular sales areas were Berkshire Oakwood, Country Club Hills, Lee Heights, and Warwick Hills.

22209 Zip Code: 16 sales in July 2007 averaging $436,203.  Average pending sale is $712,467; average list price of 91 properties is $629,191.  River Place co-op accounted for 1/2 the sales in July, and the Atrium Condominiums were also popular.

22213 Zip Code: 4 sales in July 2007 averaging $1,147,250.  Average pending sale is $611,225; average list price of 21 homes is $849,567.  Berkshire Oakwood is the most popular sales area.

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