The speed at which homes sell is certainly an indication of which way the real estate market is moving. A well priced home in good condition and in a good location will almost always sell quickly. No doubt you've heard the stories of homes selling (maybe even in your neighborhood) as soon as the real estate "For Sale" sign goes in the ground. Price your home too high and it will linger on the market and you'll be chasing the market down as you continually reduce your price.
By all indications, the days of quick sales are coming back... at least in Arlington, VA.
Check out this chart below which shows the Days on Market for homes sold in Arlington over the last 6 months. The chart is organized by price range with each color representing a different price range according to the legend.
Interestingly you'll see that in February 2011, contrary to what you might have been thinking, the fastest selling Arlington homes by average days on market were actually the most expensive -- the $1 million to $2.5 million price range, which averaged just 46 days on the market. The $800K to $1 million homes took an average of 93 days to sell. Scroll your mouse over the chart for complete information.
Taking a look at the average days on market for all Arlington listings currently under contract shows an average time on market of 50 days. This pending sales data is indicative of a fast-moving Spring market in Arlington, VA.
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