NVAR has published the June 2011 Housing Report for Arlington. The condo market inventory has decreased from this time last year from about 520 units on the market to about 380 units on the market at this time in 2011. So far in 2011 the numbers of condos that have been listed, sold, pending or active are all down from their June 2010 numbers. The total days on the market is only up a few days from this point in 2010. The good news is that the average sales price has gone up from about $369,000 to about $390,000. The largest segment of the market is condo/coops priced under $500,000.
The single family home report for Arlington has the inventory for each month in 2011 since March increasing, but overall the June 2011 numbers for sales, listings, active units are still behind the June 2010 numbers. There are fewer homes on the market at this point in 2011 than there were in 2010. Overall the average sales price for a home in Arlington is up from about $788,000 in 2010 to $793,500 in June 2011.
The 2011 market has been a little slower than in years past, the inventory is down be it for a condo/coop or for a single family home from years past and thus sales are not on the as the same pace that we have seen in previous years. If a property is price correctly, it will still move in a short period of time since there are buyers out there looking to purchase. Mortgage rates are still at near record lows for 15 and 30 year fixed rate mortgages (can get them at under 5%), if you are considering buying, it is not a bad time to get out and start looking, or making sure your credit and everything else is in order to buy a home later this year or next.
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