Arlington VA Homes Sales Increase Modestly 5.49% - Arlington Virginia Homes Sales Mixed Results - Arlington homes prices decline 9.24%
The latest sales statistics for MRIS* which is our Virginia MLS service we use has just been released today October 10, 2008. It has some very interesting trends. First, Arlington homes sales are up only 5.49% over same time period in September 2007 which had 192 home sales. September 2008 saw 182 Arlington homes sold. The average price for a home sold in Arlington has dropped from $563,846 last September to an average sold price of $511,748 this year. That is a drop in average sales price 9.24 %. The final sales figure does not reflect that Arlington homes seller's contributions or concessions to make the deal work are lowering the sellers net. The sellers are netting less than reported by the statistics.
The list price sales price ratio of a an Arlington homes for sale has also widened to 93.87%, the time needed to sell a home has increased from 85 days to 69 days an increase of 23.19% increase in time to sell. My interpretation is that a major increase in sales are still not in the cards, because the statistics show there is resistance in these times to pay the higher prices. If the rising gas prices were a tipping point for a shorter commute, the sales statistics are not bearing it out with an increase in Arlington home sales. Prices still have to come down to reflect a soft consumer demand for older dated homes many of which do not have a garage or a 2 car garage.
*MRIS - Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format
Comments(0)