- did not sell,
- rented
- expired
- or were withdrawn due to not being able to get a price the owner wanted
Home Sales Increase 3 Consecutive Months in Arlington & Washington DC
So here are the latest numbers for real estate in Arlington VA:
What do the numbers tell us? Well there has been an increase in the numbers of home sold 3 consecutive months. Simultaneously, the median sold price dropped 3 months in a row compared with January, February and March 2006. The price was down 16% in Jan, 8% in Feb and stayed completely flat -0.02% in March. So it looks like a fixed market....More transactions than a year ago and identical prices as of March. Looks like a very healthy market. Sorry bubbleheads that you didn't get the disaster for which you were rooting!
Only time will tell if the correcting is over but my instincts tell me in the single family and townhouse market it's done. For condos there is still more time needed for the stats to tell the tale as many owners have not dropped the prices of their Arlington Condos yet. An example from last week was Lexington Square. Lots of upside down owners there I'm sure which is tragic. But we were looking under $500,000 for 2/2 and found 2 real estate listings to view in Ballston / Clarendon area. But there were tons of lockboxes on the building. Turns out there were a bunch of 2/2s listed higher than $500,000 even though comps were around $470-495,000 after I ran the numbers for my client. I will not let you overpay!
In Washington DC we similar trends:
Prices dropped slightly from a year ago for sold homes while the number of DC real estate transactions increased dramatically. What I will have to figure out is how to specifically get data for condos for some of my market reports. It is imperative when buying a condo that you plan on owning it at least 3 years and that you comp it correctly when putting forth initial contract offers....
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