In these swiftly changing times, it's hard to look at one month's worth of data and try to predict what's coming next. But if we look at three month's worth of data, usually considered a "trend," we begin to get a more clear picture of the direction of the market.
Here's what's happened with Single Family and Condo units in Arlington, MA from April 2009 through July 2009:
- Total April Sales (in units): 27
- Total July Sales (in units): 72
- Avg. Days on Market in April: 77
- Avg. Days on Market in July: 43
- Avg. Sales price, April: $441,992
- Avg. Sales price, July: $451,813
- Sales Price/List Price Ratio, April: 98%
- Sales Price/List Price Ratio, July: 99%
So what does this tell us? In short - the Arlington market is making a rebound. As you can sell, total number of sales increased 167% over the April to July period, while the average days on market fell by 56%. The average sales price increased by an overall 2% in the same period, while the SP:LP ratio increased to 99%, meaning the listing prices of homes are almost spot-on with market demand - so there's not much wiggle room for negotiating your price.
In short - NOW is a great time to buy while rates are still at historical lows, inventory is getting tighter and prices are starting to rebound.
So jump on in - the water's fine!