Arlington Home Sales Up in the First Quarter

By
Real Estate Agent

Arlington Home Sales Up in the First Quarter

 

A strong February helped to push Arlington home sales up nearly 6% in the first quarter from a year ago.  The average sales price and total sales volume for January, February and March rose by almost 10%.

 

In the first quarter a total of 487 residential properties, including single family homes, townhomes and condominiums, were sold compared to 460 this time last year according to data provided by RealEstate Business Intelligence.   That is up 5.9% from the year before.

 

All the growth in the first quarter took place in the month of February where there were 171 homes sold, up 36 units from 2011.  February also saw the average sale price go up slightly to $541,673 a change of 4.7%.

 

The rest of the quarter showed that Arlington home sales declined by 6.9% in January and in a somewhat rare occurrence stayed flat in March compared to same period last year.

 

Total sales volume, however, was up each of the three months and finished the quarter at $268.9 million, an increase of 10.7% over the $242.9 million from the year before. 

 

The inventory of homes on the market continues to decline.  Currently there are 1454 homes for sale in Arlington, down 9.1% from 12 months ago.  A tighter inventory tends to stabilize housing prices and push them higher.  It is not surprising then that the average sales price of all properties that changed hands in the first quarter in Arlington was $552,200, up 4.6% from the average of $527,979 reported a year ago.

 

What does this all mean?  There are tremendous opportunities not only for sellers, but for buyers as well.  For buyers, interest rates continue to be at all-time lows, currently at 3.81% for a 30-year fixed loan according to money.CNN.com. Sellers can sell their homes for top dollar, while buyers will benefit from the low interest rates making the slight increase in home prices still affordable.

 

Arlington home sales continue to be one of the strongest real estate markets not only in Virginia, but nationwide.  A very good sign for our area and its future.

Comments (1)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Russell, nice to see a significant increase in both prices and sales in your area.  Thanks for sharing....always great to hear good new.

May 07, 2012 03:41 AM