Area Home Inventory Continues to Shrink

By
Real Estate Agent

The number of active listings in June for Alexandria City, Arlington and Fairfax County continues to decline.  Active home listings for the three major areas declined 24.5% to 3,763 compared to 4,837 in June, 2011. 

A majority of those active home listings for sale are located in Fairfax County which saw a 20.7% drop in active listings to 2,819 properties vs. 3,555 in 2011.  Active listings in Alexandria City decreased 26.7% to 417 vs. 569 and Arlington County was down 26.1% to 527 compared to 713 in June, 2011 according to RealEstate Business Intelligence. 

The average home sales price continues to be relatively flat, despite the low inventory numbers.  Fairfax County, which includes McLean, saw a slight increase to $517,709 vs. $511,278 up 1.3%.  Housing units sold in Fairfax County was up 10.6% to 1,547 vs. 1,399 in June of 2011.  The average days on the market for a home for sale in Fairfax County was 40 days.

Alexandria City saw a decrease in the average home price by 5.5% to $498,915 compared to $527,810 last year.  But 96.4% of sellers got the price they listed their property for. 

Alexandria City also saw housing units sold for the month up 12.7% to 240 vs. 213 and the number of days on the market decrease to 50 days compared to 74 days last year. 

With its wealth of entertainment, culture, good schools and great neighborhoods, it should come as no surprise that Arlington was ranked #2 by Business Week in their 2011 America’s Best Places to Live. 

Home sale prices in Arlington County saw a 6.5% increase to $628,902 compared to $590,645 in June of 2011.  The total number of units sold continued to increase with a year-to-date total of 1,401 units sold compared to 1,166 in 2011.  The month of June also saw a 35.5% increase in the number of units sold and the average days-on-the-market continued to be a modest 45 days. 

This has helped Arlington County real estate bounce back fairly quickly following the difficult housing market from 2008-2011. 

Sellers who have been waiting for a healthier market should be confident that they will get top dollar for their property.  It is also a good time for buyers who can still take advantage of low interest rates and reasonable home sale prices.  All indications point to the real estate markets continue climb back, which is a very good sign for our area and its future.

 

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