July of 2013 saw some fairly large month over month declines in the housing market for Arlington County, VA. There were only 283 homes sold that month, which is up about 12% from 2012, but down 9.5% from the previous month. Despite the low number of sales, the total value of the homes was an impressive $167,361,187, up 15% from July of last year but down about 14.5% from June.
The median value of a home sold in Arlington County in July was $525,000, a 1% increase from the year prior but a 2% decrease from June. The average value was slightly higher than the median at $591,283, up 3% from 2012 but still down around 5% from June. Even though these values were decreasing, sellers were still receiving 98% of their original asking price, a .6% increase from 2012 and a .5% decrease from June. This means that when a house was listed for $500,000, the seller would close for about $490,000.
At the month’s end, there were 394 active listings still on the market for Arlington County, VA. Compared to 508 for July of 2012, this was a 22.5% decrease. Of those active listings, 313 were new. This majority of new listings marked a 14% increase from 2012. Given that there were 313 units sold in June of 2013 for the county, the 394 active listings constitutes a little more than a month’s supply of homes, which means that the market is doing well and sustainable. When a home was listed, it stayed on the market for about 23 days before being sold. This is a huge 51% decrease from the 47 days it stayed on the market in July of 2012. Express Homebuyers can buy your home in just 7 days – less than a third of the current average market time for Arlington County. If you want to sell your home fast and receive cash for it, then contact Express Homebuyers today at 877-804-5252!