The August numbers are in and it is time to check in on the Arlington real estate market. Let’s take a look at how the market fared this summer…
As I have mentioned in previous posts, we saw a small dip in activity in the spring following the coronavirus outbreak. This prompted many to speculate that we would see a summer surge from pent-up demand. That absolutely was the case in Arlington. When compared to summer 2019, the number of sales this year was up by 11.4%, the median sales price increased by 15%, and the average number of days a property stayed on the market was down by three days (from 19 days to 16 days). In certain neighborhoods, sales were happening within a day of being listed. This is great news for sellers – it remains a seller’s market. An interesting metric that is good news for buyers is that the number of new listings this summer was up by 50%. This means that the number of choices for buyers has improved.
Another indicator of recovery from the small spring dip is how market activity increased month over month this summer. From May to June, new home sales increased by 21%. From June to July, new home sales were up by 24%. From July to August, the number of new home sales still increased, but at a slower pace – the number was up by 4.2%. That last number indicates that most of the pent-up demand from the spring has likely been realized. Prices were on the upswing month over month in June (up 21%) and July (up 24%) but dropped in August by 4.8%. The pace of sales continued to pick up, dropping from 19 – 17 days on average in June and down to 14 days on average by August. While it appears that the number of sales is not increasing at the same rate, sales are happening more quickly. It remains a very competitive market as we move into the fall.
The chart below shows contract activity week by week for the past four summers in Arlington:
*Market Data retrieved from 2020 MarketStats by ShowingTime and Bright MLS as of July 7, 2020.
TTR Sotheby’s International Realty is regarded as one of the highest-performing real estate firms in the United States. With nine offices and over 450 sales associates across Washington, D.C., Maryland, and Virginia, our commitment to professional service, integrity, and community leadership allowed us to capture more than $3.17 Billion in closed sales in 2018, while also serving as one of Washington D.C.’s foremost leaders in corporate philanthropy.
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