Arlington real estate in 2013 was truly off the charts. In last year's real estate market update we posed the question:
"What trend will define the Arlington 2013 housing market?"
Our answer was:
"Movement. Like a snowball picking up speed, the Arlington housing market is poised to take off..."
The snowball effect on Arlington real estate was an accurate prediction, with more properties selling faster and for higher prices than anyone could have anticipated. Low interest rates, high rents and increasing home values put people in motion.
If you look at the numbers in the chart for 2013, you'll see that home values increased across the board for single-family, condo, and multi-family homes, with days on market fewer for all. Only volume of single-family home sales decreased from 2012 to 2013 - a reflection of lower inventory levels across the region. That is some impressive momentum.
So knowing where we've been for the past twelve months, what trend will define the Arlington 2014 housing market?
The answer: "Transition. Look for a similar market with limited inventory and rising values. But, real estate in New England is like the weather - it changes quickly."
While I wouldn't expect any drastic fluctuations in 2014, it is poised to be a transition year with changes afoot. Interest rates are expected to rise which will likely slow the rising home values and open up inventory levels.
If you're thinking about selling, don't wait too long. Once inventory levels begin to rise, buyers will gain confidence and the days of multiple offers and over-bidding could be gone. Selling a home is an undertaking that requires a professional team with a proven strategy to ensure the successful sale of your home.
Don't regret missing out on today's housing momentum.
Contact the #1 real estate agent and team in Arlington for your free and confidential home market analysis.