*excerpts from Steve’s video assessment given on 1/3. Click to view his full overview.
This side-by-side comparison of Arlington home sales from 2017 to 2018 sheds light on some expected (and not-so-expected) information.
While we are still experiencing a lack of inventory in the area, the market does seem to be stabilizing. It appears that home values have reached their ceiling and buyers are gaining some leverage – they are willing to wait a little longer and are more reluctant to engage in bidding wars.
The number of single-family home sales from 2017 to 2018 stayed consistent while the average single-family home price rose significantly by 12%.
The number of condo homes sold was also fairly steady rising from 234 sales to 245, with prices rising about 7%.
Multi-family home sales proved interesting – there are fewer available multi-family homes on the market because so many have been converted into condos. The number of multi-family homes went from 37 to 53 with the sale price rising from $902,000 to $1,004,000 - a noteworthy jump.
If you are thinking of selling in today’s market, it is important to be informed and plan ahead. We would be happy to provide additional information and insights into these market trends for you. Please do not hesitate to contact us.