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Arlington home prices up again in latest data

Total sales were surprisingly strong in June across county, but trend may not last

Average sales prices in all three segments of the Arlington real-estate market nudged up in June from a year before, and sales were almost on par with what had been a cooling June-of-2022 market.

The overall average sales price of $827,143 didn’t reflect it – because fewer single-family homes were in the overall mix in June, it was down 0.9 percent from a year ago – but all three components of the home-sales jigsaw puzzle were up year-over-year:

• The average sales price of single-family homes rose 0.5 percent to $1,358,019.

• The average sales price of attached homes (townhouses, rowhouses and condominiums) was up 4.8 percent to $546,959.

• The average sales price of condominiums alone was up 7.3 percent to $488,406.

Figures were reported July 11 by MarketStats by ShowingTime based on listing activity from Bright MLS.

The 275 sales for the month compared to 286 a year before, a dip of just 3.9 percent. However, the 2022 Arlington market, which had been hot-hot-hot during the first months of the year, was demonstrably cooling as summer 2022 approached, making it more likely year-over-year comparisons for June and remaining months of 2023 will be closer than they were at the start of the year.

But the 3.9-percent dip in June also may  have been a timing issue or other momentary blip; the number of pending sales still in the pipeline at the end of the month was down 24.7 percent from the same point a year before.

The number of attached homes, including condos, that sold last month was up slightly (180 vs. 178) compared to a year before, but the number of single-family homes was down (95 vs. 108). A total of 86 properties of all types went to closing during the month for more than $1 million.

Add up the sales and princes, and the total sales volume for the month stood at $226.6 million, down 3.2 percent from a year before.

The typical Arlington home that went to closing in June spent an average of 21 days on the market, up one day from a year before, and garnered 99.8 percent of listing price, down from 100.2 percent, a year before and on par with the five-year June average of 99.9 percent.

Conventional mortgages represented the method of financing 166 properties, followed by cash (67) and VA-backed mortgages (26).

Inventory remains tight, with the 284 properties on the market at the end of the month down a third from a year before, and the number of properties coming onto the market in June down 44 percent. Over the course of the past five years, active listings at the end of June have ranged from 245 to 526, averaging 351.

Figures represent most, but not all, homes on the market. All June 2023 figures are preliminary and are subject to revision.