Even though listings remain constrained, Arlington’s homes market continues to consummate deals at a steady pace.
A total of 161 properties went to closing in February, up from 139 a year before, according to figures reported March 12 by Bright MLS, based on data from MarketStats by ShowingTime.
February tends to be one of the slower months of the year, sales-wise, and over the six years sales have varied somewhat widely:
• Sales totaled 164 in February 2019 and 147 in February 2020, neither of which was impacted by the pandemic.
• Sales zoomed to 247 in February 2021 as real-estate sales were on a tear following the initial impacts of COVID, and stayed relatively strong at 198 in February 2022 before retreating to 139 in February 2023.
The average sales price of the 161 transactions in Arlington last month was $834,972, up 1.8 percent but an overall figure that was somewhat artificially deflated owing to the the smaller percentage of single-family homes in the overall sales mix. Single-family properties had comprised 36 percent of all Arlington transactions in February 2023 but fell to 29 percent in February 2022 as the single-family market saw a pronounced lack of inventory.
Each of the three segments of the market, however, posted increases above the countywide average:
• The average sales price of single-family homes was up 3.5 percent year-over-year to $1,401,633.
• The average sales price of attached homes – townhouses, rowhouses and condominiums – was up 15.6 percent to $601,349.
• The average sales price of condominiums alone was up 20 percent to $557,941, although the significant jump will be partially explained in the next paragraph.
A total of 39 properties went to closing across the county for more than $1 million, including four in excess of $2.5 million and one (a condominium) for more than $5 million.
Add up the sales and prices, and Arlington’s total market volume of just under $134 million in February was up 17.5 percent from a year before.
Homes that went to closing in February spent an average of 29 days on the market between listing and ratified sales contract, an improvement from the 39 days needed a year before, and garnered 99.5 percent of original listing price, up from 98.2 percent a year ago.
Inventory remains down 14 percent from a year before, with 213 properties on the market at the end of the month. But sales are happening – the number of pending sales reported at the end of February was 210, up 6 percent from a year before. Those pending sales usually translate into completed transactions within a month or so.
Figures represent most, but not all, homes on the market. All February 2024 figures are preliminary and are subject to revision.
