Average home-sales prices across Arlington increased year-over-year in all three segments of the market – single-family, attached and condominiums – but the whopper increase countywide in December requires an explanation.
A significant bump up in the number of single-family homes in the overall sales mix helps to explain some of that large increase, which saw the average overall sales price in Arlington rise 25.3 percent from $728,349 to $919,508.
Sales data were reported Jan. 11 MarketStats by ShowingTime based on listing activity from Bright MLS, the region’s multiple-listing service.
The 56 single-family homes that went to closing in December represented 44 percent of the overall sales total of 126. A year before, the 43 single-family sales accounted for just 31 percent of the 140 transactions.
But while the overall price appreciate was magnified by the larger number of single-family properties in the mix, the trajectory was still upward in each of the component parts:
• The average single-family price of $1,391,958 was up 13 percent from a year before.
• The average sales price in the detached segment, which includes condominiums as well as townhouses and rowhouses, was up 7.2 percent to $541,547.
• The average sales price in the condominium-only segment was $514,474, up 8.4 percent.
A total of 44 properties went to closing for more than $1 million, including five for more than $2.5 million. Total market volume for the month of $118 million was up almost 15 percent despite the 10-percent decline in total sales.
Where is the market headed? Good news: both new pending sales and total pending sales in December were up year-over-year (albeit from already low bases in late 2022). That should translate to better sales totals in early 2024, especially with the inventory logjam potentially beginning to break.
Figures represent most, but not all, home sales. All December 2023 figures are preliminary and are subject to revision.
