Despite weak home sales across Arlington in January, there are some signs suggesting the possibility of a rebound during the spring market.
A total of 105 properties went to closing countywide during the month, down 41 percent from the 177 transactions of January 2022, according to figures reported by MarketStats by ShowingTime based on listing activity from Bright MLS.
That year-over-year decline was the steepest among major Northern Virginia jurisdictions, although all of them saw double-digit drops.
While sales plummeted, prices in Arlington essentially were flat, despite the reported increase of 2.3 percent overall to $774,945.
That bump up was attributable to a larger number of single-family homes in the overall sales mix for the month compared to a year before. Segregating out the three legs of the market, there was not much year-over-year movement:
• The average sales price of single-family homes stood at $1,286,970, down 0.6 percent.
• The average sales price of attached properties – townhouses, rowhouses and condominiums – was $529,749, down 0.8 percent.
• The average sales price in the condo-only segment was $480,664, up 0.7 percent.
A total of 27 properties changed hands for more than $1 million during the month.
Add up the sales and prices, and total sales volume for the first month of the new year was $83.1 million, down 38 percent from a year before.
Homes that went to closing in January spent an average of 40 days on the market. While down slightly from a year ago (42) and in line with traditional winter doldrums, it also is an indication that despite limited supply on the market, buyers are taking their time and being choosy.
And not throwing their cash at sellers, either: Home sales garnered 96.7 percent of original listing price, down from 98.5 percent a year before.
Conventional mortgages represented the method of transacting sales in 64 cases, followed by cash (26) and VA-backed loans (10).
There is a ray of sunshine hidden in the cloudy skies: The number of new pending sales (those on the way to closing but not yet a done deal) in January was down just 19 percent from the same point in 2022, suggesting that the spring-2023 market might see an improvement from the last few months’ worth of results.
The number of active listings on the market at the end of January stood at 245, up from 232 a year before and another acknowledgment that prospective purchasers are not rushing into things. The number of new listings coming to market during the month stood at 198, down from 237, leading market prognosticators to wonder if home sellers will hop into the market, or stay out, as the normally robust spring season hits.
Figures represent most, but not all, sales during the period. All January 2023 figures are preliminary and are subject to revision.
