As we move further into August 2020, there’s no question that the sellers’ market in Arlington is continuing in full force.
“Correctly priced homes are selling quickly, but not all homes are.”
As of June, the Average Days on Market for homes is just 17 days, and the Median Sold Price is $659,950—a 6% increase over May. Furthermore, our Average Sales Price to Original List Price Ratio is 99.5%.
There were 279 Active Listings in total during June, which was way below the five-year average of 459. There were 228 units that sold, which was also way below the five-year average of 305. The months of inventory for June stood at just 1.3 months, meaning that supply would be depleted totally if no new homes came on the market; a balanced market calls for six months’ worth of inventory.
This doesn’t mean all is lost for buyers, though. As I mentioned, correctly priced homes are selling quickly, but not all homes are. You can still look for homes that have been on the market for 30 days or longer and negotiate a discounted price for them.
If you have questions about the Arlington market, would like a statistical breakdown of your local area, or are thinking of buying or selling soon, don’t hesitate to reach out to me. I’d love to help!
