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Spring Real Estate in Arlington, VA – A Price War! May 13, 2009

Posted by Laura Schwartz in Arlington.
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As we near the end of March (where does the time go?) and great ready for April, I decided it was time to revisit some Arlington statistics. I pulled some stats on Single Family Homes in the zip code: 22207 (Country Club, Country Club Hills, Lee Heights, Berkshire Oakwood, and more of the neighborhoods around North Arlington). I only pulled these stats for 22207 because the numbers for all of Arlington vary. I’m happy to research and explain the different trends throughout the county.

                                      2007         2008          2009

Contracts Ratified             
January                               3             14              10
February                            34             27              9
March                                47             23              21 (so far)
April                                  30             32              TBD

Average Sale Price         $873,603    $877,244      $739,607

Average Days On Market    99             73              64

Total Sales                        94             55               25 (so far with 33 more under contract)

So what do these numbers tell us? Prices are a little lower strictly based on statisticsbecause fewer of the higher end priced homes (think over $1M) are selling. Because jumbo money is harder to come by these days, the lower priced homes are selling more frequently and faster. Sales this year are lower than in years past, but it’s still a buyers market. Things are selling faster because prices are better and interested buyers are moving quicker.

Some observations on the local market that can’t be captured by statistics.There are so many homebuyers out there looking right now. People looking to capitalize on the new tax credit, historically low interest rates, and lower prices. I’ve seen multiple offers on properties within days of coming onto the market. Now is the time to start looking and exploring your options for buying! April and May look to be busy times in the Northern Virginia and Washington, D.C. real estate markets.

For sellers, price is everything. There are people who want to buy your house!

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