Arlington Virginia June 2008 Housing Sales Statistics
July 9th, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
Hello – me again…
I’ve been running numbers and statistics for a few different publications I author for the past few days and I find the data very interesting. Here’s how the numbers stacked up for June sales in Arlington:
Doesn’t look remarkable one way or the other… compared with last month, inventory levels and “solds” are stable but contract writing is up significantly (except in the condo market where things are stable).
And here are the current absorption rates:
Pretty good – however, upon further inspection, looking at year-to-date, and year over year comparisons, this really gives us the picture. Here’s year-to-date 2007 to 2008 comparison for the condo market:
WOW – that’s a 42% decrease in unit sales – with average selling prices AND Days on Market remaining somewhat constant – odd…. Here’s what it looks like for single family:
Single family is not as gloomy, but still seeing a 29% decline in unit sales again, with average selling prices only experiencing a 4.3% decline and days on market virtually the same. Somehow out in the world it just doesn’t seem this way. I’m having a busy sales year (don’t get me wrong, I ALWAYS have time for a new client or two!), it does seem like homes are taking longer to sell - but perhaps in my mind it’s always a comparison with 2004 when things were nuts!
So, you might wonder, what’s happening to all of those homes that are “excess inventory?” Many are simply being withdrawn – those will choose another time to sell – if they can. The rental market is up almost 14% this year - so some are being rented rather than sold.
A lot to ponder - but if you are a buyer – there is a lot of inventory to choose from. However, please keep in mind that market conditions aren’t such that sellers just roll over – yes, they would like to sell their homes, but for fair prices with fair terms.
Should you like to discuss it further, I’m always happy to talk real estate!
Happy (gloomy) Wednesday!
Jennifer
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again, thanks for the detailed report on the latest statistics.
Thanks,
Keahi