Arlington Virginia Real Estate Market Update – November 2015
Arlington, Virginia Real Estate Market Update
The November 2015 sales figures are in for the real estate market in Arlington, Virginia.
Overall, the market is holding strong. We have a low level of inventory with only 2.5 months supply. The average number of days it took to sell a home in Arlington, Virginia in November was 27 days. That’s up from a low this summer of 12 days, but still considered low in the real estate industry.
Also, In layman’s terms anything over 6 month’s supply leans towards a buyer’s favor and under 6 months is a seller’s favor. However, as any buyer who has been out there looking you know that if a home has been sitting for more than 30 days, it’s time to start making a deal with the seller. If it’s not moving with this low of inventory levels there should be room for negotiating on price.
Prices are remaining strong with Detached (red bar) homes & Condos (yellow) selling for 96% to the original list price value and Townhomes (green bar) selling at 98% to list price. To translate that into some real numbers. If a Detached home was priced at $800,000 on average the final sales price was $768,000. It also means there were homes selling for higher and lower than that, but it’s a good average to factor, if you’re thinking of selling to get a feel for what you could realistically receive.
Contact me at Nancy@nancyheisel.com or 703-919-0254 if you have questions or would like assistance in buying or selling a home in Arlington, Virginia