Here are the real estate statistics for Arlington, Va for May 2016.
So what does this mean? Here are some of my takeaways from these numbers:
-Inventory continues to be low. In May of 2016 there were 641 listings, down from 685 this time last year.
-Buyers continue to be active. If you look at the Days on Market, 113 sold listings sold between 1 and 10 days. Many of these were likely multiple offer scenarios. A total of 193 homes spent less then 30 days on the market.
-The average days on market has creeped up to 46 from 44 last year and the average sold price has actually dropped from $645,354.00 to $$633,667.00. Total sold volume is up to $186,931,646 from $185,216,524.
So what does all of this mean? It means that buyers are active but they are looking for value. If they spot a home that they feel is a good dollar value, they will buy it (or at least try to). To sellers this means..be strategic when pricing your home. The Average detached home sold for an inconsequential .27% over May of last year and detached (townhouse/condo) sold for a significant 2.07% less then last year. So if you want to sell your home in that less then 30 days time frame you might be wise to look hard at the comparable for your property and not price yourself above what buyers would consider a good value.
Need some help pricing your home to sell? Contact an expert. 571-228-5656. firstname.lastname@example.org. I’m here to help.