Despite a mixed message on sales prices, total home sales across Arlington in August rose 6.6 percent from a year before, and inventory continued to be significantly lower than a year ago.
A total of 243 properties went to closing last month, according to figures reported Sept. 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service. That’s up from 228 Arlington transactions reported in August 2011.
The average sales price of all properties that changed hands declined 1.7 percent from a year before, to $550,066, but two of the three market segments posted increases:
* The average sales price of single-family homes was up 1.4 percent, from $727,118 to $736,907.
* The average sales price of attached homes, such as townhouses or rowhouses, declined 3.6 percent, from $444,197 to $427,047.
* The average price of condominiums rose from $379,974 to $399,353, a rise of 5.1 percent.
The median price of all homes that sold during the month was $512,000, an increase of 2.5 percent. The median is the point at which half of homes sell for more, half for less.
Total sales volume for the month across the county was $133.7 million, up 4.8 percent from the $127.6 million reported a year before.
Homes that went to closing in August spent an average of 50 days between listing and ratified sales contract, a decline from 58 days for transactions that closed a year before. About 58 percent of properties that sold spent 30 or fewer days on the market, while 14 percent lingered for three months or more.
Homes that sold in August fetched an average 96.5 percent of original listing price, up from 95.7 percent a year before.
Of homes that sold last month, conventional mortgages represented the financing method in 162 cases, followed by cash (38), VA-backed loans (23) and FHA-backed mortgages (17).
Helping sellers, and the market in general, is the ongoing decline in available inventory across the county and the region. In August, there were 363 properties listed for sale in Arlington, down 28 percent from the 459 homes on the market a year before.
Where is the market headed? The short-term outlook appears positive, as the number of pending home sales reported in August was up nearly 16 percent from a year before. Those pending sales usually translate into completed transactions within a month or two of posting.
Figures represent most, but not all, home sales during the period. All figures are preliminary, and are subject to revision.