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South Arlington VA Real Estate Market Trends

By Kuppan Gayathri

How are the South Arlington VA real estate market tends? It is a very interesting time as we watch interest rates and wonder is now a good time to buy or sell real estate in Arlington VA. The trends have suggested that Days On Market (DOM) and home prices are related. However, that is not what is happening with the South Arlington VA real estate market trends. While Days On Market have fallen for South Arlington VA zip code 22202, prices have remained pretty steady. Typically as Days On Market decrease, prices increase, however, there are many factors to the data below which is not demonstrated in a chart.

Because the Average Days On Market are including the outliers of homes that sat on the market due to price, condition or location not being in sync. Also the South Arlington VA real estate market trends include condo and single family homes. In the 22202 single family homes tend to have a much lower Days On Market.

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While the statistics show that over the past year in 22202, the AVERAGE DOM have fluctuated

6 days to 52 days!

Under these conditions a real estate buyer would expect that there could be good deals to be found. However, when digging deeper into the numbers, the sales price versus the original list price is reporting a range for the year between 94.70% to 98.60%, which is not a lot. In May 2014, the DOM was 32 and the Sales Price to Original List Price was 96.30%.

But yet, if you have tried to purchase a single family home in the 22202 zip code, especially one under $1 million, you know they are NOT sitting on the market. In fact, many homes are selling very quickly AND seeing multiple offers.

In May 47% of the homes sold in

UNDER 10 DAYS

and 68% sold in UNDER 20 DAYS.

% Sales Price to Original List Price Sold Units Average DOM
May-13 98.60 30 41
Jun-13 96.90 23 51
Jul-13 96.20 18 35
Aug-13 96.90 19 43
Sep-13 98.10 21 29
Oct-13 97.10 25 37
Nov-13 96.70 11 36
Dec-13 95.70 9 64
Jan-14 94.70 11 6
Feb-14 98.50 14 28
Mar-14 99.30 7 47
Apr-14 98.30 10 52
May-14 96.30 19 32

So what is really happening? The DOM number gets skewed because the numbers are not broken down enough. Houses over $1 million are taking longer to sell or those that are not correctly price leave inventory lingering. Therefore, it is important to hire the right agent that knows the market and can price your home right. The market is strong and it is important to make a GREAT first appearance to potential buyers.

Contact me today to sell your home quickly and for the right price.

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