Arlington VA Condos - February 2009 vs. February 2010
Posted by Rob Allen on Saturday, March 6th, 2010 at 3:54pm.Arlington VA Condos - Contract Study
After seeing so many Arlington Condos go under contract lately, many of them with multiple offers, I decided to do a little market research. I wanted to compare Arlington condos from February 2009 with February 2010.
What I found was good news for the Arlington condo market!
Arlington Condo Contract Figures for February, 2009:
85 properties received contracts
The average list price was $364,547
The average days on market was 83
Arlington Condo Contract figures for February, 2010:
120 properties received contracts
The average list price was $379,200
The average days on market was 54
February, 2010 was clearly a great month for Arlington VA condos.
These figures show a 41% increase in properties that received contracts. The average list price was up 4% and the average days on market came down 35%.
It will be exciting to see the actual net sales figures when these properties go to settlement. Obviously the home buyer tax credit and really low interest rates are helping our local real estate market and this should pave the way for a better spring market for sellers. I would expect this trend to continue for March and April and then decline after the first time home buyer tax credit expires April 30th, 2010.
I’d be curious to hear what some of you buyers are seeing out there in your Arlington VA condo searches. Are you finding yourself in competative situations with multiple offers?
Print
ShareBe the first to comment on this blog entry!