Implications For The Arlington Country Budget?
Scott McCaffrey of the Arlington Sun-Gazette posted an online story today discussing a sharp drop in Arlington home sales. He writes:
“Home sales in the second month of the year totaled 90 across the county, down from 137 a year before, according to figures released by Metropolitan Regional Information Systems Inc., the area’s multiple-listing service.
“Average sales also were down, although not as precipitously as in some other Northern Virginia localities. The average sales price in February was $457,955, off 9.9 percent from the $508,232 recorded 12 months before.”
The average sales price drops differed depending on the kinds of homes. The news article also provided information on sales by ZIP code, e.g., in 22207, there were 12 sales, “down from 16. The average sales price of $603,200 was down 17.9 percent. Homes spent an average of 46 days on the market” while in 22204, there 22 sales, “down from 33. The average sales price of $282,597 was down 34.7 percent. Homes spent an average of 121 days on the market.”
When the county assessor releases the 2010 assessment data a year from now, they will based on sales from July 1, 2008 through June 30, 2009. Although housing prices aren’t nearly as precipitous as they are in other Northern Virginia jurisdictions, the lower prices would put further pressure on the Arlington County Board to reduce the size of county government. Those who believe in limited government would say that’s a good thing, however, it would mean another year watching Board members wring their hands.