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Price of Single-Family Homes Exceeded $1 Million in June

The Arlington Sun Gazette reported last Friday that "(y)ear-over-year sales rose and the average sales price of single-family homes that sold across Arlington topped the million-dollar mark in June, according to new data, even as the market continues to struggle with a dearth of inventory."

The weekly newspaper went on to report:

"The 357 properties that went to closing last month represented an increase of 5.6 percent from the 338 a year before, according to figures reported July 11 by RealEstate Business Intelligence, an arm of the local multiple-listing service.

"The overall average sales price of $687,652 was up about a half-percent, but only the single-family market ($1,007,044, up 2.7 percent) posted an increase. The average price of attached homes, such as townhouses and rowhouses, was down 4.6 percent to $434,065, while the average price of condominiums was down 5.2 percent to $386,769.

"Add up the sales and prices, and total sales volume for the month stood at $245.5 million in Arlington, an increase of 6.2 percent from June 2016.

"Homes that went to closing during the month had spent an average of 31 days on the market, a brisker pace than the 37 days required a year before, and garnered 98.3 percent of original listing price, down a tick from 98.4 percent.

"A total of 61 properties changed hands for more than $1 million."

In conclusion, the newspaper wondered "where is the marked headed,"Both pending sales and new pending sales were up during the month, as were homes coming under contract, suggesting continued strength as the market makes it transition from summer to autumn."

We realize the numbers represent only one month of sales. June 30 also represents the cutoff date for computing the 2018 real estate assessments. Given the June increases, however, it's likely the County Manager and County Board are already contemplating the vanity projects that can be brought online.

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