- Homes currently for sale: 36
- Closed sales for homes in October 2013: 14
- Average sale price: $624,308
- Average list price: $638,352
- Sales price to list price ratio: 97.8%
- Average days on the market: 26
- Number of sales currently pending: 18
- South Arlington Absorption rate for homes: 2.57 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
This South Arlington home market report takes a look at sales of single family, detached homes (not sales of condos or townhomes) in South Arlington, VA 22204. Home sales in South Arlington are currently in a seller’s market, as evidenced by the low level of inventory, which is 2.57 months as of today, November 14th. The last time I assessed inventory in this area was October 27th, when it was 2.75 months. The average number of days on the market for South Arlington home sales in October was 26, which was higher than the September average, and significantly lower than the average over the past five years in October, which was 65 days. A lower average can sometimes point to higher demand in an area, especially if observed consistently over time. Shorter term fluctuations can often be due to competitive home pricing.
Currently Listed South Arlington Homes for Sale
The contract ratio is another good home market indicator to look at. It is defined as the number of pending home sales compared to the number of homes that are listed but not yet under contract. The contract ratio for home sales in South Arlington in October was 0.32, which was lower than the September ratio of 0.54 and lower than the contract ratio in October of 2012, which was 1.00. The latest October contract ratio was also lower than the average contract ratio over the past five years in October, which was 0.71. Generally, a lower contract ratio points toward market movement in favor of buyers, while a higher contract ratio points toward market movement in favor of sellers.
Home sellers in South Arlington are still in a position to take advantage of low inventory in the area. If you’re considering selling your South Arlington home, call me on my cell phone at 703-462-0700 to request a free comparative market analysis.
Home buyers in South Arlington should seek the services of a great buyer agent who will help them negotiate the best deal possible in this competitive environment. I’m an experienced buyer agent who grew up in neighboring Falls Church City and knows the Arlington home market very well.