April Sales Stats - What Do They Say About the Market?
These are interactive charts. Move your cursor over the chart bars for actual numbers and year over year change.
April is typically one of the busiest months in real estate but not so much this year. The number of new pending contracts dropped by 35% from April 2019. This is not surprising since April was in the middle of the shelter in place.
Not surprising, if the number of new pendings are down, it is only to be expected the number of closed sales are down too. However, contract to closing is usually 30 days, so expect the closings to be down in May also.
The median sales price is down slightly from April 2019 and down more significantly from the month before. This is probably more of a reflection of slower sales at the top of the market.
Despite the lower volume in sales, the units that are on the market are still selling quickly. The average days on market for condos in Arlington is 40% lower than last April. There is still much pent up demand for housing in Arlington and buyers are taking advantage of historically low mortgage rates.
The supply of condos in Arlington edged up slightly, but it is still under one month. A balanced market is considered to be 4-6 months of inventory. Above that it is considered a buyer's market; below that, a seller's market. We are still in a seller's market even though there is a slight shift.
