Market Update Jan 15 2021
December 2020 ended on an up note. There were 143 condo/coop sales for the month, which was up 26.6% from December of 2019.
The average sales price held steady at $477,668, which was up 4.5% from the previous year.
The Average Sales Price to the Original Sales Price ratio is where we see something to watch. For the fourth month in a row, this ratio has dipped a bit. It is still sitting at a healthy 97.5%. The pandemic has hit the condo market much harder than the single family home market in Arlington. As we move into the Spring and more people are vaccinated, expect the condo market to move in tandem with the single family home market.
The months of supply is a good indicator of where the market is. As we can see from the chart below, the inventory level had been extremely low and steady for most of the past two years. It had been below a one month supply up until June. With COVID wreaking havoc, the inventory has been on the rise from below one month, to over one month, to over two months to a high of 3.29 months supply in October. November & December saw a decline in the inventory but that was partly due to sellers taking their properties off the market until things improve.
The average sales price held steady at $477,668, which was up 4.5% from the previous year.
The Average Sales Price to the Original Sales Price ratio is where we see something to watch. For the fourth month in a row, this ratio has dipped a bit. It is still sitting at a healthy 97.5%. The pandemic has hit the condo market much harder than the single family home market in Arlington. As we move into the Spring and more people are vaccinated, expect the condo market to move in tandem with the single family home market.
The months of supply is a good indicator of where the market is. As we can see from the chart below, the inventory level had been extremely low and steady for most of the past two years. It had been below a one month supply up until June. With COVID wreaking havoc, the inventory has been on the rise from below one month, to over one month, to over two months to a high of 3.29 months supply in October. November & December saw a decline in the inventory but that was partly due to sellers taking their properties off the market until things improve.
Rick Bosl
Rick learned early in his real estate career to pick a niche and become an expert in that area. Condos were a natural choice and he has been helping condo buyers and sellers ever since.
