Spring Market Update 2018
A frequent question I often hear is "how's the market?" It's never an easy answer because there are so many variables and so many micro markets. There are a few key stats I like to monitor - days on market, close to original price ratio and average price.
The other key variable these days is interest rates. They have been very volatile lately and are slowly rising. Rising interest rates will put a damper on home prices.
In Arlington, VA, the median sold price for Condo & Coop properties for February was $395,000, representing an increase of 3.9% compared to last month and an increase of 7% from Feb 2017. The average days on market for units sold in February was 56 days, 11% below the 5-year February average of 63 days. There was a 4.8% month over month decrease in new contract activity with 120 New Pendings; a 5.1% MoM increase in All Pendings (new contracts + contracts carried over from January) to 144; and an 11.2% increase in supply to 189 active units.
