BOWES GMAC Real Estate

Arlington Today
by Bob Bowes

Market Stabilization?
Maybe!

The end of each month is always exciting for me. I love to research the stats and take the pulse of the Arlington real estate market. I like what the latest stats are telling me. In a comparison of Arlington real estate sales year-to-date ending July 31st, the following facts suggest that the market may be beginning to stabilize:

Arlington sales are down about 8%. 348 sales in 2007, vs. 319 sales in 2008. Not bad, considering the double-digit drops experienced by our neighbors.

The average sales price of a home in Arlington is down less than 2%; $461,700 in 2007, vs. $453,405 in 2008.

A particularly bright stat for Arlington sellers, the average days on market for a single-family home has improved over 30%; only 54 days in 2008 vs.79 days in 2007. 

There are several factors responsible for these improvements. The overall acceptance by Arlington homeowners that prices have modestly declined and they are much more realistic about the actual value of their home. Coincidentally, buyers have come to realize that making unrealistic bids will not get them the home they want and that the Arlington real estate market is more stable and more resilient than what we hear on the national news each day.

It would be unfair to characterize these stats as something greater than they are. The fact is, the real estate market has been in a decline since 2005. However, Arlington continues to fare better than surrounding communities. And remember, no market lasts forever and the latest data suggest that the light at the end of the tunnel may be very near.

 

If you have been waiting to sell your property, this may be the perfect time!

Would you like to learn more? Call our office anytime at 781-648-3500.