1st QUARTER 2010 vs. 1st QUARTER 2009
The first quarter MLS sales results have been analyzed. Some readers may be surprised; some may not. If you are a buyer, early indications are that 2010 may be a great time to be a buyer. We are still enjoying the benefits of the tax credit, mortgage rates are still hovering around five percent and the inventory has grown. And, more importantly, prices are lower than last year.
Whenever we compare real estate prices over a single quarter, it is important to note that it is almost never the same home being sold twelve months later and if there are more sales in the lower price range, the data can be misleading. In other words, if in the first quarter of 2009, there were a number of higher priced single family homes sold, and, in the first quarter of 2010, there were a greater number of lower priced condominium sales; the average prices would be less. As we move into the second and third quarters, we will be able to present a more accurate snap-shot. With that caveat, here are the numbers.
|
2009
|
2010
|
Change:
|
|
| Closed sales: |
53
|
78
|
+47%
|
| Dollar Volume: |
$25,546,597
|
$35,880,525
|
+40%
|
| Avg. sales price: |
$482,011
|
$460,006
|
-4.5%
|
If you are a seller, it is very obvious that more homes are being sold. The days on market have decreased and Arlington continues to attract financially qualified buyers with good down payments, good credit scores, and the ability to get the seller to the closing table.
We continue to be very fortunate to call Arlington our home. We are in a position unusual to most of the country. We are neither in a strong buyer’s nor seller’s market, but a market where people can buy and sell property within transactions which seem to be fair to both parties.
We like that!
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