Gloom & Doom – Real or Imaginary?
I was out enjoying a crisp, cold, fermented malt beverage the other night when the conversation turned to real estate. All of the guys at the table were typical Arlingtonians, very well educated and successful in their various fields. I was extremely surprised to hear a real gloom and doom view of the local housing market from these guys. If I was not a real estate professional and knowledgeable in the actual market, I would have thought the market was completely in the tank.
Over the next few weeks I will show the stats and analyze the Arlington real estate market. We really do live in a bubble here. Admittedly, the bubble has gotten a little smaller, but we are still insulated from the majority of the market woes the rest of the country, and even some areas within the Greater Washington Metropolitan area have seen.
Let’s start with 22207 – Here are the numbers for October*:
Total Sold Dollar Volume – $25,138,950 (-12.56% change from 2009)
Average Sold Price – $810,934 (7.19% change from 2009)
Total Units Sold – 31 (down from 38 sold in 2009)
Average Days on Market – 44 ( down from 62 in 2009)
Active Listings – 161 (2009 – 162 same period)
*Source:RealEstate Business Intelligence, LLC. An MRIS company. All Rights Reserved
Now I’m sure that there are enough people in this area used to “spinning” numbers for a living can make the numbers say anything they choose. However, I would look at these numbers and conclude the market is very healthy here in the 22207 area.