Hi there, Arlington!
As a REALTOR®, one of the most frequent questions I’m asked is, “How’s The Market?”
As I answer the question for a number of people, I thought this would be information helpful to share on a broader scale.
So, welcome to another edition of How’s The Market?. This is where I update you on the housing market in and around Arlington each week.
This week, we’re looking back at the single-family home sales market activity in central Arlington (zip code 76011) for the month of July. This zip code also encompasses a small section of north Arlington.
I hope you enjoy this episode of How’s The Market?
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Hello everyone. This is Keela McGraw with CearnalCo, Realtors with another market update.
Today, I’ll be talking about the central Arlington and portions of north Arlington which encompasses 76011 zip code. And also we’re only going to be talking about single-family homes, so this will not include condos and townhomes or land or anything like that.
So in the month of July, there were 6 new listings and that is down from this time last year where we had 8 new listings. There are 8 active listings in the 76011 zip code and that is down from 11 this time last year.
We have 6 homes that are under contract and that has actually doubled from this time last year where we only had 3.
So far this year there have been 86 homes that have sold in the 76011 zip code. That has doubled so if you’re even thinking about selling your home and you live in at 76011 zip code, you can see it is a very great time to sell your home with this next bit of information you’ll see why.
The average sales price is $243,922 that is up over $30,000 on average from this time last year. So obviously, not all the homes are at $243,000 but if you have a home that’s worth $350,000 which there were some that were listed for $350,000 that are active in that zip code you’ve gained quite a bit of equity just within that last year.
Last but not least, we want to talk about the average days on market. If you’ve seen past episodes, you know that in Arlington the average days on market is about 20 days. I believe this past month in July was actually 18. This time last year it was 17 days so homes are not staying on the market a very long time. If they are staying on the market a while, there are four things that you can consider if you do have your home on the market or if you’re considering having your home on the market:
- Price
- Location
- Professional presentation
- The condition of your home
So if you think about those things, you can’t do a lot about the location. I mean your house is where it is. There are some things you can do with the curb appeal, but the location kind of is stuck.
Professional presentation: There are some things that you can talk with your Realtor about marketing your home differently so that you can get it in front of as many buyers as possible. And of course the condition of your home. You can always go to visit some homes that may have some open houses or things like that just to get some ideas on some ways to make your home more appealing possibly to more buyers.
Last but not least, I know you don’t like to talk about this, but the price may need to be adjusted just to respond to how the market is performing in your particular area.
I wanted to give a shout out to of my clients Chuck and Christopher because they live in the zip code and I wanted to make sure that not only they got this information but others because they have friends in that area as well.
The last thing I want to talk about here is the months of inventory and as you can see 0 to 4 months is considered a seller’s market. Anything between 4 to 6 months is a neutral or balanced market and anything more than 7 months is considered a buyer’s market.
When I say months of inventory, that means if there were no more homes to hit the market I mean just none, there would take about 1.1 month for all the homes in the 76011 zip code to sell. So again the average months of inventory in Arlington, in general, is 2 months. So this particular zip code is selling much faster than Arlington in general.
Well, I hope this information is helpful of course if you have any questions about the value of your home or if you have any questions for me please email me call me or send me a text message I’m happy to help and again this is Keela McGraw. Thank you.
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