The frenzy created in the Arlington housing market when Amazon announced that it would open its second headquarters resulted in rising prices, skyrocketing sales and a dearth of homes for sale.
Now, there is so little for buyers to choose from that home sales have dropped precipitously.
In June, closed home sales in Arlington fell 27 percent. This drop was likely caused by two metrics. First, the supply of homes for sale plummeted by 55 percent year-over-year, resulting in paltry inventory in June. Second, home prices continued to rise, increasing by 8 percent year-over-year to $565,310.
Lastly, buyers may be getting fatigued with the competition, which remains high based on the monthly contract ratio. For every active listing in June, 1.23 contracts were submitted, the second highest contract ratio ever for the county.
This article originally published at http://dc.urbanturf.com/articles/blog/as-inventory-plummets-in-arlington-home-sales-follow-suit/15656
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