If you thought that the effect of Amazon's impending arrival on the Arlington housing market would have worn off by this point, you would be incorrect.
“In Arlington, market dynamics in April were driven, at least in part, by Amazon," Andrew Strauch, Vice President at Bright MLS, told UrbanTurf. "The median sales price went up by 19 percent year-over-year driven by condos increasing in price by 12 percent and, even more importantly, single family home sales volume being up 20 percent. Inventory is down by 37 percent for single family homes and 60 percent for condos, so look for a very tight market in Arlington over the next few months which could drive up prices."
Below UrbanTurf plucked out a few numbers that illustrate the climate of the Arlington housing market, six months after Amazon announced its plans to come to Northern Virginia.
- $661,500 -- The median home sales price in April, up 18.9 percent compared to last April.
- $512,272 -- The average price for a condo in April, up 16.3 percent.
- 72% -- The increase in the number of homes that went under contract in Arlington compared to April 2018.
- 32 -- The average number of days that homes spent on the market in April, a 44 percent drop compared to April 2018.
- 52% -- The percentage of homes that sold in ten days or less in April.
- One -- The monthly supply of homes for sale on the market, a 47 percent drop compared to last April.
- 1.31 -- The number of contracts per active listing in April. It has been above 1.0 since December.
Photo courtesy of HomeVisit.
This article originally published at https://dc.urbanturf.com/articles/blog/skyrocketing-sales-scarce-supply-amazon-continues-to-fuel-arlington-housing/15392.
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