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Real estate inventory in Arlington, Massachusetts is nearly non-existent, according to data compiled by the Massachusetts Association of Realtors.
About six months of inventory is considered a balanced market between home buyers and home sellers; however, there was less than one month of single-family home and condominium supply in March 2017. Single-family home inventory declined 50 percent, and condominium inventory declined 40 percent in March from already low levels. The lack of inventory slowed down the number of closed transactions and pushed home prices up.
The median condo price in Arlington increased 12.2 percent in the first quarter to $587,500 compared to $523,500 during the same three-month period last year. Homebuyers paid, on average, 104.2 percent of the original list price for condos. You read that correctly. On average, homebuyers paid 4.2 percent more than the original list price, not after a price reduction.
The median condo price in March declined 12.5 percent to $490,000, and homebuyers paid, on average, 104 percent of the original list price.
Condominium sales decreased 34.5 percent to 36 from January through March compared to 55 units sold during the same timeframe last year. March condo sales dropped 44 percent from 25 in March 2016 to 14 condos sold in March 2017.
Single-family home sales declined 11.4 percent during the first quarter to 39 houses sold; however, home sales increased by five to 18 in March.
The median price of a single-family home rose 4.7 percent in the first quarter to $692,000 from $660,750 during the first three months of 2016. Homebuyers paid, on average, 100.5 percent of the original list price during the first quarter and 105.7 percent in March when the median price was $762,500. Based on the median sales price in March, a homebuyer would pay more than $40,000 over the original list price for a single-family home.
The median price of a single-family home in 2012 was $521,000 in Arlington. For condos in 2012, the median price was $361,500.
