Whether they were looking for condominiums or single-family houses, home buyers shopping for a home in Arlington, Massachusetts have seen real estate prices increase throughout the year. Both single-family home and condominium prices have risen by double digits.
The median condo price reached $492,000 in September, an increase of 17.8 percent compared to $418,000 the previous September. Through September, the median price of an Arlington condo increased 19.2 percent. It was $440,000 in 2014 compared to $369,000 during the same nine-month period in 2013. Home buyers paid 102.8 percent of the original list price in September and 102.1 percent through the first nine months of 2014.
Single-family home sales in Arlington declined 25 percent to 15 closed transactions in September, but increased 6.6 percent to 209 closed sales through the first three quarters of 2014. Pending home sales – homes under agreement that have not closed yet – increased 22.2 percent in September. There were 42 new home listings in September, up just one from September 2013. The average number of days on the market declined 22.1 percent in September.
Condos sales increased 50 percent to 24 units sold in September, but were down 11 percent through the first nine months of this year. Pending condo sales increased 21.1 percent in September, climbing from 19 in September 2013 to 23 pending sales. New condo listings increased 30.8 percent, rising from 26 in September 2013 to 34 this past September. The average number of days it took for a condo to sell increased 43.1 percent to 23 days.
Real estate inventory in Arlington has remained tight in 2014. The number of single family homes on the market in September stood at 26, the same as the previous September. The months of supply declined from 1.2 months to 1.1 months. The number of condominiums available for sale in September declined 43.8 percent in September to just 18 units. The months of supply dropped below one month (0.9 months).