Despite the fact that the median price of a single-family home in Arlington, Massachusetts declined in March and the first quarter, condo prices continued their meteoric rise this year, according to data compiled by the Massachusetts Association of Realtors.
In March, the median price of a condominium in Arlington, MA jumped 88.4 percent. The median price was $268,000 in March 2013, but increased to $505,000 in March 2014. During the first quarter, the median condo price stood at $435,750, a 38.9 percent increase from $313,750 in Q1 2013. Condominiums sold for 97.9 percent of original list price in March and 100.2 percent of the original list price during the first quarter, up 0.8 percent and 3.1 percent respectively.
Condo sales in March were flat. There were 17 sales in both March 2013 and March 2014. There were 38 units sold during the first three months of the year, a 15.2 percent increase from the 33 condos sold during same period in 2013.
If condo inventory in Arlington remains tight, quick sales and price increases may continue throughout 2014. Condominium inventory in Arlington declined 27.3 percent, from 22 available units to 16 in March 2014. Months of supply in March decreased from 1.2 months to 0.7, a 40.5 percent drop. New listings declined 13.8 percent in March. There were 29 new condo listings in March 2013 and 25 new units listed in March 2014. New listings declined 22 percent, from 82 to 64 new listings during the first quarter of 2014.
The median price of a single-family home in Arlington stood at $535,000 in March, a 6.1 percent decline from $570,000 in March 2013. The median price also was $570,000 during the first quarter of 2013, but decreased 4 percent to $547,000 in Q1 2014. Single-family homes sold for 101.7 percent of the original list price in March and 101.5 percent of the original list price in the first quarter.
Single-family home sales increased from 12 in March 2013 to 13 homes sold in March 2014, a 8.3 percent increase. In the first quarter, single-family home sales increased 40 percent to 40 sales from 30 during the same period in 2013.
The slight pull back in single-family home prices may be a result of an improving inventory situation for home buyers. Though still a scant amount of available properties, the number of single-family homes on the market in March increased 85.7 percent from seven last year to 13 available homes in March 2014. Months supply of inventory increased from 0.3 to 0.5, an 88.4 percent increase in March.
The single-family real estate market in Arlington may have more choices in the coming months for home buyers, if the first quarter trend continues. New listings increased 8.9 percent in the first three months of the year. March saw a 33.3 percent increase in new listings, up from 21 in March 2013 to 28 new listings.
Homes also sold faster in Arlington in March and the first quarter. In March, the average number of days on the market for a single-family home declined 32.9 percent. During the first three months of the year, single-family homes sold 63.5 percent quicker.