The end of July brought a frenzy of closings in Arlington! Those Under Agreement listings raced to close at the end of the month, boosting sales to an encouraging level, especially in the single family category.

Comparing this year with last year, the single family closings were up in actual numbers (42 sales in ’09 vs 30 sales in ’08). From those who experienced the swarms of people attending open houses and making appointments to see single family houses, this is not surprising. The average sales price this year was $515,000, actually up from last year, which was $507,000.

The average days on market was only 40 days, the envy of other areas of the state. Last year’s average was 44. Looking further at the number of Days on Market, we saw 12 properties go under agreement in less than 10 days. What does that mean, you ask? It means these properties were snapped up by savvy, prepared buyers, many of whom may have already lost out on properties that had multiple offers.

The most expensive single family home that sold in July was a stately Victorian on 47 Marathon Street, that listed for $845,000 and sold after 13 days for $822,500. Gorgeous, beautifully updated, with a glass sunroom and more, it was the high point for the month in single family sales.

The glory the Single Family category enjoyed in July ’09 wasn’t shared by condo sellers. Only 28 condos closed this July; same period last year saw 41 closings, and an average higher price of $382,000. This year July’s average was $362,000.

Multi Family Home sales were clearly down. In 2008 we saw 9 sales, average sale price being $579,000. This year there were just two sales, averaged at $601,000.

The rest of the summer and fall will surely be driven by First Time Home Buyers, looking to close on a property by the deadline, in order to get their part of the $8,000 tax credit to first time buyers. Hopefully potential sellers will take advantage of the energy in the buying market, since interest rates have stayed favorable, and the buyers are pressed to make the end of October deadline for getting a P&S signed if they want to close in time to get the tax credit.

If you or someone you know would like help with purchasing a home, whether for the first time or not, you can contact me to discuss your goals at bija@dreamhomearlington.com for a free consultation. Additional useful information is available by attending our next Seminar for First Time Home Buyers August 12 in Arlington.