Back in August I did a blog introducing you to the history of Cherrydale. Today, I wanted to take a closer look at the real estate trends in the neighborhood. I've pulled numbers from April 1, 2008 to present, and am comparing the numbers to the same time frame of 2007 (4/1/07 - 10/30/07). Let's take a look at how the numbers shape up:
April 1, 2008 - October 30, 2008
# of closed sales: 11
(Currently Under Contract: 2)
Average Sale Price: $1,002,607
Sale Price Range: $625,000 - $1,350,000
Average Days on the Market: 73
April 1, 2007 - October 30, 2007
# of closed sales: 13
Average Sale Price: $923,599
Sale Price Range: $400,000 - $1,678,443
Average Days on the Market: 44
Given that the range of 2007 is greater, it's not surprising that the average sale price was lower than it is thus far this year. The biggest difference comes with days on the market: a 66% increase in the amount of time it takes for something to go under contract.
How do we interpret these stats? I think they're indicative of the entire North Arlington real estate market - stable, but a little slower. The bigger houses (those around and above $600k) are taking longer to sell - and it's no wonder since jumbo money is so tight and hard to come by these days. BUT...and this is a big BUT...things ARE selling. North Arlington with it's proximity to the District and job stability, hasn't seen a large decline in overall prices. Small dips here and there, but as you can see - the numbers do not lie!!
Looking for more specific information? Feel free to call or email: Laura.Rubinchuk@kw.com or 703.283.6120. I'm always available to chat!
Posts
No comments:
Post a Comment