Where are the sellers? Arlington and Alexandria real estate inventory cut in half

FILE - In this Jan. 4, 2019, photo a sign is displayed outside a house for sale in Pittsburgh's Lawrenceville neighborhood. On Thursday, May 16, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Keith Srakocic, File)(AP/Keith Srakocic)
The inventory squeeze continues in Northern Virginia, and nowhere is it more pronounced than in Amazon HQ2’s new backyard.

Long & Foster’s May market snapshot shows that the number of homes on the market in Arlington County in May was down 51% from a year ago. Active listings in Alexandria are down 59% from last May.

With considerably less to look at, combined with rising prices, home sales throughout Northern Virginia were universally lower last month.

Sales in Alexandria were down 4%; Arlington County sales were down 11%. Sales were even lower than a year ago in Fairfax and Loudoun counties — 2% and 3%, respectively.

Prices were also generally higher, led again by Arlington County.

Long & Foster said the median price of what sold in Arlington in May was $615,500, up 9% from last May. Sellers in Arlington also got, on average, 100.5% of list price.

Below is a snapshot of Northern Virginia’s housing market activity in May, from Long & Foster:

Click to expand: A snapshot of Northern Virginia’s housing market activity in May 2019. (Courtesy The Long & Foster Companies)

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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