Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”
It’s barely February and already the biggest complaint in the market is the lack of homes for sale.
Agents and buyers are getting so desperate they are calling home owners directly asking if they want to sell. This week didn’t help. Only 43 new listings came on the market while 54 homes sold and went off the market.
Arlington’s available inventory continues to shrink. There are currently 401 homes actively for sale in Arlington. At the current pace of absorption, that’s now UNDER two month’s supply at 1.85 month’s supply of active listings. Nationally, this is the lowest inventory level since 1999. A market is considered in equilibrium when there is 5.5 months of supply.
With such an incredible seller’s market here, prices should be rising. But MRIS statistics show that 2016 ended virtually the same average price level as 2015. Actually, single family homes average sales price dropped 1.8% in 2016. How can that be?
Some speculate that incomes in our area have been flat for several years. So maybe Arlington is hitting a price plateau for awhile where average household incomes can only afford the current average home sale price. Whatever the reason, home buyers are already becoming very frustrated.
Mortgage rates ticked up slightly this week by a few basis points to 4.33% for a 30-yr fixed rate.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 2926 Buchanan St #B2, Arlington, VA 22206 – $325,000
- 25 N Bedford St, Arlington, VA 22201 – $585,000
- 4001 Columbia Pike, Arlington, VA 22204 – $625,000
- 2316 2nd St S, Arlington, VA 22204 – $799,500
- 1531 N Wakefield St, Arlington, VA 22207 – $874,000
- 1918 S Pollard St, Arlington, VA 22204 – $875,000
- 3309 Washington Blvd, Arlington, VA 22201 – $1,065,000
- 2411 N Woodrow St, Arlington, VA 22207 – $1,249,000