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Just Listed in Arlington

by ARLnow.com Sponsor April 14, 2017 at 6:00 am 0

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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.”

Buyers outpaced sellers this week in Arlington as 86 homes went under contract while only 80 homes went on the market.  This makes Arlington’s already low inventory even worse and puts ever more pressure on buyers competing on fresh new inventory. Of those homes sold this week, nearly half (41) were snatched up within a week of hitting the market.  Buyers are often bidding against 5-6 other offers. This sellers’ market has seen the “days on market” drop this week to only 29.

Buyers got a little relief this week as interest rates dropped about six basis points. The 30-year fixed rate is now at about 4.2 percent.

Can you answer this question: How could Arlington’s average home prices last year remain flat when inventory levels never rose above 2.5 months, and interest rates were relatively stable throughout the year? Traditional wisdom says home values rise during a sellers’ market. So what happened last year?

On a happy note, Bob Hope’s spectacularly designed “spaceship home” sold this week in Palm Springs for $13 million. The 23,000 square foot home is as unique as Bob Hope himself.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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