Press Club

Just Listed In Arlington

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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.”

It’s been a lackluster week for inventory and homes sales in Arlington. We are in the peak of the spring market, and only 75 new listings went up for sale and only 64 contracts were ratified. Some 27 of those sold this week lasted less than a week on the market. Stories of multiple contracts continue.

For all homes sold this week, the average days on market dropped to just 30, the lowest level so far this year. Arlington reflects the national market with low inventory everywhere. A Freddie Mac report this week expects to see fewer sales in 2017 just because of low inventory.

The reasons for low inventory include people not willing to sell because they are afraid they can’t find a replacement home; they can’t replace the mortgage on the next purchase with the same low rate they currently have; and builders are not delivering enough supply to keep up with demand.

For Arlington, pricing also tells a compelling story. The higher end market of homes priced above $1.5m has slowed, with average DOM of 100. But the sweet spot for pricing seems to be $500k – $999k where DOM is lowest at just 31. That number climbs to 46 for homes sold $1,000,000-$1,499,900.

Mortgage rates dropped again this week by about six basis points. The 30-yr fixed rate ended this week at about 4.16%.

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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