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Just Listed in Arlington

by ARLnow.com Sponsor — May 19, 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.”

Fresh new listings outpaced sales again this week for the second week in a row.

Arlington saw 87 new listings come on the market this week, with only 74 ratified contracts. Buyers and agents still complain that there isn’t enough inventory. With the total number of homes actively for sale at 576, and the current monthly rate of absorption at 296, there are only 1.9 months of inventory.

Of the homes sold this week, 32 sold within a week. Bidding wars are still common, especially for homes priced below $900,000. The market in Washington D.C. is far worse for buyers. Homes priced below $900,000 are attracting a ridiculous 15-20 offers. Good luck if you’re a buyer.

Mortgage rates edged down seven basis points this week, and Freddie Mac expects more downturn next week. Mortgage bankers attribute the drop to the political crisis this week in Washington causing uncertainty in the financial markets, which causes capital to seek safe havens like 10-yr US Treasury bonds. Influx of capital into bonds drops the yield, which influences long term interest rates like mortgages. At least something good is coming out of the political crisis. The 30-yr fixed rate mortgage ended this week at about 4.1%.

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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