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 great week for buyers. Some 84 new listings came on the market in Arlington this week, and buyers ratified 59 contracts.

An incredible 27 new listings sold within seven days, all but two priced under $1 million. The upper market appears to be rebounding from last fall’s slump. Of the 59 homes that sold this week, eight were priced over $1 million. The average days on market has now dropped to just 43.

At this week’s current high pace of absorption, and with ONLY 343 homes actively for sale (including condos and townhomes), Arlington currently has a remarkable ONE month’s supply of inventory. This is the lowest level that I can recall in the last 20 years.

The Federal Reserve on Wednesday voted to keep its short term rate unchanged but signaled increases in coming months. The Fed cited an improving economy, tightening labor markets and an unemployment rate of just 4.1%, the lowest in 17 years.

Long term interest rates however continue to increase for a fourth week in a row. Freddie Mac reported the average 30-yr fixed rate is up over a 1/4% from the first week of the year. Increased borrowing by the US Treasury is putting upward pressure on rates. The 30-yr fixed rate ended this week about 9 basis points higher at 4.34%, but rates vary widely among lenders so be sure to shop around.

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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