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.”
Home sellers finally out performed home buyers this week in Arlington. While buyers ratified 51 contracts, sellers listed 69 properties on MRIS this week. That has helped the chronic problem of low inventory. At the current pace of absorption, and with only 332 homes actively for sale, the “months of inventory” has risen from 1.02 last week to 1.6 this week.
Economists consider a market to be in equilibrium when there is 5-6 months of inventory. So, Arlington should be experiencing an extreme sellers’ market with crazy bidding wars and skyrocketing prices. But it’s not. Instead the market is more often performing like a buyer’s market.
Even in multiple contract situations, buyers are reluctant to offer much over list price, or even less than list price. The market appears schizophrenic. There is high demand in Arlington, yet those buyers seem reluctant to commit unless they perceive they are getting a great deal, which is difficult to achieve in a seller’s market.
Time is not on the buyer’s side. Interest rates rose another 10 basis points this week to their highest levels since 2014. The 30-yr fixed rates is now at 4.35%-4.5%. And rates are expected to continue their steady climb, slowly eroding buyers’ purchasing power.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 3830 9TH ST N #307E, ARLINGTON, VA 22203 – $375,000
- 2834 ABINGDON ST S #A1, ARLINGTON, VA 22206 – $395,000
- 1001 VERMONT ST #303, ARLINGTON, VA 22201 – $447,500
- 4865 28TH ST S #B, ARLINGTON, VA 22206 – $549,900
- 2911 23RD ST N, ARLINGTON, VA 22201 – $769,900
- 2541 MILITARY RD, ARLINGTON, VA 22207 – $1,299,000
- 2008 LINCOLN ST N, ARLINGTON, VA 22207 – $1,460,000
- 1040 EDGEWOOD ST N, ARLINGTON, VA 22201- $1,880,000