Press Club

Just Listed in Arlington

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.”

Arlington’s real estate market marches along in early summer mode with a healthy 75 homes sold this week and 106 fresh new listings. Those are good summertime numbers.

Of those homes sold, some 27 were gone in seven days. The average days on market now sits at 31, and we have only 1.8 months of inventory at this sales pace.

Mortgage rates crept upward a few basis points this week on the news that the Federal Reserve raised its short term bank rate by 1/4% which will mostly effect consumer debt like credit cards, car loans, etc.. The 30-yr fixed rate with no points is now about 4.75% and is expected to continue its slow steady climb through this summer. We could be looking at 5% by early Fall.

While many economists are predicting a shift in business and economic trends based on 70 years of historical data of market shifts, the economy seems to care less what they think (and really, when were economists ever right?).

Job growth continues with unemployment down to just 3.9%, the lowest in 17 years. Arlington’s unemployment is only 1.9%. GDP continues to grow, this year tracking at 2.58%, and wages nationally are up 2.9% after about seven years of stagnation.

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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