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Just Listed in Arlington

by ARLnow.com Sponsor October 5, 2018 at 6:00 am 0

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 peak fall market is performing more like a summer doldrums market this week.  Sellers listed only 71 homes this week while buyers ratified only 55 contracts.  Those are numbers we would expect in July and August, but not the first week of October.

The days on market has also jumped up to 41. Arlington has 525 homes actively for sale. At the current rate of sales, there is 2.4 months of inventory. While this is way below the national average in a balanced market at 5.5 months of inventory, it shows a trend from the 1.9 months of inventory Arlington enjoyed this spring.

There are also reports this week that the national rate of home sale price growth has dropped significantly in the last few months.  Prices are not going down, they’re just no longer going up at the rate a few months ago.  Again, this is an important trend to watch.

But this week was huge in the mortgage industry.  Interest rates shot up 10 basis points, the most in one week in the last two years and now the highest rates since 2011.  The 30-yr fixed rate is now 4.875% – 5%.

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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