Arlington, VA

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.”

Bidding wars continued to torment buyers this week as the Spring market heats up further.

Some 45 buyers ratified contracts and 16 of those homes were on the market less than a week. Homes receiving more than one offer tended to be in the moderate to lower price range of $750,000 and below.

Sellers did their part by listing 51 homes and helping to rectify our problem of low inventory. With only 195 homes actively for sale in Arlington and at the current rate of absorption, there’s only 1.1 months of supply.

Technically, it should be a strong seller’s market. A market is considered in equilibrium when there’s about 5.5 months of inventory.

Buyers got some good news. Mortgage rates dropped this week to 4.375% for a 30-yr fixed rate. A Federal Reserve report said the Fed does not expect to raise its bank rates for the foreseeable future as it watches carefully the U.S. and global economies.

There were signs this week of a slowing U.S. economy with weak retail sales in the 4th quarter. JP Morgan economists see the U.S. GDP growing at only 1.5% for the 1st quarter after a sluggish 4th quarter of only 1.4%.

But Freddie Mac economist Sam Khater had some good news for buyers saying that nationally “wages are growing on par with home prices for the first time in years…” Let’s hope that development hits our area soon.

Click here 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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