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 hard to know what motivated buyers more this week, the wonderful warmer weather or the awesome news about mortgage rates.
Either way, buyers were out in force ratifying 61 contracts on all kinds of homes in all price ranges. Of the homes that sold, some 23 were gone in less than a week indicating we still have high demand and low inventory.
Only 57 sellers listed their homes this week. Frankly I would have expected many more fresh listings in this peak spring market. Currently, Arlington has only one month of inventory. Nationally, the average is 3.5 months of inventory.
Also, this week’s average sales price of those homes that sold jumped to an astonishing $842,601. Typically, through the fall of last year the average sales price hovered around $645,000.
Buyers got great news this week as mortgage rates dropped to 4%-4.125% for a 30-yr fixed rate. That’s the lowest rate since fall of 2017. Investors, nervous about the global economic slowdown, moved their capital into safe 10-yr U.S. Treasury bonds which drove down the yield. Long-term mortgage rates are influenced by 10-yr T bonds.
There were first reports this week of a slowdown in some real estate markets across the U.S. Suddenly bidding wars disappeared. Arlington’s market is still on fire, however, and buyers are competing over the best selections from new inventory.
Buyers want homes in updated condition and locations that fit their lifestyle meaning close to public transportation, their job, shopping or children’s schools.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1200 N. Hartford Street #104, Arlington, VA 22201 — $439,900
- 5572 N. Lee Highway #C-52, Arlington, VA 22207 — $440,000
- 2400 N. Clarendon Boulevard #Ph13, Arlington, VA 22201 — $584,500
- 3800 N. Fairfax Drive #311, Arlington, VA 22203 — $629,900
- 4017 22nd Street N., Arlington, VA 22207 — $639,000
- 811 N. Daniel Street, Arlington, VA 22201 — $897,000
- 3843 30th Street N., Arlington, VA 22207 — $995,000
- 2923 24th Road N., Arlington, VA 22207 — $1,799,000