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.”

As we enter the final few weeks of the spring real estate market, sleepy sellers seemed to have awoken and smelled the coffee.

They listed a record 84 homes this week, hoping for a sale before the upcoming Memorial Day weekend. That event marks the slowdown of the market as we slide into summer.

Perhaps buyers have already started backing off as they ratified just 56 contracts this week. In the last three weeks, they ratified 75, 64 and 65 contracts. So, their pace has faded. Of the 56 homes sold this week, 27 were snatched up within seven days. The average days on market for the week dropped to just 17.

Mortgage rates dropped slightly this week by about six basis points so now the 30-yr fixed rate is about 4.2%-4.3%. The Federal Reserve met this week and decided not to change their benchmark rate for the foreseeable future.

We tend to look west when watching for market trends. And California’s real estate market is showing some movement. Sales activity has slumped for mid-level and upper end homes. Analysts say the market over heated and prices began to exceed buyers’ affordability.

The luxury home market in San Francisco dropped 16% in the first quarter over last year in terms of sales activity, and prices dropped 1.5%, the first-time prices have dropped in seven years there. However, on average across the U.S., home values are up 2.7%.

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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