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.”
The last week of the Spring market has ended on high notes. The real estate market in Arlington continues at a near record pace this week with 81 sellers listing their homes and 71 buyers ratifying contracts. Over half (39) of the homes sold were gone within seven days. The higher end market also continues at a strong pace with nine of those sales over $1 million.
Low inventory continues to be a huge problem, and this week was one of the worst. At the current rate of absorption, there is only 0.87 months of inventory. You saw it correctly, less than a month. A market is considered in equilibrium when there’s 5.5 months of inventory.
It will be very interesting to see how well this hot spring market performs as we enter summer after the Memorial Day weekend holiday. Data by mid-June should provide a big clue.
You know home prices have overheated when 25% of techies surveyed say they are leaving the San Francisco Bay area to seek lower housing costs in other cities.
They cite five favorite “home” alternatives: New York area, Austin, Chicago, Seattle and Los Angeles. The median home price in San Fran/Oakland/Hayward is $815,000. The New York/New Jersey area median price is $515,000.
A favorite location for many techies is Austin at just $400,000 median price. And windy city Chicago is just $350,000. It’s not clear why some prefer Los Angeles at a higher price, at $829,000, but maybe it’s just because they can’t bear to leave California.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1020 N. Highland Street #813, Arlington, VA 22201 – $469,900
- 4668 36th Street S. #B, Arlington, VA 22206 – $505,000
- 3600 S. Glebe Road #210W, Arlington, VA 22202 – $575,000
- 4409 1st Place S., Arlington, VA 22204 – $691,900
- 3800 Fairfax Drive #705, Arlington, VA 22203 – $715,000
- 1625 N. Quincy Street, Arlington, VA 22207 – $899,000
- 211 S. Barton Street, Arlington, VA 22204 – $899,900
- 5260 25th Rd N., Arlington, VA 22207 – $1,074,900