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.”

Arlington’s real estate market continues at a strong summer pace and more good news landed on Arlington’s doorstep this week.

Sellers listed 72 homes this week, and buyers ratified 64 contracts. Some 34 of those homes sold within a week. This pushed the average days on market down to just 14. With only 241 homes actively for sale, and at this pace of absorption, Arlington’s inventory rate has again dropped below one month’s supply.

The exciting news is that Virginia Tech announced this week that it is opening a new “Innovation Campus” for graduate students near Amazon’s HQ2 locations. The VA Tech campus will be just over Arlington’s border by the Regal Theatres in Potomac Yards in Alexandria.

When completed in 10 years, it will accommodate over 1,000 masters and doctoral students. Like HQ2, this will undoubtedly have a major impact on the local area’s economy, demand on housing and new business growth.

This week saw a surge in new mortgage applications both for purchase and refinance. Refinance applications were up 97% from a year ago, and purchase applications were up 27%. Mortgage professionals recommend locking in your interest rate right away as rates could start to go back up.

The Federal Reserve has hinted its concern about disappointing jobs reports and the effects of trade wars on economic growth. It has indicated it may reduce its short-term bank rate later this year to invigorate growth. A slowing economy may push mortgage rates higher.

The 30-yr fixed rate remains at 3.82% according to Freddie Mac but could start inching upward as soon as close of business today. So, check with your lender and considering locking in before rates change.

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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