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.”

The pace of home sales in Arlington finally dipped a bit this week with only 43 ratified contracts compared to last week’s 57 sales.

Sellers listed 48 homes this week, and 13 of those sold within seven days. It’s still an unusually strong summer market which bodes well for a vibrant fall market starting right after Labor Day.

There are only 225 homes actively for sale in Arlington. At the current absorption rate, that’s 1.2 months of inventory which is an improvement for buyers. Other good news for buyers is the big drop in interest rates this week. On Monday, rates dropped as low as 3.5% for a 30-yr fixed rate, but then began edging up to about 3.65% on Thursday.

If you have a ratified contract and haven’t locked in your rate yet, stop reading this and call your lender NOW. This is the lowest rate since November 2016.

What drives our housing market isn’t just interest rates. Our overall economy creates housing demand which drives our market. Job security and wage growth is more important than interest rates and inventory. We need to be looking for the subtle little signs of change in our economy such as growth with our trading partners.

Currently, big businesses are concerned about a general global economic slowdown and that uncertainty influences their decisions on reinvestment, growth and hiring. But buoying our slowing economy is strong consumer confidence. So pay attention to news reports about economic events, like the Dow dropping 700 points in one day, and China devaluing its currency, the yuan, especially against the dollar. These are clues.

Good news for South Arlington home owners: Your home has increased in value since July last year. For single family owners, the average price went up by 9.4% to  $868,837. For condo owners, the average sales price went up 6.4% to $402,736 from July 2018.

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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