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 picked up some steam this week as we head into a typically strong fall market.

Sellers did their part by listing 72 homes, while buyers ratified 48 contracts. That’s an improvement over last week’s 45 ratified contracts, but I would have expected much more this week.

The week started with interest rates taking some leaps. The 30-yr fixed rate mortgage went from 3.5% last week to 3.625%-3.75% early this week. Despite the uptick, the number of mortgage purchase loan applications so far this month is up 9% over last year, according to Freddie Mac.

So far, all the media talk about a possible recession around the corner hasn’t hurt our housing market locally. One of the first indicators that our local market is slowing is the number of sales in luxury homes. Higher end sales are doing well. Last summer, there were 88 homes that sold for $1.2 million or more. This summer, there were 106 sales, and the days on market dropped from 92 to 45. However the average sales price also dropped a bit from $1,639,246 last summer to $1,609,176.

Buyers should be happy to hear that Arlington’s inventory has improved. Just a few months ago, there was less than 1 months supply, meaning at that pace of sales there would be no homes left to buy if nothing else was listed. This week the inventory is now 1.4 months, a big improvement.

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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