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.”
For some unknown reason, Arlington’s real estate market slid back into summertime doldrums this week.
Sellers listed only 46 homes, and buyers ratified only 48 contracts. Some 22 of those homes sold within seven days on the market. Arlington’s inventory has improved a bit to 1.3 months with 257 homes actively for sale. A balanced inventory level is about 5.5 months where it’s neither a buyers nor sellers market. If no additional homes in Arlington went on the market, all 257 active homes would be sold in 1.3 months.
Perhaps some bad economic news this week influenced buyers and sellers. A report indicated that U.S. manufacturing contracted for a second consecutive month in September. U.S. exports are down as several European countries economies are weakening and the U.S.-China trade war is showing its effects.
The manufacturing news, and the incessant impeachment news this week, prompted uncertainty and concern on Wall Street and the Dow Jones dropped 838 points in two days. Some investors are seeking the safety of less risky securities and moving their capital into 10-yr U.S. Treasury bonds which pushes the yield downward.
That’s good for homebuyers, as a lower yield influences lower mortgage rates. The current rate on a 30-yr fixed rate mortgage is 3.625%. With more capital moving into 10-yr bonds, that rate could come down further.
There’s some good news for many, but not all, Arlington home owners. The average value of most homes has gone up since last year, especially for condos in South Arlington. Those home owners enjoyed an average of 23% increase in their condo’s value, from $350,720 in September last year to $431,475 last month. Perhaps Amazon’s announcement had something to do with that. Perhaps.
Owners of detached homes in South Arlington saw their values go up by 6% to an average of $773,681, while owners in North Arlington experienced 6.2% increase to an average of $1,174,865.
Unfortunately, condo owners in North Arlington didn’t fare so well. Their average sales price dropped by 0.2% to just $520,47.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1808 N. Queens Lane #4-212, Arlington, VA 22201 — $299,000
- 2904 13th Road S. #201, Arlington, VA 22204 — $312,000
- 1001 N. Randolph Street #212, Arlington, VA 22201 — $379,000
- 1600 N. Oak Street #1116, Arlington, VA 22209 — $499,900
- 5720 3rd Street S., Arlington, VA 22204 — $805,000
- 3208 7th Street S., Arlington, VA 22204 — $975,000
- 1129 16th Street S., Arlington, VA 22202 — $989,900
- 4210 25th Street N., Arlington, VA 22207 — $2,349,500