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 best way to describe Arlington’s fall real estate market is consistent. It’s not particularly exciting, nor is it ever boring. It just keeps plugging along at a steady pace.
This week mirrors last week with 43 new listings and 44 sales. Of those homes that sold, some 17 were gone within seven days, pushing our average days on market (DOM) down to just 20. At that rate of absorption, and with only 244 homes actively available for sale, we have only 1.4 months of inventory.
The average DOM for those 244 homes still actively for sale is 80. So what makes the difference between 20 DOM for those homes that sold this week compared to 80 DOM for those that haven’t sold yet? Well, it’s more than just location, location, location. It boils down to two things: price and condition.
Pricing a home properly can overcome location and other handicaps. Pricing is the most important factor that sellers can control, followed closely by condition. Buyers today are maxing out their purchasing power just to buy the home. They have no cash left for upgrades. So they want homes that are in pristine condition needing nothing else but love from the new owners.
Arlington’s problem with low inventory is the national story as well. The inventory level nationally has dropped 2.7% from last year’s third quarter, according to a new report from the National Association of Realtors.
The report also shows that our DMV area is ranked 14th among 176 major metro areas in the U.S. for the most expensive homes. Of course San Francisco/San Jose/San Diego rank at the top. But those three areas also saw their home prices drop in the third quarter compared to last year by about 3.5% average. If it’s true that trends start in California, then we all need to pay attention in the months ahead.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 3302 S. Wakefield Street, Arlington, VA 22206 — $334,900
- 1001 N. Vermont Street Unit 213, Arlington, VA 22201 — $395,000
- 2748 S. Buchanan Street, Arlington, VA 22206 — $469,900
- 5101 12th Street S., Arlington, VA 22204 — $479,999
- 1050 N. Taylor Street 1-310, Arlington, VA 22201 — $525,000
- 412 N. Livingston Street, Arlington, VA 22203 — $920,000
- 1604 N. Garfield Street, Arlington, VA 22201 — $1,100,000
- 908 N. Cleveland Street, Arlington, VA 22201 — $1,595,000