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.”
Perhaps the historic events unfolding on Capitol Hill this week have raised uncertainty about our nation’s direction and caused home buyers to hesitate a bit as home sales dropped this week to only 33 from 43 last week.
Sellers did their part by listing 50 homes, so the drop in sales wasn’t an inventory issue. Our market’s few weaknesses include linkage to Federal government activity as our economy is primarily driven by the U.S government across the Potomac. For example, every presidential election year our real estate market just gets weird with erratic shifts of high volatility to dormancy over short periods. Something spooked buyers this week, and it wasn’t the weather.
Nationally, the housing market is hot in most places. A report released this week by the National Association of Realtors indicates that the median home price from a year ago increased 7.8% to $274,500. In the northeast region, the number of existing home sales is up 8.8% from a year ago, which has helped to drive down inventory levels by 8.5%, as if inventory wasn’t bad enough.
Currently Arlington has only 150 homes actively for sale. At the current rate of absorption, that’s only 1.1 months of inventory. Nationally, inventory has dropped to only 3 months, the lowest level since before the great recession of 2008.
Wage growth has picked up by 3% and that’s a big help for home buyer’s affordability, but when prices go up 7.8% it still puts buyers farther behind. Economists believe the affordability factor will eventually slow home sales and bring down price growth. But if I were a buyer right now, I wouldn’t bet on it happening soon enough. I’d get out there, compete in the bidding wars, and ratify a contract as soon as possible so I could enjoy the ride of equity growth while it lasts.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1050 N. Taylor Street #1-306, Arlington, VA 22201 — $419,000
- 3238 9th Street S., Arlington, VA 22204 — $499,900
- 3835 9th Street N. #709W, Arlington, VA 22203 — $550,000
- 1200 N. Hartford Street #108, Arlington, VA 22201 — $625,000
- 3542 N. Utah Street, Arlington, VA 22207 — $940,000
- 411 N. Upton Court, Arlington, VA 22203 — $1,050,000
- 2035 N. Kenmore Street, Arlington, VA 22207 — $1,375,000
- 4503 32nd Road N., Arlington, VA 22207 — $3,675,000