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.”
It is time to bid you farewell my friends.
I’d like to thank all our readers who have tuned in over the last eight years to catch up on the Arlington real estate market. This is my final blog post, as it is time to pass the torch to the next generation who will carry on. The Andors Real Estate Group with Keller Williams Realty will continue with the Just Listed post, and I’m sure you will love their posts as well. The Andors Group has focused on the Arlington market since 1995.
Team Cathell is not going away. We are still here to help all our clients with their real estate needs, advice and counseling.
Here’s your update on the market: It’s so crazy out there right now it’s near the point of insane. We have been ringing the warning bell for months on the effects of low inventory, and now we are witnessing the street fights. It’s rare to witness a transaction in Arlington that is NOT a bidding war. Buyers have even soaked up the stale inventory on the market for 6-9 months. Now new listings are gone in two weeks or less.
Some 47 sellers listed their homes this week, while 49 buyers ratified contracts. And 18 new listings sold within a week. So the inventory level is getting worse, not better…
Here’s how bad it is for buyers. Arlington has a total of 149 homes actively for sale. With an absorption rate of 196 homes per month, that’s only 0.76 months of inventory, well below our earlier low mark of one month. Remember, 5.5 months of inventory is considered a market in equilibrium, neither a buyers market nor sellers market. We are currently in the most extreme sellers market since 2004.
There is a tiny bit of good news for buyers this week. Mortgage interest rates dipped 1/8% to 3.5% for a 30-yr fixed rate. If only a buyer could find a home.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1300 S. Army Navy Drive #105, Arlington, VA 22202 — $325,000
- 4217 36th Street S., Arlington, VA 22206 — $620,000
- 244 N. Columbus Street, Arlington, VA 22203 — $750,000
- 2628 N. Potomac Street, Arlington, VA 22207 — $760,000
- 640 N. Illinois Street, Arlington, VA 22205 — $849,000
- 248 N. Columbus Street, Arlington, VA 22203 — $950,000
- 4315 31st Street N., Arlington, VA 22207 — $1,249,000
- 5059 36th Street N., Arlington, VA 22207 — $2,249,000