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
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Arlington and its neighbors have become more segregated in the last 10 years while fair housing legislation at the state level faces significant roadblocks. Arlington’s fair housing enforcement, education, and commitment to equity practices in housing policy and programs are beginning to show signs of improvement but much more needs to be done.
Join the NAACP Arlington Branch, HOME of Virginia, and Equal Rights Center for the 2nd Annual Arlington Fair Housing Conference on April 15th to discuss the threats and opportunities to advancing fair housing policy across the state and within Arlington.
The half-day, in-person event will feature speakers from fair housing advocacy organizations and government agencies including the U.S. Department of Housing and Urban Development, and focus on fair housing policy trends in Virginia and Arlington County. The conference aims to advance the understanding of issues and policies related to equity and affirmatively further fair housing among local officials, advocates, and members of the public.
2nd Annual Arlington Fair Housing Conference
Is home ownership a goal of yours in 2023? Now is the time to make it happen! Grab a (virtual) drink with the area’s top Real Estate experts, learn all about the home buying process and on how you can get $1,500 towards your closing costs immediately!
Did you know the average Arlington renter will spend $150K in 5 years of renting? Stop paying down someone else’s mortgage! Join us for a Rent vs. Buy Happy Hour on Wednesday, April 5th at 6 p.m. via Zoom. If this time doesn’t work, we also are offering times convenient for your schedule!
A lot has happened in the local market since the beginning of the pandemic. Sip on your drink of choice and learn from Northern Virginia, Arlington and Washingtonian Magazines top producing agents! We will discuss the latest market updates, the home buying process and rent vs. buy cost savings. Please RSVP by clicking here.
Call/text Manavi at 703-869-6698 with any questions!
Private School Fair
Congressional School to Host MONA Private School Fair Thursday, April 27 at 6:30 PM
Congressional School in Falls Church, VA is delighted to host the MONA (Mothers of North Arlington) at an upcoming Private School Fair. Private schools from around
WHS Spring Festival
Join us at the WHS Spring Festival on April 22, 2023, from 10am- 3pm at Wakefield High School(main parking lot). Come out to shop, play, and eat!
Shop local vendors, arts & crafts, new and used items, food vendors/trucks, and