Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.
Despite the gorgeous, warm weather, things have cooled off a bit this spring in the housing market.
This spring in Arlington is a bit more subdued than last year and years prior — no surprise considering a stay at home order. By no means, however, has the Arlington market to come to a halt. You may have heard showings are down — this is true.
That means buyers look at fewer homes before they actually buy, and that casual “lookie-loos” have probably stopped for the time being. You may also see real estate signs in yards for longer — another product of fewer showings and fewer ratified contracts.
As things cool off, just a bit, inventory is starting to creep upward. With this week’s numbers, we now have 1.57 months of inventory — about double from the lows of early February but still way below the national average. Not to worry sellers, that number would need to quadruple before the market was considered to be in equilibrium — something Arlington hasn’t seen in over a decade.
A lot of conversations are centered on the thought that prices in Arlington will go down. I do not believe this to be likely at all. Sellers are holding off on listing their homes and this will actually keep prices steady — supply would need to increase substantially in order to be in line with, or even outpace, demand.
If that happens, then one could reasonably expect prices to be either holding steady or declining slightly. Unlike the stock market, this does not happen overnight, or even in the period of a few weeks — it’s a gradual trend over the course of months and even years.
There are currently 239 homes for sale in Arlington (204 last week). 128 are detached homes, 26 are townhouses/semi-detached and 76 are condos. Average days on market (DOM) is 51, though median DOM (a much more reliable measure for this data set) is only 23.
Sellers listed some 60 properties for sale this week, one more than last week. Buyers ratified 38 contracts, 25 of which were homes that had been on the market one week or less. Activity this week is down on both the supply and demand sides of the equation.
The median list price of available properties is $1,009,998, while the average is $1,153,264. Last year for the same week, sellers listed 75 homes and buyers ratified 54 contracts.
Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.
- 1300 S. Arlington Ridge Road #418, Arlington, VA 22202 — $280,000
- 4648-C 28th Road S., Arlington, VA 22206 — $410,000
- 1530 N. Key Boulevard #929, Arlington, VA 22209 — $430,000
- 2100 N. Tazewell Court, Arlington, VA 22207 — $788,000
- 5944 10th Road N., Arlington, VA 22205 — $799,900
- 1300 S. Crystal Drive #1706, Arlington, VA 22202 — $949,500
- 1130 N. Utah Street, Arlington, VA 22201 — $968,500
- 4714 17th Street N., Arlington, VA 22207 — $1,039,000