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.
Good morning, Arlington!
The market is moving fast, as expected! With that in mind, some changes can happen pretty quickly and catch participants off guard. The day-to-day things that come with writing offers, such as pre-inspections becoming almost entirely mandatory in this market, are not a new development. Nor is the waiving of appraisal contingencies or other buyer tactics to stand out amongst the competition. Some less conspicuous things can sneak up on buyers or sellers — today, interest rates get an honorable mention…
Mortgage rates just broke above the 3% mark for the first time since July 2020! It’s important to note that this is still a historically low rate and your buying power is still substantially larger than what was normal, even just a year ago. With that noted, those who are particularly rate-sensitive will wish they bought sooner. This type of movement — almost 50 basis points since just earlier this winter — can decrease buying power by 5% percent or more. It’s hard to understate just how important that is, especially considering escalations frequently exceed 5% in Arlington. If you’re a buyer, you need to check back in with your lender to confirm you’re still shopping in a price range you can afford. With rates rising and prices rising, it’s not hard to get priced out, even just over a week’s timeframe.
Now, to dig into the numbers… and at risk of sounding like a broken record… inventory is low, demand is high, and frustration abounds, mostly on the buyer side of the table (and buyer-agent, as well).
Now, for this week’s Just Listed numbers…
Sellers put 98 homes on the market this past week, a huge uptick from the 75 homes listed last week. Buyers ratified 66 contracts this week, and 35 of those were on homes just listed within the past seven days.
This week, there are 378 available properties for sale, an increase of 15 from the week prior. There are just 72 single-family homes to choose from, and only 32 townhouses/semi-detached. Condos continue to make up a large majority of available inventory, with 274 available condominiums for sale.
A quick comparison to last year, for the same week, sellers listed 68 homes and buyers ratified 46 contracts. There were also only 171 available properties for sale — 203 less than we have today!
The average list price for currently available properties is $733,723 and the median is $495,000.
Pick of the Week — The Andors Real Estate Group is proud to have JUST LISTED 5724 3rd Street S. Arlington, VA 22204 — $774,000. You can find me there this Sunday from 1-4 p.m. for an in-person open house with appropriate COVID protocols in place.
Click here to search currently available Arlington real estate. If you see a home you’re interested in purchasing, give us a call.
Call the Andors Real Estate Group today at 703-203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings I think you might like to check out:
- 2200 N. Westmoreland Street #402, Arlington, VA 22213 — $450,000
- 1300 Crystal Drive, #709S, Arlington, VA 22202 — $725,000
- 5724 3rd Street S., Arlington, VA 22204 — $774,000
- 1201 N. Garfield Street #909, Arlington, VA 22201 — $824,900
- 1004 N. Arlington Mill Drive, Arlington, VA 22205 — $889,999
- 5017 24th Street N., Arlington, VA 22207 — $975,000
- 4510 8th Street S., Arlington, VA 22204 — $1,199,000
- 4529 18th Street N., Arlington, VA 22207 — $1,879,000
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