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.
Welcome to JUST LISTED!
Mortgage rates have been trending down again, and I am seeing a correlation with a modest uptick in buyer activity in the local market. The number of ratified contracts each week always varies, but based on what we see on the backend with our active listings and the associated activity, it becomes evident what the activity for the week will look like once we see whether we only get two scheduled showings in the first three hours or twelve showings. This past week saw a significant increase in open house traffic and private, agent-led showings.
Nationally, the 30-year fixed rate mortgage is at 2.88% right now, with many local lenders offering 2.75% to the most qualified purchasers. Arlington is full of well-qualified candidates, and I’m getting a sense they are more rate sensitive than one would expect given overall qualifications. Purchasing power is already so high, but one-eighth of a point movement saves tens of thousands of dollars for the average Arlington purchaser. The rates are down 30 basis points (0.3%) since the peak back in April, and this is welcome news in our area where home appreciation is so fast. Couple that with very low inventory relative to the high demand, and these rates will help keep our market moving.
If you missed the refinance boom of 2020, you’re in luck. Refi applications are back up over the past couple weeks. If you feel you missed your chance, my recommendation is to call Jawad Hamandi (703-587-6059) of Intercoastal Mortgage today to talk about refinancing. The Andors Real Estate Group has been working with Jawad for 22 years, and he has handled our personal mortgages as well as countless mortgages for our clients. We know you’ll enjoy working with him and enjoy the savings a refinance can provide! Jawad also originates new loans for purchases and is a fantastic resource for those buyers out there who need an edge in our competitive marketplace.
OK, OK, here are this week’s sales figures!
Sellers listed 100 homes for sale this past week, 12 more than the week before. Buyers ratified 68 contracts, 14 more than the week prior, and 38 of the ratified contracts were on homes JUST LISTED in the past seven days.
There are 550 available properties for sale throughout all of Arlington and across all property types — 139 are detached homes, 49 are townhome/semi-detached homes and 354 of the available units in Arlington are condos.
For a bit of perspective, this same week last year sellers listed 123 homes and buyers ratified 71 contracts. There were also only 340 available properties for sale this week last year.
The average list price for currently available properties is $780,040 and the median is $555,000. Currently available properties in Arlington have an average of 55 days on market (DOM) and a median of just 35.
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:
- 1200 S. Arlington Ridge Road #718, Arlington, VA 22202 — $275,000
- 1633 N. Colonial Terrace #406, Arlington, VA 22209 — $629,900
- 1143 S. Edison Street, Arlington, VA 22204 — $695,000
- 157 N. Columbus Street, Arlington, VA 22203 — $775,000
- 2632 S. Kenmore Court, Arlington, VA 22206 — $850,000
- 4425 16th Street N., Arlington, VA 22207 — $1,099,999
- 4801 37th Street N., Arlington, VA 22207 — $1,274,500
- 2227 N. Madison Street, Arlington, VA 22205 — $1,950,000
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