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!
As I write this, there is a wintry mix (well, mostly rain, really) falling that resulted in the pre-emptive cancellation of schools in the county. I recall just how much snow it used to take to get school cancelled, and now, it takes no snow at all. As a parent with children, my thoughts are with those balancing work and school closures during the week, especially after the extra week off from school just after winter break!
Despite the frigid temps recently, the real estate market is heating up, and it’s heating up fast!
This past week, a gorgeous home in North Arlington hit the market (no surprise there). What happened once it hit the market was almost shocking, unless you’ve been reading my column the past couple years — over 75 showings occurred that weekend, as well as over 50 open house visitors on Saturday. The sellers were presented with 14 incredible offers, a handful of which went over $150,000 over the asking price, and it ultimately went under contract higher still, almost 13% over asking price. A cash offer swooped in with no contingencies, giving the sellers everything that they wanted, and much, much more! All of this in just five active days of marketing!
What exactly is driving this type of exuberance so early in the year you might ask? Well, it could be that interest rates rose another 11 points just in the past week — if you recall last week, rates shot up 23 points to 3.45%. Now, sitting at 3.56% on a 30-year fixed rate mortgage, buying power is rapidly diminishing. It’s important to remember that 3.5% is a historically amazing rate, but there is some fear of missing out going in, as just one year ago, rates were 77 points lower, at 2.79% for the same mortgage product.
Digging into the numbers for this past week, we’re really strapped for inventory and that’s another reason for the exuberance of buyers in the marketplace — they want to live in our great county!
Last week we had 262 properties for sale in Arlington, and this week we have 16 less, for a total of 246!
Activity, as I mentioned above, is off the charts. Open houses are busy, buyers are calling their agents to tour properties the second they hit the market and offers are flying around like geese heading south!
Sellers listed 42 homes in the past week, down from the 56 listed last week, and buyers ratified 50 contracts, 18 of which were on homes listed in the last seven days.
Of the 246 homes currently available for sale, 55 are detached homes, 24 are semi-detached/townhomes, and the remaining 167 are condominiums. These properties range in price from $100,000 all the way up to $3,850,000.
Average list price for currently available homes is $843,395, and the median price is $550,000. These homes have been on the market for an average of 83 DOM (days on market) and a median of 51.
This week last year, there were 375 homes available for sale throughout the county. Sellers had listed 62 homes for sale and buyers ratified 72 contracts.
Click here to search currently available Arlington real estate. If you see a home that 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 that I think you might like to check out.
- 3600 S. Glebe Road #307W, Arlington, VA 22202 — $275,000
- 1745 N. Troy Street #8-437, Arlington, VA 22201 — $294,900
- 2050 N. Calvert Street #106, Arlington, VA 22201 — $400,000
- 4243 35th Street S., Arlington, VA 22206 — $599,977
- 965 N. Lebanon Street, Arlington, VA 22205 — $850,000
- 302 N. George Mason Drive, Arlington, VA 22203 — $1,140,000
- 619 26th Street S., Arlington, VA 22202 — $1,450,000
- 5601 Little Falls Road, Arlington, VA 22207 — $1,499,000
