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 Arlingtonians and welcome to Just Listed!
Mortgage rates climb yet again, the seventh week in a row. Rates averaged 5.11% over this past week as the 10-year treasury rapidly approaches 3%. The Fed just signaled they will raise their target rate by 50 basis points in May and that may not be the only one. Unfortunately, they are tamping down on housing demand but not on inflation through these moves.
I am witnessing a slowdown in Arlington real estate. I tell it like it is — what I see, what I feel and what I think. I’ve been debating my colleagues on this for the past few weeks, and I am adamant that is what is happening, at least in the short term.
Not all local markets will experience this, or not at the same time, or perhaps more or less severely, but often what happens is that things originate in D.C. and the hyper-local Northern Virginia region and extend outward in waves or ripples. We are insulated here in Arlington, but you only need to go out 10, 15 or 20 miles before those ripples accelerate and increase in size.
What does this mean? Well first, it means that houses that might have gotten 10 offers just a couple months ago may only get 2-4 offers. Doesn’t sound so bad you say? Well, sure, but houses that might have only gotten one offer may not get any, and mindsets are the hardest to break. Sellers will be expecting their home to sell for $100,000 over ask, and could be in for serious disappointment when instead they only get 99%-100% of what they were asking for.
Will prices go down!?! No, not any time soon, but they may stop going up and that may have already happened. The data lags on this by at least 30 days, but we may start seeing the year over year numbers start to level out…
At this moment in time, there are 295 properties available for sale in Arlington, 18 more than last week. Sellers listed 82 homes for sale, three less than last week. Ratified contracts are down 13 from last week, with just 59 contracts in the past seven days. Only 20 of those were homes listed just within the past seven days.
Of the 295 homes currently available for sale, 84 are detached homes, 28 are semi-detached/townhomes, and the remaining 183 are condominiums. These properties range in price from $100,000 all the way up to $7,950,000.
Average list price for currently available homes is $855,551, and the median price is $600,000. These homes have been on the market for an average of 43 DOM (days on market) and a median of 22.
This week last year, there were 438 homes available for sale throughout the county. Sellers had listed 146 homes for sale and buyers ratified 115 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.
- 1210 N. Taft Street #606, Arlington, VA 22201 — $329,000
- 631 N. Piedmont Street, Arlington, VA 22203 — $649,900
- 5015 22nd Street N., Arlington, VA 22207 — $649,900
- 1200 Crystal Drive #1212, Arlington, VA 22202 — $850,000
- 4323 24th Street N., Arlington, VA 22207 — $1,350,000
- 2316 N. Stafford Street, Arlington, VA 22207 — $1,495,000
- 3119 N. Quincy Street, Arlington, VA 22207 — $1,503,800
- 5133 37th Street N., Arlington, VA 22207 — $3,950,000
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