Author: ARLnow.com Sponsor

Buyers were intimidated this week by the snow storm and only ratified 63 contracts, but sellers stuck to their plans to sell in the prime spring market and listed 87 homes. Some 24 fresh listings sold within a week, dropping the days on market to only 26.

On Wednesday, the Federal Reserve raised short term interest rates from 1.5% to 1.75% which will effect consumer loans like credit cards and car payments. They signaled the likelihood of three more rate hikes later this year.

Arlington’s real estate market was on fire again this week.

Sellers listed 94 properties, and buyers ratified 79 contracts. That’s the busiest week so far this year. Of those ratified, 32 homes sold within a week. And the upper end market showed a huge rebound with 18 homes selling that were priced over $1 million. That’s the most in a week since last Spring.