Arlington, VA

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.

Housing is essential, even during a pandemic. Your housing needs, and a real estate agent’s ability to help you with those needs, are essential.

All of the businesses supporting real estate transactions, such as photographers, stagers, inspectors, appraisers and lenders, are also still operating and fulfilling their part of the process of purchasing and selling real estate.

The Andors Real Estate Group is open for business — call me at (703) 203-1117 if you’re considering buying or selling real estate in Northern Virginia or D.C. — we’re here to help and be a resource during these uncertain times.

Mortgage rates have dropped for two weeks in a row, near to the lows we had seen before the COVID-19 pandemic got into full swing here in the U.S. A 30-year fixed is around 3.3%. This is one of many reasons why it’s still a great time to buy, though that is of course tempered with record unemployment filings and general market uncertainty.

Buyers in Arlington are still out there in droves and many new listings this week received dozens of showings, multiple offers and price escalations of 5% or more!

Arlington is a resilient county and historically we have been significantly sheltered from economic recessions. Many Arlington residents work in jobs that have transitioned to telework and many will still find themselves needing new housing. Additionally, one of the many drivers of our market is military moves, or PCS orders, and only some of those have been temporarily put on hold. The rest should be incoming and outgoing in the coming months.

There are currently 204 homes for sale in Arlington. 119 are detached homes, 18 are townhouses/semi-detached, and 67 are condos. Last week there were 211 homes for sale.

The median list price of available properties is $­­­1,089,000, while the average is $1,185,953. These numbers are ticking up slightly, directly in line with my thinking that pricier homes will start to take a bit longer to sell the longer the COVID-19 pandemic continues.

Sellers listed some 59 properties for sale this week, down 20 from the 79 of last week. Buyers ratified 45 contracts, 25 of which were homes that had been on the market one week or less. For this same week last year, sellers listed 75 new properties with 54 properties ratified.

Click here to search currently available Arlington real estate. Call the  Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Our local real estate market is adapting to the COVID-19 pandemic.

The Virginia housing market exhaled a huge sigh of relief on Monday when Governor Ralph Northam issued Executive Order 53. This allowed all aspects of the real estate industry to continue working to assist buyers and sellers with their housing needs.

Appraisers, home inspectors, title companies, real estate photographers and other closely aligned businesses that real estate agents rely on to help buyers and sellers can continue operating, and mortgage lenders are still funding loans.

Fannie Mae and Freddie Mac adopted new guidelines for appraisers, allowing “exterior only” reports, and also adopted electronic recording, something most states already use but which had not yet been fully embraced at the federal level. Title/settlement companies are able to conduct settlements remotely via eNotary software.

Lender concerns over liquidity to keep lending have mostly been alleviated as a result of moves by the Fed to buy an unlimited amount of mortgage-backed securities. Mortgage rates are higher (around 3.65%), moving away from the low bond yields that they typically move in line with. This difference is known as a “risk premium” for nervous investors, and it is likely to narrow in coming weeks as things presumably settle out more.

The Arlington housing market is still rocking and rolling as we conclude a busy, fast-paced March despite social distancing, coronavirus fears and stock market volatility. While many open houses are canceled, you can absolutely call me or my team to get you in to see any listing you are interested in. Additionally, we’re putting plenty of listings on the market as we head into the busiest buying and selling season of the year, spring!

We’re taking many steps to minimize risk and are prepared to conduct listing appointments virtually if desired. Additionally, we use electronic signature software to execute agreements and contracts, can use Zoom or FaceTime for things like inspections, walkthroughs and even showings. Rest assured, we’re fully prepared to market your home and get it sold for top dollar, even during social distancing requirements and virus fears.

There are currently 211 homes for sale in Arlington. 113 are detached homes, 25 are townhouses/semi-detached, and 73 are condos.

Median list price of available properties is $­­­1,009,950, while the average is $1,163,017. Sellers listed some 79 properties for sale this week. Buyers ratified 58 contracts, 39 of which were homes that had been on the market one week or less.

PICKS OF THE WEEK — The Andors Real Estate Group is proud to have Just Listed two lovely Arlington properties this week!

The first is a fantastic end unit town home located at 3322 2nd Street S., Arlington 22204. This 3 bed/3 bath town home has a large rear patio, spacious bedrooms and a completely open main floor with an inviting and functional kitchen boasting stainless appliances, abundant cabinetry and granite countertops.

The second is a stunning Crystal City/National Landing condo located in the Waterford House, 1200 Crystal Drive #213, Arlington 22202. This 3 bed/3 bath 1,772 sq. ft. condo comes with a garage parking space, floor-to-ceiling windows and a 51-foot balcony to watch the comings and goings, including planes landing at DCA.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

The impacts of this pandemic are apparent in many ways — walking through Home Depot and an Arlington grocery store yesterday, the feelings of fear, uncertainty and distrust were palpable.

With that said, it’s been great to see so many people enjoying their time off from work — I have seen more bikers, walkers and runners than ever before! Silver lining of this pandemic? Spring is here!

The impacts to the real estate market are starting to emerge, but first signs are not what I expected. We’re seeing lots of special instructions for house listings including limiting the number of people accompanying on a home tour, requests of everyone to wash hands as soon as they arrive and limited showing hours. Some brokerages are canceling open houses until further notice, but others are going on as planned.

This is of course uncharted territory and things are changing daily. With that said, one thing remains very true about housing in general, and that is that people need housing.

Many things are grinding to a halt-school is out, the stock market is tanking, restaurants are closing-but many things don’t stop. Many leases will still be coming to an end this spring and families will need to keep a roof over their head. Mortgage interest rates are phenomenal, and buyers would love to lock in a low monthly payment on a great Arlington residence for the next 30 years.

Fundamental drivers of the housing market — major life events such as job changes (or, around here, military orders), births and deaths, marriage or divorce, and growing kids will necessitate buying and selling real estate.

At some point in the hopefully not-too-distant future, COVID-19 will be in the past and we’ll resume life as normal.

There are currently 202 homes for sale in Arlington. 115 are detached homes, 19 are townhouses/semi-detached, and 68 are condos. Median list price of available properties is $999,450, while the average is $1,193,867.

Sellers listed some 84 properties for sale this week. Buyers ratified 52 contracts, 33 of which were homes that had been on the market one week or less.

PICK OF THE WEEK — The Andors Real Estate Group is proud to have Just Listed a charming 1940’s all-brick Colonial in historic Bon Air! This south-facing 4 bedroom, 2 bathroom home sits on a flat 6,000 sq. ft. lot and is packed with character — $735,000.

You can find me hosting this property open on Sunday, March 22 from 1-4 p.m. I may remind you to wash your hands.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Will the housing market be impacted by the stock markets dropping into bear market territory?

Probably. When? It’s simply too early to tell. Expect a delay.

Fear and even panic over coronavirus are setting in, and the impact may have ripple effects for a long time to come. Even though the stock market has swung wildly and lost much value recently, we are not in a recession at this time. And, if we do experience a recession, it is likely to be less severe here than in other parts of the country, just as it was during the Great Recession.

Is real estate less volatile than stocks? YES, and “by a lot” is an understatement.

The housing market operates on a delay, relative to the stock market. We don’t complete a transaction in fractions of a second, but rather in 30-60-90 day timelines depending on how you measure start to finish. Most of Arlington’s housing purchases are not reliant on how the buyers’ stock portfolios are performing that day, week or month.

Instead, they are tied to the need for a roof over a family’s head and the desire to participate in price appreciation as opposed to sitting on the sidelines of it. Arlingtonians and prospective Arlingtonians are largely very well qualified for their purchases, with cash already set aside for down payments, closing costs and even renovations.

Arlington real estate agents are already talking about how this will impact open house traffic. We are taking preventative measures to enable visitors to still get into see homes without too much increased risk. This means to expect that as much as that Realtor wants to shake your hand, they’ll probably elbow-bump you instead — no surprise there!

Here are a few potential scenarios I see in our future, and I’m not going to profess that any are more likely than the other.

  • Some buyers step out of the market, making it a bit easier for those who stay in to finally get a place to call home. Moderate/low impact on a still squeezed supply/demand equation.
  • Many buyers get scared and step out of the market, resulting in inventory building up. At minimum this slows appreciation, and if inventory increases too much it could push home prices lower.
  • Sellers continue to stay put at a high rate as they have been for many years now, and buyers continue to buy out of desire and necessity. Relatively little impact, Arlington housing market proceeding as normal.

There are currently 182 homes for sale in Arlington. 101 are detached homes, 12 are townhouses/semi-detached, and 69 are condos. Median list price of available properties is $1,052,000, while the average is $1,209,000.

Sellers listed some 93 properties for sale this week. Buyers ratified 68 contracts, 46 of which were homes that had been on the market one week or less. 93 new properties this week is a large jump from last week’s 68 (almost 37%)! 68 ratified contracts this week compared to last week’s 48 (almost 42%)!

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Okay, so I know I’ve been talking about mortgage rates for the past couple weeks, but now they just hit ALL TIME record lows! The average for a 30-year fixed just hit 3.29%, and it’s very possible you can get lower than that, perhaps below 3%!

But enough about mortgage rates! Usually this low-rate environment would spur an uptick in purchases, and while that is true around the country, it is not true in Arlington as there is almost nothing to buy. We have a very unique and dynamic market here in Arlington!

There are currently 171 homes for sale in Arlington, 100 are detached homes, 11 are townhouses/semi-detached and 60 are condos.

Sellers listed some 68 properties for sale this week. Buyers ratified 46 contracts, 29 of which were homes that had been on the market one week or less.

Inventory has crept back up to about one month’s worth of inventory, up a bit from our low of ¾ month in February. This is something I’ll be watching closely as the spring market shifts into an even higher gear to see if this is a trend upward or just a brief slowdown in absorption of available properties. Ratifications on new listings are still quite strong — almost 50% of new inventory is being absorbed week over week.

Global market turmoil is on the minds of buyers and sellers alike, and we’re all curious how things will shake out. The rapid spreading of coronavirus cases and extreme fluctuations in stock markets have many wondering if we’re on the brink of a recession. While I can’t answer that definitively, what we’re still seeing here in Arlington is full speed ahead.

Remember, markets go up over long enough periods of time, but in the short term, they can either jump up sharply or decline similarly. The price of your home only matters on the day you sell it and should always be looked at as a long-term investment.

To help differentiate our current situation to that of the Great Recession a bit, we’re in much better shape than we were in 2007 and 2008. Mortgage lending is still much more restrictive and I’m seeing mostly very well qualified purchasers in the marketplace. I don’t see those who are stretched too thin and buying something they can’t afford.

Buying power is way up from pre-Great Recession. This is a result of already-low interest rates so buyers are also getting more home for their money. This presumably allows them to stay put for longer as they have more room to grow into it, which can have positive effects down the road — again, a home is supposed to be a long-term play.

Thanks for reading and enjoy your weekend! I’d love to hear from you in the comments below — let me know how I’m doing and if there is anything you would like to see covered in Just Listed.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

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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.

Arlington is TOUGH right now!

A lot of buyers are asking us when this is going to let up. While we can’t entirely see into the future, I do have some insight into it… and the best answer I can give is… it doesn’t look like it will slow anytime soon.

We’re out every day on listing appointments, so we do actually have insight into the short-term future of Arlington real estate. With that said, it will take a lot more listing appointments by us and other agents to even start to change this story.

Now is the time to sell your home — if you’re even partially on the fence, give me a call so we can talk about a realistic outcome for your sale.

Short inventory will be the story well into 2020, and likely beyond.

Arlington buyers are getting so discouraged they are starting to look elsewhere. Neighboring counties are the logical next step for buyers who can’t find or ratify on a suitable property in our county. Some of the holdover inventory from these slightly-less-hot markets is being absorbed almost by necessity. With rents expected to continue to rise, especially as Amazon HQ2 ramps up in Arlington, this is going to further squeeze first-time home buyers and move-up buyers as well.

There are 155 homes for sale in Arlington. 91 are detached homes, 11 are townhouses/semi-detached, and 53 are condos.

Sellers listed some 67 properties for sale this week. Buyers ratified 53 contracts, 37 of which were homes that had been on the market one week or less! Buyers have to be decisive and prepared to move at lightning speed to even have a chance in this market.

Mortgage rates are now the lowest they have been in 8 years! If you own a home and have a mortgage over 4%, you should SERIOUSLY consider refinancing — it could save you a TON of money!

Rates dipped to 3.375% this week on coronavirus fears as the benchmark 10-year treasury yield dipped to its lowest point ever.

Some extremely competitive lenders are locking homeowners in at 3.25% for a refinance. Rates for a new purchase are even lower in some cases — but that only matters if you can find a home to buy and get a ratified contract!

My recommendation — call Jawad Hamandi (703) 587-6059 of MVB 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 also enjoy the savings a refinance can provide!

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate.

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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.

It’s been an interesting week in Arlington real estate.

On one hand, we’ve seen some crazy bidding wars that continue to push home prices higher. On the other hand, a buyer had a contract accepted on a new listing that included a home sale contingency, meaning they need to sell their home before they can complete the purchase. Home sale contingencies are rarely accepted in Arlington as the risk to the seller is generally unnecessary due to such high buyer demand.

A home in North Arlington settled this week for $132,000 over list price — that was 13% above what the sellers were asking for. Buyers were conducting pre-inspections, removing all contingencies and doing everything they could to have their offers be accepted.

Sellers listed some 68 properties for sale this week. 31 of those were under contract within a week, while buyers ratified a total of 53 properties.

Global concerns over coronavirus do not seem to be impacting our local housing marketplace whatsoever. Some U.S. markets like New York City and Los Angeles have seen a slight slowdown in foreign investment, but fears of broader potential economic ripple effects haven’t really shown up. Arlington has so far shrugged it off.

Arlington inventory is creeping up very slightly, something we begin to see each year around this time — there are now 157 active properties for sale vs. 150 last week.

44 of the available properties in Arlington are new builds — only one of which is priced below $1 million!

We’re still hovering at about three quarters of a month of inventory in Arlington, just about as far into seller’s market territory as it gets. This is not going to even out any time soon, folks. If you’re thinking about selling, now is the time!

Mortgage rates have been holding pretty steady for weeks now, still hovering right around 3.5% for a 30-year fixed rate mortgage. For comparison, this week last year the rate was 4.375%.

Click here to search currently available Arlington real estate. Call the  Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate.

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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.

In case you were wondering, Arlington’s market is not really seasonal.

The conventional wisdom that “spring is the best time to sell” doesn’t take into account the whole picture. The “spring market” here started in January — January 3 to be exact, but any day is a good day to sell in Arlington.

Waiting until the snow melts (Snow? What snow?!), flowers bloom and the temperature stays above freezing to list your home is a thing of the past. In Arlington, buyers are looking every day of the year just hoping to find somewhere to call home.

While it’s true that more buyers and sellers transact real estate in the warmer months, that’s because there is more inventory then. For sellers, that means you have more competition for your buyer.

You can’t time most markets and the housing market is no exception. What you can do is always properly prepare your house, and price your home to sell, not sit. Days on market are your friend when the count is low, specifically three weeks or less. Once it creeps past a few weeks, buyers begin to see your home as stale inventory and think they can get a discount. This happens — even here in Arlington!

Our market still operates with an overlay of general caution and a fear of overpaying; caution is not totally thrown to the wind. Buyers know what a home is worth; while they may be willing to overpay slightly, even that has its limits.

The best thing you can do is follow the guidance of a trusted, proven Arlington real estate agent to prepare your property before going live on the multiple listing service. You only get one chance to make a first impression, so address the easy stuff like peeling/old paint, too-worn hardwood floors and have the garden spruced up as well. Yes — power wash that walkway, pare down the extra contents inside and ensure your property is as clean as can be.

Mitigate signs of past issues like an old leak so that buyers don’t assume the worst, and if something is broken, have it fixed or replaced. Pretend you are a picky buyer, and address the things that you know would bug them, even if you’ve been willing to live with those. It all but ensures a buyer will be willing to pay top dollar for your home if they feel they can just move right in.

This week in Arlington, some 62 homeowners listed their properties for sale. 59 buyers ratified contracts, and 32 of those were on homes listed within the past seven days. Right now, there are 150 available properties for sale.

Some interesting notes:

Of the 32 homes that went under contract their first week on the market, 29 were priced below $1 million.

Of the 150 available homes, the median price is $1.22m and the average is $1.44m.

The Andors Real Estate Group’s new website will be up and running next week. In the interim, Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate.

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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.

My name is James Andors and I am thrilled to be continuing what Ron Cathell started eight years ago with Just Listed.

This column helps thousands of Arlingtonians keep their finger on the pulse of our aggressive and fast-paced Arlington housing market and you can expect I’ll do the same. Each Friday morning I’ll keep you thoroughly informed about our local real estate market as well as dig into relevant topics impacting housing, market trends, inventory and where we believe we’re headed.

My family moved to Arlington in 1993. Our team, the Andors Real Estate Group, was established by Louis Andors and we’ve been specializing in Arlington real estate for 25 years. Over the years, we have helped hundreds of Arlington buyers and sellers move in, move out and move around this great community. I grew up here, went to Arlington County public schools, and I am very fond of this special part of the Capital region we all enjoy so much. It’s a pleasure to be writing this and I hope you enjoy!

This week has been more of the same for Arlington home buyers and sellers — we’re very short on inventory and many homes sell within just days of hitting the market. Sometimes homes sell before the “For Sale” sign ever goes up, though I expect we’ll see less of that going forward.

Our local multiple listing service, BrightMLS, has just finished the rollout of new Coming Soon/Off-market rules and regulations effective February 1. The main change — homes must be listed in BrightMLS within one business day of any public marketing. The home can be entered into Active status (ready for showings) or Coming Soon status (no showings allowed yet). This new policy is designed to gain maximum exposure for sellers and provide the widest possible selection for buyers.

This week some 64 Arlington sellers listed their homes for sale, while buyers ratified 41 contracts. 24 of the ratified contracts were on homes listed within the last seven days.

Last week we had 149 active listings and this week we’re left with 161. Absorption dropped just a bit this week — I expect the uptick in holdover inventory will be under contract by next week’s column…

Interest rates have stayed low this past week triggering a huge boom in mortgage refinances.

Current homeowners — this can save you money! Refinance applications are up 15% from last week and are now at their highest demand levels since 2013 per the Mortgage Bankers Association. They estimate the average savings of incoming refinances will be almost $300 per month.

New mortgage applications are up 5% this week. The average 30-year fixed rate mortgage has held steady at 3.5%, no appreciable change from last week. If you’re a little farther into the ownership of your home, the 15 year is as low as 3%.

Next week we’ll talk a bit about why not all Arlington homes sell right away and how you can ensure your home ends up IN the market instead of sitting ON the market.

Please feel free to comment below and I look forward to writing for you next week! Additionally, if there are specifics you would like to see me cover, you can leave those in the comments as well.

The Andors Real Estate Group’s new website will be up and running next week. In the interim, Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate.

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Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”

It is time to bid you farewell my friends.

I’d like to thank all our readers who have tuned in over the last eight years to catch up on the Arlington real estate market. This is my final blog post, as it is time to pass the torch to the next generation who will carry on. The Andors Real Estate Group with Keller Williams Realty will continue with the Just Listed post, and I’m sure you will love their posts as well. The Andors Group has focused on the Arlington market since 1995.

Team Cathell is not going away. We are still here to help all our clients with their real estate needs, advice and counseling.

Here’s your update on the market: It’s so crazy out there right now it’s near the point of insane. We have been ringing the warning bell for months on the effects of low inventory, and now we are witnessing the street fights. It’s rare to witness a transaction in Arlington that is NOT a bidding war. Buyers have even soaked up the stale inventory on the market for 6-9 months. Now new listings are gone in two weeks or less.

Some 47 sellers listed their homes this week, while 49 buyers ratified contracts. And 18 new listings sold within a week. So the inventory level is getting worse, not better…

Here’s how bad it is for buyers. Arlington has a total of 149 homes actively for sale. With an absorption rate of 196 homes per month, that’s only 0.76 months of inventory, well below our earlier low mark of one month. Remember, 5.5 months of inventory is considered a market in equilibrium, neither a buyers market nor sellers market. We are currently in the most extreme sellers market since 2004.

There is a tiny bit of good news for buyers this week. Mortgage interest rates dipped 1/8% to 3.5% for a 30-yr fixed rate. If only a buyer could find a home.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”

Perhaps the historic events unfolding on Capitol Hill this week have raised uncertainty about our nation’s direction and caused home buyers to hesitate a bit as home sales dropped this week to only 33 from 43 last week.

Sellers did their part by listing 50 homes, so the drop in sales wasn’t an inventory issue. Our market’s few weaknesses include linkage to Federal government activity as our economy is primarily driven by the U.S government across the Potomac. For example, every presidential election year our real estate market just gets weird with erratic shifts of high volatility to dormancy over short periods. Something spooked buyers this week, and it wasn’t the weather.

Nationally, the housing market is hot in most places. A report released this week by the National Association of Realtors indicates that the median home price from a year ago increased 7.8% to $274,500. In the northeast region, the number of existing home sales is up 8.8% from a year ago, which has helped to drive down inventory levels by 8.5%, as if inventory wasn’t bad enough.

Currently Arlington has only 150 homes actively for sale. At the current rate of absorption, that’s only 1.1 months of inventory. Nationally, inventory has dropped to only 3 months, the lowest level since before the great recession of 2008.

Wage growth has picked up by 3% and that’s a big help for home buyer’s affordability, but when prices go up 7.8% it still puts buyers farther behind. Economists believe the affordability factor will eventually slow home sales and bring down price growth. But if I were a buyer right now, I wouldn’t bet on it happening soon enough. I’d get out there, compete in the bidding wars, and ratify a contract as soon as possible so I could enjoy the ride of equity growth while it lasts.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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