Arlington, VA

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.”

The last week of the Spring market has ended on high notes. The real estate market in Arlington continues at a near record pace this week with 81 sellers listing their homes and 71 buyers ratifying contracts. Over half (39) of the homes sold were gone within seven days. The higher end market also continues at a strong pace with nine of those sales over $1 million.

Low inventory continues to be a huge problem, and this week was one of the worst. At the current rate of absorption, there is only 0.87 months of inventory. You saw it correctly, less than a month. A market is considered in equilibrium when there’s 5.5 months of inventory.

It will be very interesting to see how well this hot spring market performs as we enter summer after the Memorial Day weekend holiday. Data by mid-June should provide a big clue.

You know home prices have overheated when 25% of techies surveyed say they are leaving the San Francisco Bay area to seek lower housing costs in other cities.

They cite five favorite “home” alternatives: New York area, Austin, Chicago, Seattle and Los Angeles. The median home price in San Fran/Oakland/Hayward is $815,000. The New York/New Jersey area median price is $515,000.

A favorite location for many techies is Austin at just $400,000 median price. And windy city Chicago is just $350,000. It’s not clear why some prefer Los Angeles at a higher price, at $829,000, but maybe it’s just because they can’t bear to leave California.

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.”

The pace of real estate sales slowed slightly this week after last week’s record setting numbers. But Arlington’s market is still strong.

Sellers listed 68 homes this week, while 73 buyers ratified contracts. Some 24 of those homes sold within a week.

The escalating rhetoric this week about trade wars with China and the administration’s increase of tariffs on imported Chinese goods was both good and bad for home buyers. New tariff announcements caused jitters on Wall Street and fears it could hurt the U.S. economy, driving down the Dow Jones. But those concerns helped to push mortgage rates a little lower.

Buyers will need that break because the trade wars are raising the costs of home building and home remodeling. About 450 products from China like tile, countertops, lighting and many more are affected now with total added costs increasing about $1.5 billion nationally. That translates to about 4-5% increase in materials costs, and will raise costs to consumers by about 7-8%, according to the National Association of Home Builders.

Mortgage rates ended this week at about 4.125%-4.25% for a 30-yr fixed rate mortgage.

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.”

What an incredible week for Arlington’s real estate market.

Both buyers and sellers set new records for the year with buyers ratifying 82 contracts and sellers listing 86 homes. Half of the homes that sold this week (41) were on the market only seven days or less. And 17 of those sales were homes priced above $1 million.

The average days on market for those sold homes is just 18. At the current rate of sales, and with only 268 homes actively available on the market, Arlington has only 0.8 months of inventory. This is the lowest level of inventory I can remember since the crazy days of 2001-2005.

This helps to explain two growing trends in our national housing market. Seniors are increasingly choosing to age in place and spend their savings on renovating and modifying their homes for one-level living. Part of that decision is because they can’t find a suitable and affordable replacement home. And part is because they already have their support network where they live.

The other trend is that millennials are moving in large numbers to smaller cities where unemployment is low and housing prices are more affordable. They are moving into places like Madison, Oklahoma City, Durham and Grand Rapids.

Mortgage rates have closed out the week with essentially no change, even though Wall Street has the jitters because of new talk about trade wars with China and the damage it could do to the U.S. economy. Rates ended the week at 4.25% for a 30-yr fixed rate.

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.”

As we enter the final few weeks of the spring real estate market, sleepy sellers seemed to have awoken and smelled the coffee.

They listed a record 84 homes this week, hoping for a sale before the upcoming Memorial Day weekend. That event marks the slowdown of the market as we slide into summer.

Perhaps buyers have already started backing off as they ratified just 56 contracts this week. In the last three weeks, they ratified 75, 64 and 65 contracts. So, their pace has faded. Of the 56 homes sold this week, 27 were snatched up within seven days. The average days on market for the week dropped to just 17.

Mortgage rates dropped slightly this week by about six basis points so now the 30-yr fixed rate is about 4.2%-4.3%. The Federal Reserve met this week and decided not to change their benchmark rate for the foreseeable future.

We tend to look west when watching for market trends. And California’s real estate market is showing some movement. Sales activity has slumped for mid-level and upper end homes. Analysts say the market over heated and prices began to exceed buyers’ affordability.

The luxury home market in San Francisco dropped 16% in the first quarter over last year in terms of sales activity, and prices dropped 1.5%, the first-time prices have dropped in seven years there. However, on average across the U.S., home values are up 2.7%.

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.”

The Easter holiday weekend didn’t discourage buyers this week as they kept pace in this hot spring market by ratifying 65 contracts.

Of those homes sold, 27 were gone within seven days of hitting the market. Sellers did their part by listing 67 homes this week which only maintains Arlington’s ridiculously low rate of only 0.95 months of inventory.

C’mon home owners. List your homes for sale. Please! It’s a fantastic time to sell, move up to a bigger home, or retire to your dream home in Florida.

It looked like interest rates were moving up mid-week, but by Thursday market factors pushed the yield down on the 10-yr U.S. Treasury bond so mortgage rates actually drop about an eighth of a percent. The 30-yr fixed rate is now ranging 4.25%-4.375%.

In the first quarter this year, single family detached homes in Arlington enjoyed on average 2.9% increase in their value over the same period in 2018, based on sales data from Bright/MLS. North Arlington fared better with 3.8% increase. The average price of a home in north Arlington is now $1,103,758.

South Arlington, however, took a big hit. The average price of a single-family home in south Arlington dropped 5%, from $795,804 in the first quarter of 2018 to $755,227 this year. South Arlington has about 1/3 the number of sales as North Arlington.

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.”

The market remains hot, hot, hot.

Despite this being spring break week for area schools when families typically travel, and despite this weekend being Easter weekend, buyers and sellers were busy. Home owners listed 84 properties this week while buyers ratified 64 contracts with over half (37) of those homes sold within seven days.

Bidding wars have become common for fresh new inventory, especially for homes in pristine condition and priced under $750,000.

For buyers to have a chance, they first need to find a good agent and then follow their advice. Remember, you just need to get ahead of the market once to win. For every home you miss, that home becomes the next comp against your next attempt.

And by the way, all those other unfortunate losers will continue to be your competition on your next offer. So go big once early, and you’ll be further ahead.

Also, both buyers and sellers should not give much credibility to automated estimates of value on some popular websites especially for single family homes in Arlington. Unlike many other communities, Arlington’s homes vary greatly in style, size, degrees of upgrades, etc.

And auto stats on price per square foot are wholly unreliable as well mostly because there is no consistency in our public records on how finished square footage is measured. So you’re comparing apples to watermelons. Condos and townhomes are different. Those auto estimates are a little more reliable, but I wouldn’t take that info to the bank.

Mortgage rates creeped upward this week. The 30-yr fixed rate is now at 4.25%. This week saw the highest number of purchase mortgage applications in nine years.

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.”

BooYah!! What an incredible week for Arlington’s real estate market.

Sellers listed 88 homes, and buyers ratified 76 contracts, both records so far this year. Of those homes, more than half (39) sold within just seven days on the market. The average list price of those homes that sold is $768,819 and that includes condos as well as single family homes. The average days on market is now just 19.

And now here is a more astonishing statistic: Arlington has only 0.8 months of inventory. There are only 241 homes actively available for sale, with an absorption rate of 304 home sales per month.

They say a rising tide lifts all ships. It now appears that the high-end market has totally rebounded with robust sales above the $1 million mark. Some 21 homes sold this week priced over $1 million. This should inspire more new home construction in Arlington, but of course that means more tear downs of old functionally obsolete homes.

How many letters a week do you get asking if you’re ready to sell your home? Before you respond, if so inclined, I’d strongly advise that you obtain opinions from a few realtor neighborhood specialists on the value of your home before you sign anything and perhaps leave big money on the table.

Interest rates held steady this week with the 30-yr fixed rate sitting at 4.125%.

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.”

Some great inventory came on the market this week in Arlington, and ready buyers didn’t hesitate to snatch it up.

Seventy-five homes were listed, 54 were sold and half of those (26) sold within a week on the market. Amazing! That robust activity dropped Arlington’s average days on market to just 12!

It’s a brutal market out there for buyers right now. There were more stories told this week in the hallways of realtor offices of bidding wars, each agent seeming to have an even more incredible story. The houses attracting bidding wars fall into two recurring categories — total fixer uppers priced low and properly priced homes that have been updated and show in pristine condition.

Today’s buyers are highly discerning. They want a home that appears to have just come out of a new wrapper, regardless of its real age. After pushing their maximum buying power, they don’t have any cash left for improvements, and they are anxious about taking on projects for which they know nothing about.

Interest rates bounced higher this week after hitting 18-month lows last week. Rates climbed nearly 1/4% to 4.125%-4.375% for a 30-yr fixed rate. Poor buyers just can’t get a break.

Arlington home owners should feel lucky as their values continue to climb. Far better than Londoners. The average sales price of a home in London has dropped 3.8% in the last three months. Surveys indicate that Londoners are very concerned about how the U.K. will exit the European Union and how that will effect their economy. Now is not a good time to swap for a home in Chelsea.

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.”

It’s hard to know what motivated buyers more this week, the wonderful warmer weather or the awesome news about mortgage rates.

Either way, buyers were out in force ratifying 61 contracts on all kinds of homes in all price ranges. Of the homes that sold, some 23 were gone in less than a week indicating we still have high demand and low inventory.

Only 57 sellers listed their homes this week. Frankly I would have expected many more fresh listings in this peak spring market. Currently, Arlington has only one month of inventory. Nationally, the average is 3.5 months of inventory.

Also, this week’s average sales price of those homes that sold jumped to an astonishing $842,601. Typically, through the fall of last year the average sales price hovered around $645,000.

Buyers got great news this week as mortgage rates dropped to 4%-4.125% for a 30-yr fixed rate. That’s the lowest rate since fall of 2017. Investors, nervous about the global economic slowdown, moved their capital into safe 10-yr U.S. Treasury bonds which drove down the yield. Long-term mortgage rates are influenced by 10-yr T bonds.

There were first reports this week of a slowdown in some real estate markets across the U.S. Suddenly bidding wars disappeared. Arlington’s market is still on fire, however, and buyers are competing over the best selections from new inventory.

Buyers want homes in updated condition and locations that fit their lifestyle meaning close to public transportation, their job, shopping or children’s schools.

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.”

WooHoo! Let the games begin.

The Spring Equinox has ushered in a frenzy of spring activity with 80 fresh new listings and 70 ratified contracts. A full half of those, 35 exactly, sold within seven days on the market.

That should make both buyers and sellers very happy, although there are many stories of bidding wars and sad buyers who missed out. The craziest story, outside of Arlington, was 61 offers on a fixer-upper townhouse in Dumfries.

The Federal Reserve announced good news for buyers. It won’t raise its short term rate for the foreseeable future. The Fed views the economy as slowing down slightly and doesn’t want to impede growth with rate hikes. That move immediately sent mortgage interest rates lower a full 1/8%. So now a 30-yr fixed rate tops out at 4.375%.

It’s a great time to buy, and to sell.

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.”

Right on cue, the inventory floodgates opened this week.

It must be mid-March. That’s when traditional wisdom says it’s time to list your home, the spring market is here, and the buyers are out shopping.

This week sellers listed 70 homes giving buyers the most amount of choices so far this year. And buyers stepped up and ratified 57 contracts, some 19 of those were on homes that were listed for seven days or less. Arlington currently has only 239 homes actively for sale.

At this pace of absorption, that is only one month of inventory meaning if no more homes came on the market, all homes would be sold in one month. It’s also known as an extreme sellers’ market.

Here’s the craziest story heard this week: a $185,000 townhouse in Lorton listed “As Is” attracted 55 offers! It was on the market for five days.

This kind of market attracts every kind of buyer, and we are especially seeing more investors and flippers than usual. They are attracted to homes in need of much work and TLC, the kind of homes that scare away first-time home buyers and are too much work for end users who want fully updated conditions, even in vintage 1920’s-30’s homes. Whatever kind of buyer you may be, prepare for battle. The competition is brutal.

Mortgage rates continued to be kind to buyers this week with no major changes. The 30-yr fixed rate remains at 4.375%-4.5%. Helping to drive buyer activity is available credit. Lenders are flush with cash. So, there is a wide variety of liberal loan programs for all types of buyers enabling much lower down payments than we’ve seen in over 10 years.

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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