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.”
Our real estate market in Arlington has slid backward this week with only 41 ratified contracts and a meager 43 new listings. Last year at this time, we had 63 ratified contracts and 50 new listings.
Can anyone remember what else happened this week a year ago? Amazon announced it was moving its HQ2 to Arlington, and the town was abuzz with the news and wild speculation on its impact on our housing market.
The lack of inventory continues to plague our market. A year ago, we had 476 active listings of homes for sale, resulting in 1.9 months of inventory. This week we have only 236 homes actively for sale, and at our current rate of absorption we now have just 1.4 months of inventory. Compare that to the current national inventory rate of 4.3 months. So Arlington home buyers are super challenged.
There’s finally a glimmer of good news on the national front. Housing starts have increased for both single family and multi-family homes. So we’ll see more inventory coming into the market. Single family starts are up 3.8% over last year, and multi-family starts are up 8.6%. This is the highest level of housing starts in 12 years. It’s about time.
When a buyer can’t find a home to purchase, their alternative is to rent. And so the rental market both here in Arlington and nationally is hot hot hot, if you’re a landlord; and horrible horrible horrible if you’re a tenant. Rental inventory is also down by about 1 percent, and rent rates are up about 3.8% for lower end homes. With the rental market so hot, it attracts more investors who in turn compete with end-user buyers for the available inventory putting an ever greater burden on buyers to compete.
Meanwhile, mortgage rates held steady this week with the 30-yr fixed rate at 3.75%-3.85%…
Best wishes to all for a wonderful Thanksgiving holiday next week. Let your family and friends know how much you love them.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1415 S. Barton Street Unit 256, Arlington, VA 22204 — $399,000
- 4832 29th Street S., Arlington, VA 22206 — $514,900
- 4237 36th Street S., Arlington, VA 22206 — $639,900
- 3800 N. Fairfax Drive Unit 903, Arlington, VA 22203 — $675,000
- 5246 26th Street N., Arlington, VA 22207 — $825,000
- 6611 N. Little Falls Road, Arlington, VA 22213 — $829,000
- 936 26th Street S., Arlington, VA 22202 — $1,099,999
- 4831 N. Little Falls Road, Arlington, VA 22207 — $1,774,900
