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!
Well, the negative economic news continues to weigh heavily on interest rates, and Wednesday’s Fed rate hike marks three in a row at 75 basis points, or ¾%. The reality is that we are approaching, and in some regards have already hit, an affordability ceiling. The 30 year fixed rate mortgage averages 6.29% over the past week according to Freddie Mac, the highest it’s been since October of 2008.
Many like to point out that these rates are reasonable, at least historically. While that’s true, what that sentiment does not take into account is that home prices were hundreds of thousands of dollars lower, and it also does not factor in that incomes haven’t kept up with house prices. So, we do in fact have an affordability problem now that interest makes up such a large share of a monthly mortgage payment.
This is impacting the local real estate market. Sellers feel it, agents feel it, and buyers are, well, missing. Sure, there is some activity, but it is massively impacted by the things I mention above, and transactional volume is down while inventory is rising. The supply and demand equation that drives real estate is shifting, and it is taking longer to sell a home, even in a highly desirable area such as Arlington.
Right now, there are 30 properties in “Coming Soon” status. This does not account for all of the new and upcoming inventory we’ll see hit the market in coming weeks, but it does show that sellers still plan to sell homes this fall, potentially adding to the rising inventory we’ve seen for the past five weeks.
This week in Arlington, sellers listed 61 homes for sale (21 less than last week), while buyers ratified 14 contracts (15 less than last week), just 10 of which were on homes just listed in the last seven days.
Of the 414 homes currently available for sale (20 more than last week), 140 are detached homes, 59 are semi-detached/town houses, and 215 are condos.
Of those currently available properties, the average asking price is $916,448 and the median is $699,950. These properties have been sitting on the market for 52 days on average, while the median is 30.
This week last year, there were 555 properties available for sale, sellers listed 77 homes and buyers ratified 77 contracts. Mortgage rates were 2.88%!
PICK OF THE WEEK — The Andors Real Estate Group is proud to have JUST LISTED 1912 N. Daniel Street, Arlington, VA 22201 — $950,000.
You won’t want to miss this gorgeous brick townhome featuring three bedrooms, two full bathrooms and one half bathroom, loaded with recent updates and renovations. Nearly 2,000sf of finished living space, a gorgeous white kitchen with Calcatta Gold Quartz countertops and brand new stainless steel appliances, hardwood floors throughout, an envious owners suite and an attached one car garage! Note, our team has an ownership interest in this property.
Find my team there this weekend for public open houses, Saturday and Sunday 1-3 p.m.
Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!
Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!