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, Arlington; I hope you’re enjoying the reprieve from the cold as much as my three little kids are — they have been loving getting to the park every day!
Believe it or not, the cold weather is pushing the spring real estate market further into the year, so this level of activity is not fully representative of how frenzied things may be in the very near term. Last year, we had a more mild winter, and the activity surged earlier when compared to right now. This is a trend we see each year depending on the severity and duration of the cold.
I’m super excited to tell you about our PICK OF THE WEEK — 42 S. Park Drive, Arlington, VA 22204 — $889,900.
You will not want to miss this charming, expanded and thoroughly updated 4 bedroom, 3 full bathroom Arlington Colonial on a private, flat 5,868SF lot with driveway parking. A welcoming front expansion leads to a functional foyer entryway/den area with gleaming hardwoods carried out throughout the main and upper levels. The living room features a wood-burning fireplace and flows into the formal dining room. A rear expansion features an owner’s suite with full ensuite bathroom and laundry, as well as a renovated eat-in kitchen and sliding glass door to the large Trex deck. The upper level has 3 bedrooms and a full bathroom, and pulldown stairs to the attic storage. Lower level has a third full bathroom, large rec room, utility space and extra storage space. Main level office space, driveway parking, private hot tub spa and entirely move-in ready!
You can find my team here Saturday and Sunday afternoon for the public Open Houses, 1-4 p.m.
Since this is the topic of the housing marketplace, a quick update on mortgage rates; they shot up to 3.92% on average, and in many cases, borrowers are being quoted over 4%! We haven’t seen rates at this level since May of 2019… This is pretty much a short squeeze for buyers, and it’s going to have a large impact on price escalations throughout the country. A funny stat I just heard regarding how low the inventory is, there are fewer listings in the entire country than there are licensed real estate agents!
Despite the rates increasing, buyer activity remains strong, but who am I kidding, you already know that! Due to the high demand and buyer activity, listing inventory dropped to another low, with just 221 properties available for sale, down five more from last week.
Sellers listed 60 homes for sale over the past week, and buyers ratified 54 contracts, 34 of these on homes on the market a week or less. Of the 221 homes currently available for sale, 46 are detached homes, 24 are semi-detached/townhomes, and the remaining 156 are condominiums. These properties range in price from $100,000 all the way up to $3,750,000.
Average list price for currently available homes is $837,590, and the median price is $549,900. These homes have been on the market for an average of 79 DOM (days on market) and a median of 42.
Check this out — The average days on market for homes under contract in the past week is 17, and the median is 6! What a major difference between the homes that were just ratified compared to those that are still available and less likely to sell as quickly!
This week last year, there were 365 homes available for sale throughout the county. Sellers had listed 91 homes for sale and buyers ratified 73 contracts.
Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call!
Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight new listings that I think you might like to check out.
- 2465 Army Navy Drive #1-310, Arlington, VA 22206 — $354,900
- 1300 Army Navy Drive #128, Arlington, VA 22202 — $359,900
- 1400 S. Edgewood Street #513, Arlington, VA 22204 — $450,000
- 1201 N. Garfield Street #302, Arlington, VA 22201 — $474,900
- 1201 N. Garfield Street #107, Arlington, VA 22201 — $614,900
- 1631 10th Street S., Arlington, VA 22204 — $625,000
- 42 S. Park Drive, Arlington, VA 22204 — $889,900
- 612 N. Garfield Street, Arlington, VA 22201 — $1,299,000
