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 — it’s hot these days but at least there is a tiny bit of relief when this column comes out, at 5:30 a.m. in the morning!
The August slump is here, and I sense a huge opportunity for buyers, as well as strategic positioning for sellers.
Transactional volume slows way down this time of year — so many people are at the beach squeezing in one last vacation before settling back into the routine of the school year, and even housing takes a breather.
While there are fewer new homes being listed for sale, there are also fewer homes being taken under contract by purchasers. Couple this with mortgage rates that have just dipped below 5% for the first time since mid-April and a decrease in overall levels of competition, and purchasers may find it easier to snag the home of their choice.
Sellers are likely waiting until September to list their home, as this strategy seems to work year over year. Though kids now go back a week before Labor Day, as opposed to always just after, the mentality and objective match up — purchasers get back on track and start shopping again in September and this shows up in an uptick in showing activity, mortgage pre-approval letters, open house visitors and ratified contracts.
This week in Arlington, sellers listed 51 homes for sale while buyers ratified 50 contracts, 12 of which were on homes just listed in the last seven days. This near equilibrium for the week is not something we experience very often in Arlington — for the majority of the year sellers have way outpaced buyers — a flip from last year where buyers frequently ratified more offers.
Of the 425 homes currently available for sale, 136 are detached homes, 59 are semi-detached/town houses and 230 are condos.
Of those currently available properties, the average asking price is $890,497 and the median is $660,000. These properties have been sitting on the market for 52 days on average, while the median is 33.
Quick note — there was a time back in January and February where the median was 12 days, so while 33 doesn’t seem like much, this is a substantially different market and the dynamics continue to change rapidly, and from week to week.
This week last year, there were 497 properties available for sale, sellers listed 63 homes and buyers ratified 67 contracts. Mortgage rates were 2.77%!
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!
- 2109 N. Scott Street #51, Arlington, VA 22209 — $345,000
- 3056 S. Abingdon Street, Arlington, VA 22206 — $525,000
- 4646 36th Street S. #A., Arlington, VA 22206 — $625,000
- 925 22nd Street S., Arlington, VA 22202 — $925,000
- 1411 Key Boulevard #409, Arlington, VA 22209 — $1,100,000
- 3109 N. Nottingham Street, Arlington, VA 22207 — $2,295,000
- 3401 N. Peary Street, Arlington, VA 22207 — 3,299,500
- 4605 26th Street N., Arlington, VA 22207 — $3,595,000
