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.”
Arlington’s real estate market picked up the pace a bit this week, and that’s impressive considering we had a major holiday at the beginning of the week and people were still traveling back home.
Buyers ratified 45 contracts, and sellers listed 44 homes. That’s good for a transition week. We should see those numbers jump even higher next week as people have settled into their work and school routines.
Overall, Arlington’s market reflects the nation’s housing market. We have been experiencing a drop this year in the total number of home sales. Last month, we had a total of 244 sales of all types of housing. In August of last year, we had 300 sales. That’s nearly a 19% drop.
The National Association of Home Builders reported that they have seen a 9% drop in the number of actively looking buyers since last year.
And Fannie Mae’s economist Doug Duncan reported a similar downturn in the number of sales. He attributes it primarily to a lack of inventory. He noted that baby boomers are deciding to age in place much more than before, and gen-xers are building additions instead of buying bigger homes.
Other economists say the lack of inventory is because home builders are delivering fewer homes than needed, especially affordable housing. Builders blame that on the increasing costs of materials and labor. During the Great Recession in 2008, home building tanked for five years. Those workers looked for other job opportunities and many never returned to the construction labor pool.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1302 N. Meade Street #14, Arlington, VA 22209 — $350,000
- 1020 N. Stafford Street #301, Arlington, VA 22201 — $585,000
- 5710 27th Street N., Arlington, VA 22207 — $799,000
- 4701 8th Road S., Arlington, VA 22204 — $829,900
- 3207 N. Tacoma Street, Arlington, VA 22213 — $985,000
- 3705 N. Woodstock Street, Arlington, VA 22207 — $1,150,000
- 2904 N. Lorcom Lane, Arlington, VA 22207 — $1,499,000
- 3116 7th Street N., Arlington, VA 22201 — $1,868,900