The heat wave this week hasn’t stopped buyers from purchasing homes in Arlington. The market appears resilient to anything. Some 62 brave buyers ratified contracts on homes this week ranging in price from $175,000 to $2.2 million. Meanwhile, only 57 home sellers listed their homes for sale this week. Arlington still needs more inventory. It has only 635 residential properties for sale, including condos and townhomes. At the current pace of absorption, that’s only 2.56 months of inventory. A market is considered in equilibrium when it has 5.5 months of inventory.
Near record low mortgage interest rates keep helping the housing industry. The 30-yr fixed rate conforming loan is now about 3.63%, and the jumbo 30-yr rate is about 3.5%. Rates had little or no change this week. It’s a great time to buy if you can find the right home.
Arlington, VA New Listings
Team Cathell Open Houses
317 N. Fillmore Street Arlington, VA 22201 $1,485,000- Open Sunday 1-4pm
3024 N. 4th Street Arlington, VA 22201 $1,739,900- Open Sunday 1-4pm