Arlington real estate market is seeing higher supply and lower demand of homes. The sales are Ok - a total of 175 homes sold in September - which is a 5 year average (but quite low historically), but the number of available homes was 582.
Months of inventory is how I keep track of the market. At 2 months of inventory we have a flat market - not buyers, not sellers, but in September we hit 3 months. I haven’t seen that in YEARS. At least in the last 10 years. Just take a look at the chart below.
1BD condos have 4 months of inventory - so bad news for 1BD condo sellers. We had this much inventory when COVID hit and everyone wanted to get out of the city and get more space. Last weekend I put a great 1BD condo on the market in the heart of Clarendon and got exactly zero showings the 1st weekend. Outch! The reason for this slow down is the high interest rates - 7.5% on average. So even if buyers could go out there and get a good deal - they aren’t doing it, because the money is too expensive and the monthly payment is too high. Young people aren’t really buying the way they used to also - they don’t want the weight of mortgage, they are renting instead.
Single family homes are doing well, but the inventory is rising for them as well. It went over 2 months in September. I suspect this should rise if the interest rates keep at current levels.
Believe it or not - we are still not as the average historic interest rate - which is 7.7%!
It is more important that ever to make sure your home is presented in the best possible light, that your price is not overly optimistic and that you have an experienced agent by your side. If you are thinking about selling - let’s chat!
