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Spring 2020 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in Arlington County. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $1,200,000

Average Time on Market: 30-60 days

Best Selling Price Range: $1,000,000+

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

Multiple Offers Commentary: Fast offers = < 10 days on market are common in prime locations for up-dated, mint, move-in condition homes, preferably along orange Metro line.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: 06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System - Arlington County: average detached = single family home sold price: $ 980.690 = +4.97 % increase YOY = Year Over Year. Arlington County: average town home = attached home sold price: $ 455,188 = -8.52 % decrease YOY. Arlington County: average condo sold price: $ 408,040 = -10.17 % decrease YOY. Days on Market: 37 vs. 42 a year ago = -11.90 % decrease. Average Sold Price to Original List Price: 98.4 % vs. 97.9 % a year ago = +0.49 % increase. Most homes sold in less than 10 days on market. 43 cash buyers, 236 conventional loans, 11 FHA loans, 32 VA loans. Inventory: 656 active listings vs. 697 a year ago = -5.88 % decrease. Pendings = Properties Under Contract: 398 vs. 401 = 0.75 % decrease. PLEASE know: Arlington zip codes along the Orange Metro line are most desirable and most expensive. PLEASE know: Arlington zip codes along the Orange Metro line are most desirable and most expensive. $$ numbers below are for Single Family Homes, the graphs include town homes and condos as well

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington

Housing Hot Spots: Most zip codes within the Arlington County area are considered �Housing Hotspots�

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Mortgage Rates for Mar 31st, 2020
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in Arlington Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current Arlington, VA market conditions before acting on this information.)
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