Breaking Down the Latest Market Data for Real Estate in Arlington, Virginia and the Greater Washington DC Area
Learn how the real estate market in Arlington, Virginia and the overall Greater DC Metro area is shaping up from February 2018. Presented by Buyer Advocate Agent, Drew Carpenter from the Keri Shull Team.
– Low inventory – down 11% since February 2017
– Sold to list price ratio – 98%, an increase from 97% last year. Big news for sellers.
– Median sale price has increased 4% – up to $532k.
Analysis: if the first two months of 2018 tell us anything, it is that we are in for another year of low inventory. With low inventory comes a more competitive market for buyers, and so bidding wars between buyers are to be expected. Buyers beware!
A great way to combat and potentially even avoid a bidding war altogether is to find a property that has not yet hit market, and to work with a great local lender.
– Days on Market are shrinking – down 56 days. Great for sellers, not so great for buyers.
– Low inventory + interest rate hikes are causing people to move sooner than expected.
– Median sold price up 2.5% – up to $410k.
Between the uncertainty of inventory and the market as a whole, the longer buyers wait to purchase the higher risk they face. With looming interest rate hikes on top of this, the best time to buy is now.