What's On The Market in The Vienna Oakton Area?

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Now that Fall has arrived, let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

316 homes are for sale. The lowest priced listing is a condominium at Wilton House. It has 1 bedroom and 1 bath and is listed at $195,900. The highest priced listing is a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $898,079 and homes are currently averaging 127 days on the market.

OAKTON:

88 homes are for sale. The lowest priced listing is a condominium at The Oakton. It has 1 bedroom and 1 bath and is listed at $224,900. The highest priced listing is a 2 year old home on 2 acres on Vale Road (pictured above). It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  The average list price for homes on the market is $1,190,644 and homes are currently averaging 129 days on the market. 

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.

Customer Service in Real Estate

While recently reading an article in Inman News (http://www.inman.com/news/2008/08/27/study-sets-benchmarks-customer-service) about our company’s top ranking in a recent home buyer -seller study (yeah Keller Williams!), I came upon the following quote: “…study found that it took sellers an average of six months to close a deal, and that 23 percent of sellers had listed their home with another agent before having success with the broker evaluated…”

Boy did this give me pause. 23% of sellers had to use more than one agent to get their home sold. Wow! I knew that our personal statistics were much better than average, but I had no idea how much better.

I am proud to say that The Belt Team sells 99% of our listings. We have kept this record in both sellers’ markets & buyers’ markets….from 1972 all the way through 2008. Our expert skills & local, long-term experience allow us to get the job done for our sellers….whether they are selling a large house or a small condo, a home in Vienna or a home in Arlington, land in Oakton or a mansion in McLean. This means a lot less stress for our Sellers!

Thanks Inman News. You made my day!

 

August Home Sales in Northern VA

NVAR has provided us with the home sale statistics for August 2008. Here they are for your viewing pleasure:

NORTHERN VIRGINIA AREA HOME SALES REPORT
August 2008

AUGUST HOME SALES 2008 2007

Average Days On Market

(+ 16.00%) 87 75
AUGUST ACTIVE LISTINGS    

Detached

4,400 4,872

Attached

2,364 2,725

Condos & Co-ops

2,426 2,776

Total

(-11.40%) 9,190 10,373

Months Supply

(-16.25%) 5.07 6.06
AUGUST SALES PRICE    

Average

(-14.98%) $473,183 $556,574

Median

(-17.92%) $389,000 $475,000
YEAR TO DATE    

YTD Homes Sold

(-13.99%) 11,863 13,583

YTD Sales Volume

$5,622,798,095 $7,363,111,262

YTD Average Sales Price

(-11.22%) $481,280 $542,083

If you need representation when buying or selling a home in Northern Virginia – don’t forget to contact The Belt Team. We are happy to provide you with a market analysis, housing market update, list of homes for sale in Vienna, McLean, Oakton, Great Falls or any other part of Northern Virginia…and more. Email Sales@TheBeltTeam.com or call (703) 242-3975.

Real Estate Opportunity is Knocking

I’m sure many of you read today’s Washington Post article titled “Market Welcomes Takeover”. (For those who didn’t – here’s the link: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/08/AR2008090802425.html ).

One of the short-term results of the market’s positive reaction to the Fannie/Freddie takeover is that mortgage interest rates dropped a full half point in the past few days. This, combined with the buyers market that we are still in means GREAT OPPORTUNITIES exist. If you’ve never owned a home before – now is the time to buy. And if you’ve always wanted to buy an investment property, this is a great time as well. Many of our clients are buying a new home, moving into it as their new residence, and then are renting out their existing home – making it into an investment property. In this manner, they are able to take advantage of the fantastic owner-occupied mortgage interest rates & programs, while at the same time – are able to enter the investment market & start building equity in the future.

At this point, we don’t yet know what the long-term reaction & result of the Fannie/Freddie takeover will be. But for those who move quickly, it could be the right time to buy a home & invest in your future.

Lots of real estate opportunities exist in Vienna, Oakton and all of Northern Virginia. If you’d like to make the most of this opportunity – give The Belt Team a call: (703) 242-3975.

Vienna Oakton Homes Under Contract in August

71 homes went under contract in Vienna in August 2008. List prices of these homes ranged from $180,900 for a condo at Mosbys Landing to $1,721,321 for a six year old home in Symphony Meadows. Days on market for homes that went under contract in August ranged from 0 to 433. Of special note is that The Belt Team was involved in 2 of the Top Seven Sales in Vienna in August.

19 homes went under contract in Oakton in August. List prices of these homes ranged from $230,000 for a condo at The Oakton to $1,995,000 for a home backing to Fox Lake. Days on market for homes in Oakton ranged from 7 to 163.

Please contact The Belt Team at Sales@TheBeltTeam.com if you would like additional market information on homes in Vienna, Oakton, Great Falls, McLean or any other Northern Virginia area.