Weekly Market Update – Sales Strong, Supply Continues to Drop

  

Here is the weekly update from MRIS:

“Sales in the MRIS region are still strong, while the supply of available homes continues to drop.

For the week ending November 21 there were 2,237 pending sales, up 34.7 percent from a year ago.

The passing of the original tax credit expiration date does not appear to have slowed the urgency of the region’s buyers.

The tax bill’s extension/expansion means that move-up buyers are eligible for a $6,500 credit when they sell and then buy again, which should eventually spur some new listing activity.

That hasn’t happened yet, though—the number of new listings for the most recent reporting week was down 9.1 percent from a year ago.

The total inventory in the region now sits at 54,233, down over 23,000 units from a year ago.”

Stay tuned this week for more detailed info on the Vienna Oakton real estate market or contact The Belt Team directly at (703) 242-3975.

The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact us today for a FREE home valuation or buyer counseling session!

Weekly Market Update – Conditions Vary Dramatically

Here’s the update as reported by MRIS today:

“Sales in the MRIS region are still strong, while the supply of available homes continues to drop.

For the week ending November 14 there were 2,255 pending sales, up 29.2 percent from a year ago—the strongest showing for that week of the year since 2006.

The total inventory in the region now sits at 54,958, down over 23,000 units from a year ago.

Falling supply and growing demand mean that the total Months Supply of Inventory for the region has fallen over the last year from 9.8 months in October 2008 to 6.2 months in October 2009.

As a result, homes are taking a little less time to sell and home sellers are receiving closer to their original asking prices.

However, we need to keep in mind that market conditions vary dramatically by price point and location.”

  

This last comment by MRIS (“market conditions vary dramatically by price and location”) is one reason why it is so important for Buyers to consult Realtors who are experts in the marketplace where they want to buy – whether that is a particular city, neighborhood, school district, price point, home type, etc. If you have been reading our blog regularly, you know that even in markets as small as “just Vienna Virginia”, we have segments of the market that are experiencing a “Buyers Market” and some that are experiencing a “Sellers Market”.

Don’t hestitate to contact The Belt Team for a more in-depth analysis and strategies for how to make your real estate dreams a success – whether you are buying or selling a home.

Open This Weekend – Dreams

Today is Friday and that means it’s time for the Friday Open House Theme Song of the Week!

This weekend’s song comes from our thoughts of the Thanksgiving holiday approaching next week. It’s a little tongue-in-cheek, but aren’t all our open house theme song selections?!

This week’s song comes from . . . .

THE CRANBERRIES!

It’s called “Dreams”. (Scroll down for details on where you can visit your new dream home this weekend!)

Here is where you will find us this weekend:

Open Sunday, November 22nd, from Noon to 5PM – Francis Young Estates 

Francis Young Estates – Prices start at $1,229,900

15 gorgeous new homes on two cul-de-sacs in the Madison High School District!

Three opportunities remain!

Homes are Energy Star Certified and built by master builder Sekas Homes!

Directions: From Route 123 in Vienna, North on Beuah Rd about 3/4 mile to new cul-de-sac on left just past State Street.

Contact The Belt Team directly at (703) 242-3975 if you have questions about pricing, features, floorplans, options, etc…

The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region!


The Updated 2009 Homebuyer Tax Credit

Am I eligible for the Homebuyer Tax Credit?

When is the new deadline for purchase?

Is is true that this is not just for first-time homebuyers only?

What are the income limits?

If you’ve been wondering about these questions & more, watch this quick 3 minute video for all the details of the legislation that recently passed  regarding the updated 2009 Homebuyer Tax Credit. (You can also call us on our direct line for further information: 703-242-3975)

The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact The Belt Team today for a FREE home valuation or buyer counseling session!

Open This Weekend – Have You Been Waiting?

Today is Friday and that means it’s time for the Friday Open House Theme Song of the Week!

Perhaps Matthew Sweet was singing about a girl . . . but if you stretch it, maybe he was singing about his dream home.

“I’ve been waiting . . . I didn’t think I’d find you perfect in so many ways.”

Stop waiting. Don’t keep your dreams on hold. Perhaps Francis Young Estates is where you’ll find your dream home. But you’ll never know if you don’t stop by! Luckily for you, we will be open this weekend! (Scroll down for details.)

Let Matthew Sweet inspire you:

Here is where you will find us this weekend:

Open Saturday and Sunday, November 14 & 15, from Noon to 5PM – Francis Young Estates 

Francis Young Estates – Prices start at $1,229,900

15 gorgeous new homes on two cul-de-sacs in the Madison High School District!

Three opportunities remain!

Homes are Energy Star Certified and built by master builder Sekas Homes!

 

Directions: From Route 123 in Vienna, North on Beulah Rd about 3/4 mile to new cul-de-sac on left just past State Street.

Contact The Belt Team directly at (703) 242-3975 if you have questions about pricing, features, floorplans, options, etc…</p>
<p><strong>The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region!

Market Update – October Sales Statistics Are In AND New Tax Credit For Repeat Homebuyers!

Now that the leaves are falling & Thanksgiving is around the corner, it’s time to update you on the statistics for Vienna Oakton real estate.There are currently 194 homes for sale in Vienna and 78 homes for sale in Oakton. We are still seeing a very segmented market – with well-priced homes under about $800,000 to $1,000,000 experiencing multiple contracts & quick sales – and homes over $800,000 sometimes languishing on the market for months. (Read our blog entry from earlier this week for a “real life” example of what’s happening in this market.)

Contracts ratified in October of 2009 in the Vienna/Oakton area were almost double the number of contracts ratified a year earlier. And while only 2 homes in Oakton (of the 14 homes that sold) closed for over $768,000 in October, 10 homes in Vienna (of the 64 that sold) closed for over $1,000,000.

Also – as we write this, we are awaiting the President’s signature on legislation to extend the First-Time Homebuyer $8,000 tax credit. He is expected to sign it today.

The bill that was passed by Congress yesterday also expands the coverage to include up to a $6,500 credit for “repeat homebuyers” (defined as homeowners who have lived in their homes for five of the prior eight years).  (For more details – contact us or watch our blog, or you can find us on Facebook & always stay up-to-date with what’s happening in real estate.)

Now – here is the detailed Vienna Oakton market information for October:

VIENNA:                                                   Oct 09                   Oct 08

# New Listings                                   94                      100                         

# Under Contract                               85                       46               

# Sold/Settled                                   64                       55          

Average Days on Market

for October Solds                              83 days               81 days    

Highest Price Sale                            $1,500,000            $2,150,000

OAKTON:                                                  Oct 09                   Oct 08

# New Listings                                    36                      27                     

# Under Contract                                16                       8                            

# Sold/Settled                                    14                      14                                   

Average Days on Market

for October Solds                              51 days                95 days    

Highest Price Sale                            $1,650,000            $1,055,000

What Sold (ie- went to settlement) in Oakton in October 2009?

Under $500,000 (none were single family homes):

  • 10202 Bushman Dr #213 – $243,000 (less a $8,400 subsidy = $234,600 Net)
  • 2817 Jermantown Rd #211 – $255,000 (less a $5,000 subsidy = $250,000 Net)
  • 10203 Willow Mist Ct #C – $282,000 (less a $3,000 subsidy = $279,000 Net)
  • 9933 Capperton Dr – $306,500 (No subsidy)
  • 10413 Graystone Ct – $355,000 (less a $10,000 subsidy = $345,000 Net)
  • 2971 Borge St – $385,500 (no subsidy)

$500,000 to $775,000:

  • 2816 Oakton Manor Ct – $580,000 (no subsidy)
  • 2839 Thaxton Ln – $600,000 (no subsidy)
  • 10856 Weisiger Ln – $649,000 (no subsidy)
  • 3438 Valewood Dr – $740,000 (no subsidy)
  • 3301 Saddlestone Ct – $750,000 (no subsidy)
  • 10915 Blue Roan Dr – $768,000 (less a $1,500 subsidy = $766,500 Net)

$775,000 to $999,000:

  • NONE

$1,000,000 and up:

  • 3201 Sarah Joan Ct – $1,350,000 (less a $1,000 subsidy = $1,349,000 Net)
  • 11227 Country Pl – $1,650,000 (no subsidy)

What Sold (ie- went to settlement) in Vienna in October 2009?

Under $500,000:

  • 212 Park Terrace Ct SE #68 – $174,900 (less a $5,847 subsidy = $169,053 Net)
  • 2526 Glengyle Dr #167 – $212,000 (less a $600 subsidy = $211,400 Net)
  • 2644 Glengyle Dr #68 – $221,300 (less a $6,300 subsidy = $215,000 Net)
  • 2631 Glengyle Dr #81 – $240,000 (less a $1,750 subsidy = $238,250 Net)
  • 2447 Glengyle Dr #217 – $240,000 (less a $1,500 subsidy = $238,500 Net)
  • 2710 Belleforest Ct #110 – $260,000 (less a $8,000 subsidy = $252,000 Net)
  • 8183 Carnegie Hall Ct #109 – $268,000 (no subsidy)
  • 2679 Glengyle Dr #40 – $274,900 (no subsidy)
  • 9480 Virginia Center Blvd #440 – $320,000 (less a $6,669 subsidy = $313,331 Net)
  • 505 Princeton Terr SW – $327,000 (no subsidy)
  • 8162 Electric Ave – $330,000 (less a $5,000 subsiy = $325,000 Net)
  • 2791 Centerboro Dr #380 – $335,000 (no subsidy)
  • 1107 Walker Cir SW – $350,000 (no subsidy)
  • 2700 Belleforest Ct #104- $360,000 (less a $5,000 subsidy = $355,000 Net)
  • 3014 Sugar Ln – $362,500 (no subsidy)
  • 222 Elm St SW – $375,000 (no subsidy)
  • 1577 Northern Neck Dr #101 – $375,000 (no subsidy)
  • 8604 Cottage St – $397,959 (less a $7,958 subsidy = $390,001 Net)
  • 901 Ware St SW – $425,000 (less a $9,905 subsidy = $415,095 Net)
  • 2808 Balliett Ct – $444,000 (less a $8,000 subsidy = $436,000 Net)
  • 9652 Sutton Green Ct – $440,000 (no subsidy)
  • 640 Tazewell Rd NW – $462,000 (less a $7,000 subsidy = $455,000 Net)
  • 202 Branch Rd SE – $480,000 (no subsidy)
  • 9622 Prelude Ct – $490,000 (no subsidy) (BELT TEAM LISTING & SALE)

$500,000 to $775,000:

  • 2522 Villanova Dr – $527,500 (no subsidy)
  • 121 Kingsley Rd SW – $535,000 (no subsidy)
  • 8037 Trevor Pl – $547,000 (less a $5,000 subsidy = $542,000 Net)
  • 8617 Janet Ln – $553,000 (less a $500 subsidy = $552,500 Net)
  • 1053 Ware St SW – $555,000 (no subsidy)
  • 429 Glyndon St NE – $578,000 (less a $5,000 subsidy = $573,000 Net)
  • 8878 Ashgrove House Ln – $575,000 (no subsidy)
  • 8902 Ashgrove House Ln – $582,500 (no subsidy)
  • 8310 Idylwood Rd – $590,000 (less a $5,000 subsidy = $585,000 Net)
  • 2213 Chestertown Dr – $590,000 (no subsidy)
  • 9702 Woodland Glen Ct – $605,000 (less a $15,000 subsidy = $590,000 Net)
  • 1619 Leeds Castle Dr – $610,000 (no subsidy)
  • 2826 Charles Dunn Dr – $615,000 (less a $400 subsidy = $614,600 Net)
  • 414 Course St NE – $618,000 (no subsidy)
  • 9936 Fairoaks Rd – $640,000 (less a $10,000 subsidy = $630,000 Net)
  • 9305 Kilby Glen Dr – $640,000 (no subsidy)
  • 10212 Vale Rd – $660,000 (no subsidy)
  • 2719 Glencroft Rd – $660,000 (no subsidy)
  • 2147 Red Vine Dr #76 – $675,000 (no subsidy)
  • 10102 Vale Rd – $700,000 (no subsidy)
  • 2709 Willow Dr – $752,000 (less a $12,000 subsiy = $740,000 Net)
  • 7981 Vigne Ct – $770,000 (no subsidy)

$775,000 to $999,000:

  • 10006 Leamoore Ln – $785,000 (less a $1,000 subsidy = $784,000 Net)
  • 304 Springwood Ct NE – $850,000 (no subsidy)
  • 10505 Hunting Crest Ln – $850,000 (no subsidy)
  • 1859 Amberwood Manor Ct – $860,000 (no subsidy)
  • 10704 Hunters Valley Rd – $925,000 (less a $6,178 subsidy = $918,822 Net)
  • 907 Park St SE – $960,000 (no subsidy)
  • 115 Locust St SW – $985,000 (no subsidy)
  • 1287 Middleton Ct – $1,025,000 (less a $35,000 subsidy = $990,000 Net)

$1,000,000 and up:

  • 120 Tapawingo Rd SW – $1,080,000 (less a $27,000 subsidy = $1,053,000 Net)
  • 2406 Stryker Ave – $1,065,000 (less a $2,500 subsidy = $1,062,500 Net) (BELT TEAM LISTING!)
  • 706 Cottage St SW – $1,099,000 (less a $6,400 subsidy = $1,092,600 Net)
  • 9003 Edgepark Dr – $1,170,000 (less a $10,000 subsidy = $1,160,000 Net)
  • 8413 Falcone Point Way – $1,170,000 (no subsidy)
  • 115 Elmar Dr SE – $1,198,500 (no subsidy)
  • 1841 Mamie Dyer Ln – $1,240,587 (less a $27,220 subsidy = $1,213,367 Net) (BELT TEAM LISTING!)
  • 117 Glyndon St NE – $1,249,000 (no subsidy)
  • 1844 Mamie Dyer Ln – $1,295,390 (no subsidy)
  • 2026 George Washington Rd – $1,500,000 (no subsidy)

For more information on any of these sales (or if you would like information on other areas such as Great Falls, McLean, Reston, etc…), or if you are thinking of buying or selling a home, please contact The Belt Team at (703) 242-3975. The Belt Team has sold more homes in Vienna Oakton than any other Realtor since 1972 (and we also cover areas ranging from Loudoun County to Arlington to Silver Spring)! It would be our pleasure to help make your real estate dreams come true!

Regards,

Terry, Pauline, Mary Jane, Kevin, Gail, Christy, Jerry & Tara

Open This Weekend – Paint It Black

Today is Friday and that means it’s time for the Friday Open House Theme Song of the Week!

The Belt Team is proud to represent a number of top-notch local builders (Sekas Homes, Dominion Associates, Clear View Homes & Oak Street Development). So this week’s song goes out to our builders. (PS -Feel free to call us if you’re looking for a new home or a builder to build on a lot you own! And scroll down below for this week’s open house locations.)

Do you ever have a song that you just can’t get out of your head? Well, perhaps this is the kind of song that our builders have running through their minds while they sleep. The lyrics go “I see a red door and I want to paint it black . . .”

Come & visit us at our open houses this weekend. Here’s where you can find us:

~ Saturday, November 7th from Noon to 5PM at Francis Young Estates in Vienna

~ Sunday, November 8th from 1PM to 4PM at 808 Braddock Rd W in Alexandria

~ Sunday, November 8th from 1PM to 4PM at 8625 McHenry St in Vienna

~ Sunday, November 8th from Noon to 5PM at Francis Young Estates in Vienna

8625 McHenry Street in Vienna – $735,000 (PRICE IMPROVED!)

Enjoy a sunny, bright floorplan, hardwood floors through most of the main level, a delightful sunroom with gas fireplace, updated kitchen, fully finished walkout lower level & more. All on a gorgeous half acre+ lot in the Madison HS pyramid AND convenient to Dunn Loring Metro!

 

 

Directions: From Cedar & Park: Left on McHenry to #8625. From Route 123 (Maple Ave) in Vienna: South on Park, Left on McHenry.

808 Braddock Road West – $709,000 (PRICE IMPROVED!)

Charming & elegant all brick colonial in a fabulous location close to Braddock Road AND King Street Metro! Hardwood floors throughout the main level and in all bedrooms, woodburning fireplace, French doors, lots of windows, screened porch, updated kitchen with granite & stainless, finished lower level rec room & more!

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Directions: From I-395: King Street East, go approximately 1 mile to left on Braddock Road, go approx 1/2 mile to 808 Braddock Rd W. on the righ hand side. (OR from Braddock & Russell Roads: Go west on Braddock to #808 on the left.)

Francis Young Estates – Prices start at $1,229,900.

15 gorgeous new homes on two cul-de-sacs in the Madison High School District!

Three opportunities remain!

Homes are Energy Star Certified and built by master builder Sekas Homes!

 

Directions: From Route 123 in Vienna, North on Beulah Rd about 3/4 mile to new cul-de-sac on left just past State Street.

Contact The Belt Team directly at (703) 242-3975 if you have questions about pricing, features, floorplans, options, etc…

The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact us today for a FREE home valuation or buyer counseling session!

Weekly Market Update – Still Going Strong

  

Parts of our local market are still going strong. Two weeks ago, a townhome in Vienna was listed at $599,000. Within 48 hours, there were multiple contracts registered. We understand it sold for $16,000 over the list price AND the buyer waived ALL contingencies (including a home inspection – not something we normally recommend doing in today’s market). (Note: The final price will not be verified in the MRIS until settlement. And the buyer we represented was not comfortable with this price & cirumstances and he happily bought a different home.)

On the other hand, there are currently 201 homes on the market in Vienna. And the average days on market for these homes is 133 days (four and a half months!). Many of them have been price-reduced over time. And this bears out one of the “truths” of real estate that is born out by statistics: the longer your home is on the market, the less it will sell for.

I think the Sellers of the townhome were smart. By pricing their home aggressively, they solicited multiple offers & not only got a good price, but excellent terms in the contract – no home inspection to worry about, no appraisal to worry about, no radon test to worry about, no financing to worry about. By listing below the $600,000 price point, they appealed to a much larger pool of buyers. And they appeared very attractive. If they had “tested the market” (like many Sellers try to do) at $625,000 (with thoughts of trying to generate a contract of $610,000 to $615,000) – our experience is that they may not have even generated even one contract. The likelihood is that they would have ultimately ended up reducing to $599,000. But at this point, the home would be stale on the market and offers would likely have been below the $599,000 list price.

How long will this last? Nobody knows!

But here’s this week’s report from MRIS:

  • Buyer demand in the MRIS region continues to look very strong as autumn progresses.
  • For the week ending October 24 there were 2,650 pending sales, up 61.5 percent from the 1,641 sales seen during the same week in 2008.
  • Over the last three months there have been almost 9,000 more signed purchase agreements than there were during the same period last year.
  • With sales up and new listings on the market down (behind last year’s pace by 6.3 percent over the last three months), the total inventory of houses available in the region has dropped over 24,000 units in the last year.”

When you are ready to buy or sell a home, make sure you contact The Belt Team for a specific analysis of the neighborhood you live in or the neighborhood you want to move to. Buyers Markets & Sellers Markets can vary by town, price range, school district & more!

The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact us today for a FREE home valuation or buyer counseling session!