What is happening NOW in Vienna Oakton real estate?
First – let’s look at the stats. In Vienna, 12 homes went under contract this week and 2 homes in Oakton. You can see by the charts below that this is a slight up-tick from the previous week.
Inventory has decreased slightly in Vienna, but remains the same in Oakton.
And for the first time this year, we see a slight difference in months supply between Vienna and Oakton, with Vienna at 3.3 months and Oakton at 4.6 months.
But more important sometimes than statistics is the anecdotal information you can get from a Realtor who specializes in the area. Statistics often lag what is happening in the market.
So what have we seen anecdotally this week?
After last week’s “Blizzaster”, the thaw started & people were anxious to get out & about. Showings on our listings have picked up. And the number of folks attending our open houses has increased dramatically. (As an example, we normally get about 2 or 3 groups through an open house, but we had one on Sunday that had 22 groups of people come through!)
Sellers who prepared their homes & got them on the market sooner rather than later definitely benefited from this. The Belt Team had THREE listings go under contract this past weekend. Two of those three contracts were on homes that just went on the market last week. And all three homes received MULTIPLE CONTRACTS!
So which is it – statistics or anecdotal information? Well, a good Realtor (and Buyer and Seller) needs to analyze both in order to come to a more educated resolution as to what action to take.
For example, statistics this week also show that of the 12 homes in Vienna that went under contract, 75% were listed at less than $750,000. This statistical information is a lense through which the anecdotal information of increased open house attendance and mutiple contracts should be filtered.
So if you are a buyer in the lower price range, this might tell you that you really need to do your homework and be prepared for a possible competitive situation when you write a contract. And if you are a Seller in the upper brackets, it might tell you that it is more important than ever to be priced at TODAY’s market.
(And as a side note: Here’s another little statistic Sellers might find interesting: Sellers who listed their home at the price originally recommended by their agent sold it 38 days faster and for 2.25% higher than Sellers who did not take their agent’s recommendation.)
Bottom line – make sure these are the types of discussions you are having with your Realtor, whether you are buying or selling a home. It’s in YOUR best interests!