Vienna Oakton Market Update – Don't Be An April Fool

If you’re thinking of buying or selling a home, make sure you know what’s happening in the market – not just in the “real estate market” in general, but what’s happening in YOUR market – the one where you live (or where you WANT to live)!

Here’s a snapshot of what is happening in OUR market – the Vienna Oakton real estate market:

VIENNA OAKTON CONTRACTS:

In Vienna, more homes went under contract in the past week than any other week in 2010. We have gone from a low of 9 contracts the week of February 9th to a high of 31 contracts this week.

vienna-contracts-march-30-2010.JPG

In Oakton, 9 homes went under contract this past week, down 1 from last week’s high of 10 contracts.

Oakton Virginia Homes Under Contract

VIENNA OAKTON INVENTORY:

In Vienna, inventory increased another 10% and is at a high for 2010. 222 homes are currently on the market.

Vienna Virginia Homes For Sale

Oakton’s inventory also increased from 70 homes on the market, to a 2010 high of 74 homes for sale.

Oakton Homes For Sale

VIENNA OAKTON AVERAGE DAYS ON MARKET

Although inventory has increased, the rate of homes going under contract has increased more. This resulted in average days on market in Vienna going down to its lowest this year – 113 days. This is down from the 2010 high of 223 days in early February.

Vienna Virginia Real Estate Average Days on Market

Oakton is also seeing a similar average days on market with 110 days currently, down from a high of 168 days in mid-January.

Oakton Virginia Real Estate Average Days on Market

ADVICE FOR BUYERS & SELLERS

The information above gives you a good idea of what is happening in Vienna and Oakton. It’s more “micro” than what you hear on the news about real estate nationwide or statewide or even just what you hear about “Northern Virginia”. But if you are “in the market” NOW (ie-looking to buy or sell a home right now), then you & your Realtor need to delve further into what is happening in your HYPERLOCAL market.

Here’s an example:

You see above that the number of homes that went under contract over this past week is at a yearly high for both Vienna and Oakton. If you’re selling a home, this might encourage you to be aggressive in your pricing. And if you’re buying a home, it might tell you that you need to be prepared to possibly “compete” for the home you want.

HOWEVER . . .

What happens if you delve a little deeper?

You would find out that of those 40 contracts in Vienna Oakton last week, 35 of them were on homes listed at $768,000 and below. And 5 were on homes listed over $1,000,000. And nothing sold in between.

If you are looking to buy or sell a home in the $799,000-$999,000 price range, you might have to change your strategy from what we said above.

This is just one example of “delving deeper”. Your Realtor can & should help you with this analysis. And there are lots of factors to consider: price range, home type, school district, lot size & more.

Bottom Line: DON’T BE AN APRIL FOOL. Ask your Realtor for the FACTS!

I Want To Buy A Home In Vienna Oakton

I Want To Sell A Home In Vienna Oakton

Neighborhood Spotlight & Market Update – Wolftrappe Square in Vienna

Wolftrappe Square         Welcome to Vienna Sign

In Vienna, Virginia you can find all types of homes – everything from one bedroom condos to luxury homes on lots of acreage. And right in the Heart of Vienna, you’ll find Wolftrappe Square – an elegant community of townhome treasures. Wolftrappe Square is located on the corner of East Street and Maple Avenue. So that means you can walk to just about anything – have dinner at Anita’s, get ice cream at Baskin Robbins, rent a video at Blockbuster, ride the bus to work, take a class at the Vienna Community Center or catch a ballgame at Waters Field. It’s a charming community with flickering gas lamps, meandering pathways & a great in-town location. 

  

Homes in Wolftrappe Square are sought after and don’t come available very often. The Belt Team listed the townhome at 141 East Street on March 19th this year and 5 days later it was under contract! (Average days on market in Vienna is currently at 123 days, so our Seller is very happy!)  

If you’re wondering how Wolftrappe Square has fared in the real estate market over the past few years, here’s a market snapshot:

  • In 2009, only 1 townhome sold in Wolftrappe Square. It was listed at $545,000. It was on the market for 12 days and sold for $536,650 (less a $5,000 subsidy – so a net of $531,650).
  • In 2008, 2 townhomes sold in Wolftrappe Square. One was listed at $575,000 and sold for $565,000 (less a $10,300 subsidy – so a net of $554,700). The other was also listed at $575,000 and sold in 25 days for list price. 
  • In 2007, 2 townhomes sold in Wolftrappe Square. One was listed at $569,000 and sold in 86 days for $559,000. The other was listed at $594,900 and sold in 6 days for $586,000.
  • In the past four years, six homes in Wolftrappe Square have sold. And The Belt Team is proud to say that we sold 3 of them!

I Want To Buy A Home in Wolftrappe Square

I Want to Sell A Home in Wolftrappe Square

Read about other Vienna neighborhoods: Waverly

Open Houses This Weekend – Alexandria & Vienna

It’s Friday and that means it’s time for our Theme Song of The Week. Eartha Kitt used to sing “I want an old fashioned house, with an old fashioned fence.” And if that’s what you’re looking for, The Belt Team can surely help you find it. (She also sings about looking for an old fashioned millionaire, but you’ll have to find that on your own!)

This week, we have two fabulous homes being held open – and they’re not so old-fashioned. In fact, they are pretty spectacular! (Scroll down for details…but first, here’s Eartha!)

Here’s where you will find The Belt Team this weekend:

~ Sunday, March 28th from 1PM to 4PM -286 Murtha Street in Alexandria – $719,000

~ Sunday, March 28th from 1Pm to 4PM – 10240 Dunfries Road in Vienna – $889,000

286 Murtha Street in Alexandria – $719,000 – JUST LISTED!

Directions: From I-395, Duke St East, right on Cameron Station Blvd, follow through the circle and continue on Blvd to left on Murtha. 286 is on the right.

More Info on 286 Murtha Street in Alexandria Video Tour

10240 Dunfries Road in Vienna – Listed at $889,000

Directions: Directions from Tysons: South on Route 123, Right Flint Hill Rd, Left Vale Rd, just past the pond turn Left on Dunfries. Or from Oakton: Take Hunter Mill Rd, Right on Vale, Right on Dunfries. Or from METRO: Nutley to Maple Ave (Rt 123), Left Maple, Right Flint Hill, Left Vale, Left Dunfries.

More Info on 10240 Dunfries Rd in Vienna Video Tour

Search homes for sale in Alexandria and Vienna and Oakton 

Video Webcast – This Week In Vienna Oakton Real Estate

Join Special Correspondent Ryan R (age 10) to find out what happened in Vienna Oakton Real Estate this week. He may only be 10 years old, but he has the FACTS – information like how many homes went under contract in Vienna and Oakton this week, average days on market, inventory levels and an answer to the question of whether it’s a good idea to “try out” a list price above market range as long as you are willing to eventually lower the price of your home if it does not sell.

What is my Vienna or Oakton home worth?

I Want To Sell My Vienna Oakton Home

I Want to Buy a Home in Vienna or Oakton

Vienna Oakton Weekly Market Update

Just as the blossoms on the cherry trees are beginning to come out, Spring has sprung in real estate. Let’s take a look at what has happened in the Vienna Oakton real estate market over the past week:

Vienna Oakton Contracts

  • 39 homes in the Vienna Oakton area went under contract in the past week. This is 22% more contracts than in any other week in 2010.
  • 82% of the homes that went under contract this week were listed under $775,000
  • 10% of the homes that went under contract this week were listed above $1,000,000

Vienna Oakton Inventory

Inventory is at its highest level this year for both Vienna and Oakton.

  • Active single family home listings: 217
  • Active townhouse listings: 25
  • Active condo listings: 29

Average Days on Market in Vienna and Oakton

Average days on market (DOM) is at its lowest level yet for 2010. DOM for Vienna homes is 123 days and for Oakton homes is 114 days.

If you’d like more information, please contact The Belt Team.

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Fairfax: Victorian Home Fit For Family Feasts

“Fairfax: Victorian home fit for family feasts”
By Jackie Friedlander, FairfaxTimes.com

“The arrival of spring will bring many families together for the traditional gatherings. This house seems well suited to enable any family of any size to enjoy any festive occasion –and the hosts can savor the convenience.

The traditional Victorian farmhouse exterior helps provide a warm welcome. It includes”  . . .

Read the full article about this lovely home in Fairfax in the Fairfax Times.

Open Houses This Weekend – Vienna, Fairfax & Alexandria

People buy & sell homes for many reasons . . . they may be getting married, they may be downsizing, they may be having a baby, or maybe they are retiring . . . lots of reasons.

So this week’s Open House Theme Song of The Week comes from Peter Weller. It’s called “Brand New Start“. Maybe it’s time for you to get a brand new start? If so – stop in and see us at one of our four open houses this weekend. You never know, one of these homes might be the perfect place for a brand new start!

(Scroll down for open house details…)

Here’s where you will find The Belt Team this weekend:

~ Sunday, March 21 from 1PM to 4PM -318 Lewis St NW in Vienna – $580,000

~ Sunday, March 21 from 1PM to 4PM – 5120 Myrtle Leaf Lane in Fairfax – $675,000

~ Sunday, March 21 from 1PM to 4PM – 6906 Vantage Drive in Alexandria, – $482,500

~ Sunday, March 21 from 1PM to 4PM – 201 Charles Street SE in Vienna – $1,295,000

318 Lewis Street NW in Vienna – $580,000 – JUST LISTED!

Directions: From Tysons: South on Route 123 through town , Right Lawyers Rd, Left West St, Cross Windover Ave, Left Lewis to #318 on right. OR : Rt 66 to Vienna exit (Rt 243/Nutley St), to Rt 123/Maple Ave, Right Maple Ave, Left Lewis (by Amphora), 3 blocks to #318 on left.

More Info on 318 Lewis Street NW in Vienna Video Tour

15120 Myrtle Leaf Lane in Fairfax – $675,000

Directions: From Rt 50: South on Stringfellow, Left Autumn Willow, Right Myrtle Leaf to Right on private driveway to #5120 on right. OR From Rt 29 toward Centreville, Right on Stringfellow, Right Autumn Willow, Right Myrtle Leaf to #5120.

More Info on 5120 Myrtle Leaf Lane in Fairfax Video Tour

6906 Vantage Drive in Alexandria – $482,500 – JUST LISTED!

Directions: From 495: South on Telegraph Rd, Take sharp left just past Greendale Golf Course (at gas station) onto South Kings Highway, right on Vantage Drive.

More Info on 6906 Vantage Dr in Alexandria Video Tour

201 Charles Street in Vienna- Listed at $1,295,000

Enjoy 5 bedrooms, 4.5 baths and 3 finished levels! Brand new in the heart of Vienna . . . walking distance to great restaurants, wonderful shops & convenient to public transportation. More Info on 201 Charles St in Vienna

Directions: From Tysons: Route 123 South, Left Branch Road, Right Locust Street to corner of Charles Street on the left. Or from Vienna Metro: Nutley Street to Vienna, Right Maple Ave (Rt 123), Right Glyndon Ave, Left Locust to corner of Charles Street on the right.

Search all homes for sale in Vienna and Oakton

Vienna Oakton Market Update

Let’s take a look at what has happened in the Vienna Oakton real estate market over the past 60 days. In order to get a handle on where the market is, we have been monitoring how many homes have gone under contract each week, inventory, average days on market and housing supply. So here’s how it breaks out.

Vienna Inventory

  • Inventory of detached single family homes in Vienna has increased 16% – from 128 homes for sale as of Jan. 19th to 148 homes for sale today.
  • Townhome inventory in Vienna has increased 50% from 8 townhomes to 12 townhomes.
  • Condo inventory in Vienna has decreased about 15% from 15 condos to 13 condos.
  • As you can see, condos and townhomes are a small portion of the market in Vienna. And the overall inventory in Vienna has increased by 22% in the past 60 days.

Vienna Contracts

138 homes have gone under contract in the past 60 days. Sales started out at a weekly rate of about 13 homes a week for the first three weeks and have accelerated to 26 homes going under contract in the past week.

Average Days on Market and Housing Supply – Vienna Homes

  • We started out 60 days ago with an average days on market for Vienna homes at 168 days (or just under 6 months). The housing supply of homes was about 3.3 months.
  • Currently, average days on market for active listings in Vienna is down from 168 days to 132 days (or about 4.4 months). And the housing supply is at about 3.1 months.

Oakton Inventory

  • Inventory of detached single family homes in Oakton has increased 39- from 38 homes for sale as of Jan. 19th to 53 homes for sale today.
  • Townhome inventory in Oakton has decreased 60% from 5 townhomes to 3 townhomes.
  • Condo inventory in Oakton has increased barely – from 8 condos to 9 condos.
  • Overall inventory in Oakton has increased by 27% in the past 60 days.

Oakton Contracts

38 homes have gone under contract in Oakton in the past 60 days. Sales in Oakton have been sporadic – from one week where no homes went under contract – to a high of 8 contracts in one week. Last week 6 homes went under contract.

Average Days on Market and Housing Supply – Oakton Homes

  • We started out 60 days ago with an average days on market for Oakton homes at 168 days (or just under 6 months). The housing supply of homes was about 3 months.
  • Currently, average days on market for active listings in Oakton is down from 168 days to 129 days (or about 4.3 months). And the housing supply is at about 3.6 months.

Anecdotally, we are also continuing to see competing contracts in the lower price ranges and even some escalation clauses. Higher price ranges are still much slower.

If you’d like more information, please contact The Belt Team.

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