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, homes are still going under contract at a good pace – with 26 home contracts ratified this week. This is lower than our high this year of 31, but still double the pace of the average week in January or February.
In Oakton, the pace of homes going under contract slowed significantly. So far in 2010, we have averaged almost 6 contracts per week. This past week, only 4 homes went under contract. Oakton’s pace of contracts has been much more erratic than that of Vienna.
An interesting note is that the market is still segmented. 83% of the homes that went under contract this past week were listed under $800,000. the remainder (17%) were listed at $1,000,000 or higher. NO homes listed between $800,000 and $1,000,000 went under contract.
VIENNA OAKTON INVENTORY:
In Vienna, inventory continues to climb. We are at a new high for 2010, with 251 homes on the market. This is a 13% increase over inventory levels at the beginning of this month and a 67% increase over mid-January when we started tracking in anticipation of the “spring market”.
Oakton’s inventory also increased from 74 homes on the market at the beginning of April, to a 2010 high of 88 homes for sale. This means inventory has increased 19% since the beginning of the month, and 63% since mid-January.
VIENNA OAKTON AVERAGE DAYS ON MARKET
Average days on market in both Vienna and Oakton are at a year-to-date low – with Vienna’s active listings averaging 98 days and Oakton’s active listings averaging 92 days. .
PS – Don’t forget to also read our blog about Life in Vienna. It’s called TheresNoPlaceLikeVienna.com