Weekly Real Estate Update – Vienna & Oakton – We Are Approaching Balance

Well, it looks like the Vienna Oakton real estate market may be approaching balance (at least for now . . . !) 

Here are last week’s stats for Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 19
  • Average Days on Market for Active Listings: 101 days
  • Average Days on Market for Listings That Went Under Contract: 45 days
  • Inventory: 266 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 3
  • Average Days on Market for Active Listings: 112 days
  • Average Days on Market for Listings That Went Under Contract: 267 days
  • Inventory: 79 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate):  3.3 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate):  5.6 months

Notes:

  • Both inventory & the weekly number of contracts continue to trend downward in Vienna/Oakton.
  • The trend in months supply of homes in Vienna (currently 3.6 months based on the contract rate over the past 30 days) shows us moving from a Sellers Market to a Balanced Market.
  • The months supply of homes in Oakton (5.6 months based on the contract rate over the past 30 days) shows that we have just about reached a Balanced Market in Oakton.
  • Only 14% of the homes that went under contract this week were listed above $800,000. This is the lowest percentage so far in 2010

Sellers

This means you need to really make sure you are pricing your home “to market” – not last month’s or last year’s – but this week’s & next month’s! 31% of the homes currently on the market in Vienna have been on the market for over 101 days (the current average days on market in Vienna.) One home has even been for sale for 818 days (more than 2 YEARS!). This is what happens when you price your home based on what you paid, what you need, or what you “think” your home is worth – as opposed to what the “market” is NOW.

Buyers

Be ready to move when the home you love comes on the market. Some price ranges have more available than others, but many are sparse. As an example, Buyers looking in Vienna between $900,000 and $1,000,000 would only find 12 homes to look at. So if you have already seen what’s on the market, and are just waiting for that “perfect home” – be ready to act quickly when you see it!

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

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