Hyperlocal Weekly Real Estate Update – Vienna, VA & Oakton, VA

We’ll be posting the detailed list of what settled in Vienna and Oakton in August soon. But in the meantime, here is what are we seeing in the Vienna & Oakton markets:

  • Inventory is up – but only ever so slightly.
  • Average days on market are still fairly stable.
  • The number of contracts remained low in Oakton – three weeks in a row now where only 4 homes went under contract.
  • In Vienna, the number of contracts this week dropped from 19 to 15.
  • Only 26% of the homes that went under contract this week were listed over $800,000.
  • We still appear to be in a fairly balanced market (3-6 months supply) in both Vienna and Oakton – although both areas continue to trend upward and show almost the highest levels this year.

And last, but not least – here’s a peek into our weekly Belt Team meetings. One of our agenda items each week is a discussion of market conditions. This week, we had a special guest at our meeting. Her name is “Malia” and she is a “next generation and future Belt Team STAR”! In the first picture below, you see Malia’s reaction to the news that although interest rates have begun creeping up, some buyers are still “sitting on the fence” – hoping rates continue to fall – when what we have seen in the past is that when rates start to rise, they can sometimes rise quickly and sharply.      

           malia-at-belt-team-meeting-1.jpg                   malia-at-belt-team-meeting-2.jpg

In the second shot, you see Malia writing down the link to a video blog post we did last month called “Interest Rates at Historical Lows – But Should I Still Wait to Buy“. It’s a great analysis of the balance between interest rates and property values.

Now – here are last week’s detailed statistics for Vienna and Oakton:

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

  • Number of Contracts: 15
  • Average Days on Market for Active Listings: 112 days
  • Average Days on Market for Listings That Went Under Contract: 142 days
  • Inventory: 247 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.2 months

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

  • Number of Contracts: 4
  • Average Days on Market for Active Listings: 105 days
  • Average Days on Market for Listings That Went Under Contract: 99 days
  • Inventory: 90 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.3 months

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!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s