Real Estate Update – Vienna, VA & Oakton, VA

Here is what are we seeing this week in the Vienna & Oakton real estate markets:

  • Inventory is up 6% in Vienna over last week and up 12% in Oakton.
  • Average days on market are still stable – with 106 days in Vienna and 103 days in Oakton.
  • The contract rate in both Vienna and Oakton remained stable.
  • 24% of the homes that went under contract this week were listed over $800,000. (All of them were in Vienna.)
  • In terms of market supply, we are still in a balanced market (defined as 3-6 months housing supply), but we are also at our highest supply in 2010 at 4-5 months.

Last week’s detailed statistics are below, but first let’s also look at how the first 8 months of 2010 compare to the first 8 months of 2009:

  • Jan-Aug Sales in Vienna for 2010: 612
  • Jan-Aug Sales in Vienna for 2009: 544
  • Sales in Vienna in 2010 are up 13% over 2009 so far this year.
  • Jan-Aug Sales in Oakton for 2010: 168
  • Jan-Aug Sales in Oakton for 2009: 163
  • Sales in Oakton in 2010 are up 3% over 2009 so far this year.

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

  • Number of Contracts: 10
  • Average Days on Market for Active Listings: 106 days
  • Average Days on Market for Listings That Went Under Contract: 83 days
  • Inventory: 263 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.9 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.5 months

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

  • Number of Contracts: 7
  • Average Days on Market for Active Listings: 103 days
  • Average Days on Market for Listings That Went Under Contract: 49 days
  • Inventory: 101 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 5.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.6 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!

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