This Week In Vienna Oakton Real Estate!

STAY TUNED FOR 2011 LOCAL REAL ESTATE PREDICTIONS FROM THE BELT TEAM!

In the meantime, here’s what’s we saw happen in Vienna Oakton real estate this week:

  • Inventory in Vienna dropped another 5% to its lowest level since early March. Inventory in Oakton also dropped 10% and is at it lowest level since mid-March.
  • Two homes went under contract in Oakton. One was originally listed in April at $1,200,000. In May, the Seller reduced the price to $1,100,000. And in August, the price was reduced to $998,000. It finally went under contract this week. (Sounds like this Seller should have read our blog posts about Pricing Myths and the Dangers of Overpricing – LOL!) The other home that went under contract this week was a condo in Trevor House and it sold in 17 days.
  • Ten homes went under contract in Vienna this week. All were listed under $760,000.
  • With a 3-4 month supply of homes, Vienna remains in a balanced market (defined as 3-6 months housing supply). Oakton, on the other hand, shows a 4.2 month supply based on the past 90 days’ contract rate, but a 9 month supply based on the past 30 days’ contract rate. We will be watching closely after the New Year to see where this is headed. It may just be a blip on the “Holiday Radar”. But NOW is a good time for BUYERS in Oakton!

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

  • Number of Contracts: 10
  • Average Days on Market for Active Listings: 149 days
  • Average Days on Market for Listings That Went Under Contract: 105 days
  • Inventory: 178 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.1 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.1 months

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

  • Number of Contracts: 2
  • Average Days on Market for Active Listings: 124 days
  • Average Days on Market for Listings That Went Under Contract: 136 days
  • Inventory: 72 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.2 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 9 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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