Welcome to 2011 in real estate. As you know, Spring is normally the time when we see the real estate market pick up. But for those of us “behind the scenes“, Spring starts in January. So if you are thinking of buying or selling a home in 2011, check with us here each week as we will be tracking the market closely for you!
Here’s what’s we saw happen in Vienna Oakton real estate this past week:
- Inventory in Vienna and Oakton continued to drop. That now makes 11-12 straight weeks in a row.
- Two homes went under contract in Oakton and nine homes went under contract in Vienna.
- With a 3-4 month supply of homes in Vienna and a 4-5 month supply of homes in Oakton, both areas remain in a balanced market (defined as 3-6 months housing supply). (Note however, that certain price points are even lower and so we are seeing some areas in a Seller’s Market!)
The moral of this story for Sellers is that NOW is the time to get your home on the market. There will be less competition! Everyone else is “waiting for Spring”. Do you want to be on the market with “everyone else”?
The moral of this story for you is that if you are in the market to buy in Vienna or Oakton, BE A BOY SCOUT AND BE PREPARED to move when you see the home you like. Have your loan already approved, have your funds liquid, make sure your Realtor has gone over the standard contract with you so you already have all your questions answered and be ready to compete if necessary!
Here are last week’s stats for Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 9
- Average Days on Market for Active Listings: 157 days
- Average Days on Market for Listings That Went Under Contract: 81 days
- Inventory: 172 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): 4.2 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 2
- Average Days on Market for Active Listings: 134 days
- Average Days on Market for Listings That Went Under Contract: 201 days
- Inventory: 63 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 4.0 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 5.3 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!