Stay tuned to see what the Spring Buying Market brings . . . but in Vienna and Oakton, things are picking up already. Buyers are out & about. On Sunday, we had an open house at our listing on East Street in Vienna and we had between 50-60 groups of people through. Seeing that many people at an open house hasn’t been unusual in places like Arlington, but we haven’t seen a turnout like that in a LONG time here in Vienna. If you’re thinking of selling your home – NOW is the time to be in the market!
Here’s what we saw happen in Vienna Oakton real estate this past week:
- Inventory in Vienna and Oakton rose slightly (VERY slightly – up just 2 units in both Vienna and Oakton). This halted the drop in inventory that we saw for the past 11-12 straight weeks in a row.
- Nine homes went under contract in Oakton and nine homes went under contract in Vienna. For Oakton, this is the most contracts in one week since last May at the height of the Spring market. However, in Vienna, while this is a healthy number of contracts – it’s a lot less than we saw this time last year. Stay tuned to see what happens as we move into the Spring buying season.
- With a 3-4 month supply of homes in Vienna and 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 in the market. There will be less competition! Everyone else is “waiting for Spring”. Do you want to be in the market with “everyone else”? (PS: Notice that I said IN the market – not ON the market! Homes IN the market sell. Homes ON the market sell other homes by being overpriced.)
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: 154 days
- Average Days on Market for Listings That Went Under Contract: 94 days
- Inventory: 174 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 4.1 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 9
- Average Days on Market for Active Listings: 121 days
- Average Days on Market for Listings That Went Under Contract: 91 days
- Inventory: 65 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.7 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.4 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!