So . . .
For the past month, we have seen inventory go up, then down, then up, then down. Two weeks ago it went up. What do you think happened last week?
If you guessed “it went up again” – then you’re right! Inventory has risen for two weeks in a row – do we have a trend?
Our guess would be yes, given that we are entering “prime time” for Spring real estate. People often choose to put their homes on the market when the trees fill out & the flowers bloom. So we may see a brief uptick in inventory.
Homes are still selling briskly in Vienna. This year, we have seen 9-20 homes go under contract each week. This past week saw 18. Oakton, on the other hand only saw 1 home go under contract. So while Vienna remains in a Seller’s market – with inventory up 22% and contracts down, Oakton may be trending back towards a “Balanced Market”.
This is still a great time to sell. While inventory rose this past week, overall the inventory is still low. And if you have good landscaping, it’s the perfect time to showcase the beauty of your home.
(In 2010, Belt Team listings in Vienna sold in an average of 22 days. That’s a whole month faster (and a whole mortgage payment saved) than the average agent. In Oakton and all around Northern Virginia, we had similar results. If you would like The Belt Team to represent you, contact us here or call (703) 242-3975).
If you have been looking for a while and waiting for that perfect home to come on the market, keep your eyes out. This time of year will likely see a brief increase in inventory and you want to be prepared to move when you see the home you like.
- Are you fully approved for your loan (not just “pre-qualified”)?
- Is your Realtor sending you all new listings EVERY DAY?
- Has your Realtor gone over the standard sales contract with you so that you can get any questions you have answered in advance?
While some homes have been on the market for a LONG time (the one that sold in Oakton this week was on the market for almost 2 1/2 years!), most are selling quickly and there are still instances of multiple contracts (we had one in our office this week with 7 competing contracts!).
(Contact The Belt Team if you would like to utilize our FREE PRIORITY NOTIFICATION SERVICE to receive listings via email on a daily basis. No obligation. We can also refer you to a number of top notch lenders for loan approval.)
So, for our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 18
- Average Days on Market for Active Listings: 130 days
- Average Days on Market for Listings That Went Under Contract: 59 days
- Inventory: 175 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.7 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.3 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 1
- Average Days on Market for Active Listings: 91 days
- Average Days on Market for Listings That Went Under Contract: 890
- Inventory: 89 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 4.3 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.7 months
If you’re thinking of buying or selling a home, 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!