What happened in Vienna and Oakton real estate this past week?
1. The rate at which homes went under contract remained strong. Vienna saw 20 homes go under contract and Oakton had 6.
2. Many homes are selling quickly. As an example, The Belt Team put a home on the market on Loch Lomond Drive in Vienna recently and sold it in 1 day! 46% of the homes that went under contract in Vienna and Oakton this past week sold in less than 2 weeks. (However, note that “average days on market” for active listings is still about 103 days.)
4. Three homes listed above $1 million (12%) went under contract this week. While 77% of the homes that went under contract were listed under $800,000.
5. While inventory is at its highest level this year, the housing supply in both Vienna & Oakton remains VERY low. If homes continue to sell at the contract rate we have seen over the past 30 days, based on today’s inventory – there is only a 2.2 month supply of homes in Vienna and a 3 month supply in Oakton! (Can you say SELLER’s MARKET?!)
6. Multiple contracts on one home are not an event of the past. For yet another week in a row, we saw homes go under contract within days of going on the market after receiving competing contracts.
NOW NOW NOW is a great time to sell! Flowers are blooming, trees are filling out, your home will look its best. And more importantly INVENTORY IS LOW. This is optimal for you!
(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, don’t give up. But DO make sure you are ready (with your loan fully approved, fund ready to write an earnest money deposit check, etc.) and that you have a Realtor on your side working in YOUR best interests. The Belt Team has assisted 4 Buyers already this year in finding their “ideal home” via networking & prospecting on their behalf to find homes for them that were not even on the market.
(Contact The Belt Team if you would like us to help you find your “dream home”)
For our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 20
- Average Days on Market for Active Listings: 103 days
- Average Days on Market for Listings That Went Under Contract: 52 days
- Inventory: 208 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.6 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 6
- Average Days on Market for Active Listings: 104 days
- Average Days on Market for Listings That Went Under Contract: 46
- Inventory: 90 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): 3.0 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!