What happened in Vienna and Oakton real estate this past week?
1. Vienna tied last week’s one week contract record with 25 homes going under contract (more than in than any other week in 2011 – except last week – and more than any week in 2010).
2. Oakton had 5 homes go under contract. This is also healthy and about exactly what we have averaged so far in 2011.
3. Once again, 58% of the homes that went under contract in Vienna and Oakton sold in a week or less. (However, note that “average days on market” for active listings is still 111 days in Vienna and 93 days in Oakton.)
4. 77% of the homes that went under contract were listed under $800,000. And only 1 home went under contract that was listed above $1 million.
5. The housing supply in Vienna has now dropped to the lowest we have seen since we started posting weekly statistics in January of 2010. If homes continued to sell at the contract rate we have seen over the past 30 days, based on today’s inventory – there is only a 2 month supply of homes! (Can you say SELLER’s MARKET?!)
6. In Oakton, we are seeing a more “balanced market” with a 4.7 month supply of homes based on the past 30 day contract rate.
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 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: 25
- Average Days on Market for Active Listings: 111 days
- Average Days on Market for Listings That Went Under Contract: 27 days
- Inventory: 194 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): 2.0 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 5
- Average Days on Market for Active Listings: 93 days
- Average Days on Market for Listings That Went Under Contract: 31
- Inventory: 94 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): 4.7 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!