Last week, we talked about the “art” and the “science” of real estate – the “heart” and the head”.
Let’s keep with that theme this week. First – we have this week’s statistics for you. When people are buying & selling, they are definitely looking at comps, sales, listings, tax assessments and all kinds of numbers. After we give you the stats, we’ll give you an example of the intangible “heart” that people use when deciding where to buy a home.
So, where does our “hyperlocal market” of Vienna and Oakton stand this week?
Here are this week’s highlights:
- Inventory in Oakton remained steady this week at 80 homes on the market. This is the lowest number we have seen in about 8-9 weeks. However, the number of homes that went under contract also dropped this week. So, based on the past 30 day contract rate, this means the number of months housing supply has remained at its lowest point this year – at 2 months. Technically this means Oakton is in a “Sellers Market”. (Read more here about why we say “technically” and what the difference is between a “Buyers Market”, “Sellers Market” & “Balanced Market”.)
- Inventory in Vienna rose once again. This makes 11 weeks in a row. However, the rate of contracts remained steady with almost as many contracts this week (21) as last week (23). In fact, we have averaged about 20-21 contracts per week consistently for the past 13 weeks (since mid-February). As a result, even though inventory increased slightly, the number of months housing supply in Vienna (2.7 months) still puts us on the border between a “Sellers Market” and a “Balanced Market”.
- Two weeks ago, 50% of the homes that went under contract in Vienna and Oakton sold in 10 days or less. This week, only 35% of the homes sold that quickly. It’s too early to call this a trend. But stay tuned to our blog and we’ll monitor it for you.
For our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
Number of Contracts: 21
Average Days on Market for Active Listings: 102days
Average Days on Market for Listings That Went Under Contract: 29 days
Inventory: 247 homes on the market
Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
Number of Months Supply of Homes (Based on past 30 day contract rate): 2.7 months
Here are last weeks stats for Oakton Real Estate (22124):
Number of Contracts: 5
Average Days on Market for Active Listings: 121 days
Average Days on Market for Listings That Went Under Contract: 88
Inventory: 80 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): 2.0 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!
Now that you have this week’s statistics (the “head”) – let’s look at the “heart”.
When people are buying homes, it’s not always about finding a good investment. Don’t get me wrong, people want to be “smart” about what they are doing. After all, this is the biggest financial move many people make in a lifetime. But it’s also about lifestyle, family life & more. Buyers want to ‘fall in love” – both with their new home and with their community. This tugging of the heart – that mixes with the numbers in their head – is one reason why a Realtor can be very helpful in pricing a home to sell. It takes both a financial analysis of statistics, comps, competing listings, interest rates, economic figures, etc – along with the experience and “gut” feelings that a Realtor has from being in the marketplace and doing this every day. This experience in the trenches from your Realtor helps you to get inside not only a potential Buyer’s head, but their heart.
If you’re reading this post because you’re thinking of living in Vienna or Oakton, then here’s a peek into the “heart” of our towns:
When people move into our area, they often want to get a feel for different towns, neighborhoods, schools, etc before they decide where they want to settle. Sometimes this is easier said than done. For each city or town has its own “feel”, its own “personality”. And its hard to really know what a place is like before you have lived there and really gotten to know the people.
Well, our video this week (courtesy of Vienna Patch‘s Erica L. Hendry!) will give you a little picture of the “slice of life” in Vienna, VA. Come with us & you’ll see some of the reasons why Vienna is often on Money Magazine’s “Best Places To Live In The U.S.”. It’s the intangibles – the community feeling, the welcome you get, and how people come together & take care of one another. We’ve written many blog posts about “Life in Vienna” on our blog called “Theres No Place Like Vienna (Dot Com)“. We’ve written about culture, sports, history, family life, recreation & more – all the things you wonder about when you’re moving to a new town. But this video captures a little bit of everything that makes Vienna special – in a slightly different way.
Earlier this year, Vienna lost a great treasure – 18 year old Khristin Kyllo. (You can read about Khristin in these articles from Sports Illustrated and The Washington Post.) And last week, led by her parents and some close family friends, the entire community (both those who knew Khristin and those who didn’t) came together to celebrate a life well lived by a girl who “dreamed big” and who lived life to the fullest. And not only was it a celebration, but it was a continuation of the legacy that Khristin left – to give back, to celebrate family, have fun and as the old song goes to “love the one you’re with“. More than $23,000 was raised for the Khristin Kyllo Memorial Fund and the first scholarship was awarded to a deserving local student.
So, as Warner Wolf used to say, “Let’s go to the video tape!” and see what life is like in Vienna, VA: http://vienna.patch.com/articles/kyllopalooza-dream-big
If you would like to donate to the Khristin Kyllo Memorial Fund, you can do so online or make a check payable to JMHS Athletic Boosters (and mail it to James Madison High School, 2500 James Madison Drive, Vienna, VA. 22181).
And if youre thinking of buying or selling a home, Contact The Belt Team for a more in-depth discussion & analysis – because its only the neighborhood YOU live in (or you WANT to live in) that matters!