If you’ve been following our blog regularly, then you know we follow the statistics on a daily and weekly basis in order to determine “trends” in the market. We combine the statistics with the “anecdotal information” we receive & experience and this gives us a sense of where the market is and where it’s going.
One of the statistics we follow regularly is the number of months of housing supply. This is the primary indicator of whether we are in a “Sellers Market’, a “Buyer’s Market” or a “Balanced Market”. (Read more about each type of market here.)
Well, for the first time since February 8th, the housing supply in Vienna stands at 3 months (3 months exactly based on the past 90 days sales and 3.3 months based on the past 30 days sales.) This means that Vienna has moved back into a “Balanced Market” from a “Seller’s Market”. It may be too early to call this a trend, so next week’s figures should be interesting to see. Since a holiday weekend is approaching, it’s likely we’ll see more of the same.
Oakton, on the other hand, remains in a “Seller’s Market”. Unlike Vienna, which moved into a “Seller’s Market” in early February of this year, Oakton was a little slower to make the move – waiting until mid-May to reach a supply under 3 months. And as of today, Oakton’s housing supply sits at 2.3 months (based on the past 90 days sales).
What else happened this past week in Vienna & Oakton real estate?
Here are the highlights:
- Inventory in Vienna sits at its highest point in 2011 – with 255 homes on the market.
- Inventory in Oakton is just above the average inventory for the year – at 78 homes.
- The contract rate in both Vienna and Oakton has dropped. This is likely due to seasonality. Vienna dropped from 25 contracts 2 weeks ago – to just 11 contracts last week. While Oakton dropped from 10 contracts – to 8 – to 7 – to 6 over the past 4 weeks.
- While Spring brought us a number of quick sales, we are seeing less and less homes sell in the “under 10 day” timeframe. Seven weeks ago, 50% of the homes that went under contract in Vienna and Oakton sold in 10 days or less. This statistic has declined each week and has settled in under 30% for the past 3 weeks.
For our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 11
- Average Days on Market for Active Listings: 95 days
- Average Days on Market for Listings That Went Under Contract: 45 days
- Inventory: 255 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.0 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.3 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 6
- Average Days on Market for Active Listings: 98 days
- Average Days on Market for Listings That Went Under Contract: 75
- Inventory: 78 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.3 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months
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!