Vienna & Oakton – How Fast Are Homes Selling & What Else Is Happening?

Sold By The Belt Team, Keller Williams Realty  

So, where does our “hyperlocal market” of Vienna and Oakton stand this week?

Here are the highlights:

  • Inventory in Oakton dropped slightly to 75 homes. This is the lowest number we have seen in 11 weeks. In addition, the number of homes that went under contract continued at a steady rate – with a slight incease from 9 to 10. So, based on the past 30 day contract rate, this means the number of months housing supply remains at its lowest point this year – at less than 2 months! This means overall, Oakton is in a “Sellers Market”.
  • Inventory in Vienna rose 5% from last week. There are now 245 homes on the market. And only 15 homes went under contract this week. This is the slowest week we have seen in 11 weeks. Vienna is now inching towards a “Balanced Market” with just under a 3 month housing supply.
  • Four weeks ago, 50% of the homes that went under contract in Vienna and Oakton sold in 10 days or less. 3 weeks ago 35% of the homes sold that quickly. Two weeks ago it was 31%. We wondered if after 3 straight weeks of the number of quick sales declining if perhaps this was a trend. Well, this week we can report that the answer is “NO”! 44 % of the homes that went under contract in Vienna and Oakton this week sold in 10 days or less (with an average days on market for those sales at 51 days.)

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: 100 days
  • Average Days on Market for Listings That Went Under Contract: 41 days
  • Inventory: 233 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): 2.5 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 9
  • Average Days on Market for Active Listings: 101 days
  • Average Days on Market for Listings That Went Under Contract: 111
  • Inventory: 77 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 1.9 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!

The Belt Team Welcomes Catharine Via To The Team

welcome.JPG                          Caharine Via, Realtor, The Belt Team
Catharine Via, Realtor

Once in a while, a golden opportunity comes along that you just can’t let go by. And welcoming Catharine Via to The Belt Team is just one of those occasions!

Those of you who have worked with The Belt Team in the past know that we have been a family team for a long time.  We take it very seriously when we consider adding a new member to our team. It’s almost like adopting a new member into the family. We believe it imperative that this person share our values of honesty, integrity, excellence and a priority on customer service. And this isn’t always easy to find.So we are very pleased to announce that we are expanding again. Please join us in welcoming Catharine Via to The Belt Team! Catharine is a licensed Realtor and resident of Vienna where she lives with her husband and two children. She is a member of Our Lady of Good Counsel Catholic Church and she & her family are very active in the sports community in Vienna. Catharine graduated with a B.A. degree in Communications from James Madison University. Not only does Catharine have 10 years experience in the advertising industry, she also has 4 years of experience in the real estate title business.

A rare Washington DC native (!), Catharine was raised in Chevy Chase & has lived in Vienna since 1992. She intimately knows both Northern VA & MD. We feel that her experience and her background are the perfect combination to afford our clients not only well-rounded real estate expertise, but a perspective of the area that only a native can provide. Catharine understands that when you are buying or selling a home, you are also buying or selling a community. Her outlook on life is very positive and her goal is to to make your real estate experience positive as well!

We are thrilled to have Catharine join our team. Having been in the real estate business for a long time (40+ years!), we have seen many changes. And one of them is that our clients are served best by having a whole team working for them. “Back in the day” (and often still today), Realtors were (are) solo practitioners. That may work for some people, but we don’t feel it’s in our clients’ best interests. (It’s kind of like going to your doctor’s office and checking in with the doctor instead of the receptionist, then waiting for the doctor to process your insurance, then having your doctor weigh you, then having your doctor examine you, then waiting for him to do some research, then meeting her back out front to check your account balance and schedule your next appointment!)

Each person on our team is the best at what they do. Some focus on marketing, some on tracking paperwork, some specialize in buyers, others do research. We’re like the All Star Baseball team – everyone can’t be the shortstop – you need 9 different position players, plus a Manager, a batting practice coach, a PR guy and more.

So, if you’re looking to buy or sell a home, and you would like an All Star team behind you – contact The Belt Team at (703) 242-3975 or Sales@TheBeltTeam.com!

Open Houses In Vienna & Falls Church – June 5th

TGIF & time for our Open House Song/Video of the Week!

This week, we’re going “retro”. One of the great things about living in the Northern VA area is that fabulous cultural opportunities exist. One of my favorite memories growing up was going to Wolftrap to see the National Symphony perform. They would do wonderful themed concerts so parents could “sneak a little culture in on their kids when they weren’t looking”. The NSO played great music and there were cartoon & other visuals on screen behind them. (They still do these concerts by the way – just with more modern themes!)

The one I really remember was a whole concert of Henry Mancini songs. Now why would a 12 year old like Henry Mancini? Henry Mancini is one of America’s most well known composers. He attended Julliard School of Music and was a pianist & arranger for the Glenn Miller Orchestra. He also won 20 Grammy Awards. Well – I had never heard of Henry Mancini, but I knew all the songs from movies & TV.

You see, he wrote the score to the movie “Breakfast at Tiffanys“, he composed the score to the “Viewer Mail” theme used by “Late Night With David Letterman” and he did the theme song for the TV show “Charlie’s Angels“. Probably his most recognizable film score was “The Pink Panther Theme“.

So today, in honor of our two open houses – one on Rockford Drive in Falls Church and the other in Vienna just a few miles from Wolftrap, we bring you Henry Mancini’s theme song from “The Rockford Files“.

(Note: There is NOTHING retro about the 2 homes we have open this week – they are both fabulous – loaded with upgrades & updates. Come see! Scroll down for info!)

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OPEN SUNDAY, JUNE 5th 1-4pm 7316 Rockford Drive in Falls Church – $495,000

            

Welcome to one of Falls Church’s hidden away secrets – Churchill Square and a charming townhome that is updated & move-in ready! You’ll enjoy easy commuting – less than 1 mile to West Falls Church Metro and close to Rt 7, 495 & I-66. Updates include a completely renovated kitchen with granite countertops, new appliances, & new cabinets. Plus new carpet, fresh paint, new light fixtures, new granite counter in powder room & more. 

More Info about 7316 Rockford Drive in Falls Church Contact The Belt Team

Directions: From I-66 West, Exit Route 7 West, Left Idylwood, 1st Left on Mclean Park Rd, Left Rockford Dr to #7316

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OPEN SUNDAY, JUNE 5th 1-4pm – 1929 Beulah Road in Vienna – $1,329,900

This incredible home is simply fabulous both inside & out. With 6,000 finished square feet and 3 finished levels, it’s as perfect for everyday living as it is for entertaining. Enjoy a stunning two-story family room with gas fireplace, tray ceiling master bedroom with luxurious bath, a wonderful walkout lower level with wet bar, efficiency kitchen, gas fireplace and even a dumbwaiter to the kitchen! Plus outside you’ll find a delightful gazebo, pergola, patio & more!

Directions: From Tysons: Route 123 South into Vienna, Right Beulah Rd to #1929. Watch for a private driveway on the right just past John Marshall Dr & just before Wolftrap Elementary School.

More Info about 1929 Beulah Road in Vienna

Read about “Life In Vienna

Contact The Belt Team

Just Listed on Silentree Drive in Vienna!

Location! Location! Location! This lovely colonial with 3 bedrooms and 3.5 baths features a welcoming front porch & a two car garage. The updated kitchen with granite countertops (plus new cabinets & appliances!) opens to a breakfast area & then to a family room with fireplace. Exit out from the family room to privacy – including a deck with built-in seating & wooded views. Other updates include new windows & a newer roof. All this minutes to Downtown Vienna, Metro, 495, Rt 7 & I-66! $698,986

More Info about 2124 Silentree Drive in Vienna

Read about “Life In Vienna

Contact The Belt Team

Vienna & Oakton – What's Happening In Real Estate This Week?

Each week, we post the statistics (plus some anecdotal information) about what has happened in the Vienna & Oakton real estate market. As Realtors, we monitor new listings, contracts & sales on a daily basis. But for picking up trends – we find it helpful to take a weekly overview and this is what we normally share with you.  However, this week a number of news articles have come out with headlines like “Case-Shiller Index Officially Double Dips” (the Case-Shiller Index references national home prices), so we thought it might be helpful to take an overall look not only at where we are this week, but what we saw in the month of May.

(Note that if you read deep into the article about the Case-Shiller Index, not only does it say “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation” – but it also says “Washington D.C. was the only MSA displaying positive trends with an annual growth rate of 4.3 percent and a 1.1 percent increase from its February level.” This is why we continue to tell anyone looking to buy or sell a home that they should ask their Realtor not just for local information & statistics (like those listed in the article above for the Washington DC area), – but for HYPERLOCAL info for the specific area they want to buy/sell in.

So, where does our “hyperlocal market” of Vienna and Oakton stand this week?

Here are this week’s highlights:

  • Inventory in Oakton dropped to 77 homes. This is the lowest number we have seen in 10 weeks. In addition, the number of homes that went under contract went back up to 9. So, based on the past 30 day contract rate, this means the number of months housing supply is at its lowest point this year – at less than 2 months! This means that overall, Oakton is in a “Sellers Market”.
  • Inventory in Vienna dropped 6% from last week. There are 233 homes on the market. And twenty homes went under contract. So at 2.45 months, Vienna remains on the border between a “Sellers Market” and a “Balanced Market”.
  • Three weeks ago, 50% of the homes that went under contract in Vienna and Oakton sold in 10 days or less. Last week, 35% of the homes sold that quickly. And this week it was 31%. It’s still too early to call this a trend. But stay tuned to our blog and we’ll monitor it for you.
  • The Belt Team listed yet another home that sold quickly with multiple contracts. We put a home near the $1,000,000 price range in Vienna on the market last Friday. By Monday we had received 6 contracts – two with escalation clauses – and ultimately the home went under contract significantly above list price – and with a waiver of the appraisal contingency. WOW!

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: 100 days
  • Average Days on Market for Listings That Went Under Contract: 41 days
  • Inventory: 233 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): 2.5 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 9
  • Average Days on Market for Active Listings: 101 days
  • Average Days on Market for Listings That Went Under Contract: 111
  • Inventory: 77 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 1.9 months

So what about the month of May in Vienna & Oakton?

Well, all the statistics are not out yet (this is why you see headlines that lag like “Washington-Area Home Prices Defy Trend, Advance in March” but here is some interesting info:

  • Contracts in Vienna/Oakton in May 2011: 139
  • Contracts in Vienna/Oakton in May 2010: 130
  • Average Days on Market For Homes Under Contract in May 2011: 47
  • Average Days on Market For Homes Under Contract in May 2010: 48
  • Percent of Homes Under Contract in 10 Days or Less in May 2011: 57%
  • Percent of Homes Under Contract in 10 Days or Less in May 2010: 42%

So, 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!