Vienna Real Estate – Mid-Year Update

Time flies and we are (more than) halfway through 2011. So how is the Vienna real estate market faring? Instead of updating you on what has happened in the past week like we usually do, let’s pause and take a look back over the past 10 years and see where Vienna stands in terms of number of home sales, average selling price and average days on market.

The charts below show a year-over-year comparison for January through June for each year from 2000 through 2011. What do we see?

Average Days on Market - Homes Sold in Oakton - Jan to June 2000 thru 2011

Average days on market for homes sold in Vienna for the first half of 2011 was 57 days – just short of 2 months. Back in 2000, average days on market was at 37 days – 3 weeks faster than this year. However, in 2009, the market peaked at 98 days – more than 3 months. So it looks like we’re starting to come back into balance.

Average Number of Homes Sold in Oakton - Jan to June 2000 thru 2011

Total number of sales in the first half of 2000 was 519. This year, we have only had 364 through end of June. If you’ve been following our blog on a weekly basis, you know that inventory has been VERY low in Vienna this year – one reason we think sales have been less. Over the past 10 years, number of sales has declined by 30%.

Average Sales Price - Homes Sold In Oakton - Jan to June 2000 thru 2011

The good news is that although the number of sales has trended downward, the average sales price has trended upward. In the year 2000, the average sales price for the first half of the year was $358,557. This year, the average sales price for January-June was $658,868.

Note that average sales price increased year-over-year for each year from 2000 through 2006. Prices fell from 2007 through 2009. And then average sales price headed back up in 2010 and in 2011.

Next Wednesday, we’ll be back to our usual weekly Vienna update. In the meantime, contact The Belt Team for more information. We sell more homes than almost any Realtor in Northern VA and have experience from Ashburn to Arlington, Falls Church to Fairfax. But it’s only the neighborhood that YOU live in (or WANT to live in!) that matters!

Just Listed in Reston – Walk to Lake & Shops!

This beautiful New England style charmer is nestled among the trees at the end of a cul-de-sac where you can walk to shops, schools & the lake! AND it’s absolutely move-in ready! Recent updates include the kitchen (with granite countertops & stainless steel appliances), bathrooms, roof, a/c & more. You’ll also enjoy a light, bright family room with gas fireplace, a finished lower level and a lovely custom private patio. $525,000

More Info about 2100 Salt Kettle Way in Reston

Contact The Belt Team

Just Listed Near West Falls Church Metro & W&OD Trail!

Charming cottage style home in a fabulous location close to West Falls Church Metro, Falls Church City shops & the W&OD Trail. Enjoy a townhouse price for a single family detached home! Open floorplan with 2 bedrooms, vaulted ceiling living room with skylights, circular staircase leading to wonderful loft area & more. Recent updates include roof, siding, bathroom, Corian countertops in kitchen & new carpet. $439,000

More Info about 7210 Shreve Road in Falls Church

Contact The Belt Team

Open House in Vienna – July 24th

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

You know how much we like to go Retro – so come with us – back to 1967 – and listen to The Monkees sing “Pleasant Valley Sunday“!

Why did we select this song? Well, we have a fabulous new listing we’re holding open this Sunday – and it’s on Pleasant Street!

Our song selection may be Retro, but this home is not! It’s only 5 years young and it’s gorgeous. Plus it’s located in the heart of “Downtown Vienna”. So not only is it just steps away from all the wonderful amenities Vienna has to offer – but it’s only minutes away from Wolftrap National Park for the Performing Arts – where just last month you could have seen . . .  The Monkees! (Scroll down for open house info!)

OPEN SUNDAY, JULY 24TH 2-4pm

Delightful 5 year young home with a fantastic location in close-in Vienna. Great curb appeal with low maintenance Hardiplank & cedar siding. Enjoy almost 4,000 finished square feet on 3 levels. Spacious kitchen with granite countertops & stainless steel appliances opens to breakfast room & large family room with gas fireplace. Tray ceiling master suite. Lovely fenced rear yard. In the Madison HS pyramid & close to Vienna Metro & all the amenities Vienna has to offer! $939,000

More Info about 234 Pleasant Street SW in Vienna

Contact The Belt Team

Oakton Real Estate: Mid-Year Update

Time flies and we are (more than) halfway through 2011. So how is the Oakton real estate market faring? Instead of updating you on what has happened in the past week like we usually do, let’s pause and take a look back over the past 10 years and see where Oakton stands in terms of number of home sales, average selling price and average days on market.

The charts below show a year-over-year comparison for January through June for each year from 2000 through 2011. What do we see?

Average Days on Market - Homes Sold in Oakton - Jan to June 2000 thru 2011

Average days on market for homes sold in Oakton for the first half of 2011 was 85 days – just short of 3 months. Back in 2000, average days on market was at 50 days – just shy of 2 months. However, in 2008, the market peaked at 125 days – just over 4 months. So I’d say we’re starting to come back into balance.

Average Number of Homes Sold in Oakton - Jan to June 2000 thru 2011

Total number of sales in the first half of 2000 was 169. This year, we only had 128 sales. If you’ve been following our blog on a weekly basis, you know that inventory has been VERY low in Oakton this year – one reason we think sales have been less. Whatever the reason, overall the number of homes sold has trended down during the past decade.

Average Sales Price - Homes Sold In Oakton - Jan to June 2000 thru 2011

The good news is that although the number of sales has trended downward, the average sales price has trended upward. In the year 2000, the average sales price for the first half of the year was $364,731.  This year, the average sales price for January-June was $697,400.

Note that average sales price has increased year-over-year for each year except 2009 and 2010. So if you bought a home prior to 2006 and are looking to sell – you’re probably in good shape.

Next Wednesday, we’ll be back to our usual weekly update. (And stay tuned on Monday for the mid-year update for Vienna!)

Contact The Belt Team for more information. We sell more homes than almost any Realtor in Northern VA and have experience from Ashburn to Arlington, Falls Church to Fairfax. But it’s only the neighborhood that YOU live in (or WANT to live in!) that matters!

Just Listed – Spectacularly Unique One-of-a-Kind Home in Vienna

Just Listed – 2367 Hunter Mill Road in Vienna – $2,235,000

This landmark property is a breath of fresh air in a world of cookie cutter mansions! The charm of an English Tudor country retreat on almost 2 spectacular acres…yet in the heart of Vienna’s popular Madison/Thoreau pyramid and just minutes to Metro. This property has many options for entertaining, home offices and/or in-law suites.

The main house was conceived to reflect old world culture and tradition, honoring the true craftsmanship of a past era. The home is a statement of commitment to design and timeless quality.  This English Tudor home, complete with stucco and cedar timbers, hand carved larch beams surrounding a stunning gothic front entrance, is canopied by majestic oak trees. The fenced front pasture and remodeled guest house completes the English garden experience. Every aspect of the main house is custom built, with design details too numerous to list. Fourteen elegant hand built pillars support the dining room and living room. Stone flooring reflects the warmth of the sun in the sunroom. The stucco foyer features Gothic beams, cedar paneling and larch beams with a stunning iron chandelier. The massive 8.5 foot tall mahogany front door dwarfs your tallest guests.

The remodeled stable is the perfect guest retreat, studio, home office, in-law suite, or pool/party gathering space and is striking in its soaring openness, stone fireplace and Palladian windowsThe space is spectacular,with soaring ceilings on both the first floor and second floor. The main level has slate floors, with concrete counters in the bathroom and kitchen. The bath has tile walls and shower. There is a Miele dishwasher and Sub Zero refrigerator in the kitchen. The main room has a wood burning stove insert in the almost two story stacked stone fireplace. There is a majestic iron circular staircase that circles the fireplace, leading to the second story. The first floor also has a library and walls of storage. The second story can be a grand bedroom, studio or office. It has two huge Palladian windows, one facing east and one facing west. The view over the front pasture is breathtaking.

This property can best be summed up as a Pastoral Estate. It brings a sense of comfort , tranquility and beauty to all who come to stay or just to visit . More Info about 2367 Hunter Mill Road in Vienna

Contact The Belt Team

Delightful 5 year young home with a fantastic location in close-in Vienna. Great curb appeal with low maintenance Hardiplank & cedar siding. Enjoy almost 4,000 finished square feet on 3 levels. Spacious kitchen with granite countertops & stainless steel appliances opens to breakfast room & large family room with gas fireplace. Tray ceiling master suite. Lovely fenced rear yard. In the Madison HS pyramid & close to Vienna Metro & all the amenities Vienna has to offer! $939,000

More Info about 234 Pleasant Street SW in Vienna

Contact The Belt Team

cody-august-2010-0136.jpg 

It’s official. We have now entered the “dog days of summer” . . . those hot, sultry days where you really don’t feel like doing much except hanging out at the beach with a nice cold umbrella drink in your hand. (This is my dog’s favorite time of year! That’s him up above.) Typically, this is the time of year where the real estate market slows down a bit. School ends. Summer starts. Fourth of July comes. It’s time for vacation.

So, what have we seen in the Vienna Oakton real estate market over the past 2 weeks? Are Sellers having a “ruff” time selling? Not in Vienna! (Hence the tongue-in-cheek video reference above from Florence & The Machine called “The Dog Days Are Over”.)

Two weeks ago, we reported that, for the first time since early February, Vienna had moved from a “Seller’s Market” to a “Balanced Market”. Based on the previous 30 day rate of contracts, there was a 3.3 month housing supply. However, over the past few weeks, 46 homes went under contract. With inventory also dropping slightly, this puts Vienna just barely back in a “Seller’s Market” with a 2.7 month housing supply. (Not so “ruff” for Sellers!)

What about Oakton?

Well, as we’ve seen over & over this year, Oakton & Vienna seem to flip-flop. Two weeks ago, we reported that with a 2.2 month housing supply, Oakton was in a “Seller’s Market”. But very few contracts over the past few weeks (only 6), along with a 13% rise in inventory, puts Oakton back into a “Balanced Market” – with a 4.6 month housing supply. (Not so “ruff” for Buyers OR Sellers – rather, we’d call it “healthy”.)

So what else happened this past week in Vienna & Oakton real estate?

Here are the highlights:

  • Inventory in Vienna, although down from 2 weeks ago, is at its second highest point in 2011 – with 247 homes on the market.
  • Inventory in Oakton is well above the average for the year – at 88 homes.
  • Oakton’s weekly contract rate has dropped for 6 straight weeks – from 10 contracts to 8 to 7 to 6 to 4 to 2. Vienna’s contract rate has been up & down over the past 6 weeks – going from 15 to 19 to 25 to 11 to 15 to 30. 
  • Homes have sold fairly quickly over the past 2 weeks. 43% of the homes that went under contract sold in 10 days or less. (Several of our new Belt Team listings sold in less than a week!)
  • Average days on market for active listings in Vienna & Oakton is 94-95 days.

Stay tuned for next week’s report. Things may slow a little as we head into the middle of summer and get closer to school starting. We’ll be monitoring closely. (We’ll also be posting our mid-year update soon comparing where we are after the first half of 2011 compared to 2010.)

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 30
  • Average Days on Market for Active Listings: 94 days
  • Average Days on Market for Listings That Went Under Contract: 30 days
  • Inventory: 247 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.7 months

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

  • Number of Contracts: 2
  • Average Days on Market for Active Listings: 95 days
  • Average Days on Market for Listings That Went Under Contract: 26
  • Inventory: 88 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): 4.6 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!

A Day In The Life of A Realtor . . . Raccoons, Tutus and Birds – Oh My!

This blog post originally ran last year, but since we recently had ANOTHER HOME WITH A RACOON FAMILY IN IT, we thought it might be fun to re-run it! Enjoy!

People often ask us what it’s like to be a Realtor (or to work for one!). We hear things like “Oh I LOVE looking at houses – what a fun job!”.  We do love our jobs, but being a Realtor might not involve exactly what you think. So we invite you to join us for “A Day In The Life of The Belt Team”. Here are some “truth is stranger than fiction” examples (all true and by no means comprehensive) of what we do in a typical day. And as you’ll soon learn – no day is “typical”. (Make sure you read all the way to the bottom so you don’t miss the part about the pink tutu!)

 

6:00AM (Terry) – Work out, breakfast & prayer time. Must be physically fit & spiritually fit in order to be mentally fit.

7:30 AM (Everyone) – Meet for a Belt Team photo shoot. It’s 37 degrees outside, but pretend it’s warm & SMILE!

8:30AM (Terry) – Receive & forward home inspection results to one of our Sellers. Call her to discuss the findings – including the fact that there is a family of raccoons living in the attic that must be vacated before the Purchasers move in! Spend hours tracking down an animal control company that knows how to do this and can do it QUICKLY. Provide the Seller with the info.

8:30 AM (Tara) – Check the computer and see that we had 17 showings of our listings over the weekend. Send out emails & schedule follow up phone calls to contact each agent that showed our properties so we can provide specific feedback to each Seller.

8:45AM (Christy) – Run the MLS to check statistics – sales, contracts, new listings, average days on market. Analyze & determine the trends. Write the weekly market update for The Belt Team blog.

8:45AM (Terry) – Get an email saying that despite the fact that we received a loan approval letter for the buyer of one of our listings, his loan has since been turned down. His agent has no alternative resources for the buyer and since the contract was contingent on financing, he wants to void the contract. Update Seller on the situation. Contact one after another of our own preferred lenders. Find one who may be able to do the loan. Arrange for him to contact the buyer to see if he can qualify him and offer to provide financing. He follows up & it looks like the contract will go through after all.

9:15AM (Gail) – Meet Purchasers for a home inspection of the house they put under contract in McLean over the weekend.

10:00AM (Pauline) – Meet contractors at home of a Seller client who has already moved out of their house in Oakton. Spend 4 hours getting bids & selecting new appliances, countertops & floors so the kitchen can be renovated before home goes on market – making sure to balance cost of improvements with the benefits of saleability.

11:00AM (Gail) – Home inspection turns up possible mold issues. Buyer has severe allergies. Put buyer in touch with mold inspector. Contact listing agent & negotiate an extension to the inspection deadline. Thank God it’s a Buyers Market in this price range. A few years ago, the buyer probably would have had to make a decision on whether to proceed blindly or lose the house.

11:30AM (Jerry) – Head out on the road to make a delivery to a possible Seller. Deliver a listing portfolio with information about The Belt Team and our marketing plan for homes in Vienna so they will be prepared when we arrive the next day for our appointment.

Noon (Gail) – Teach a Master Class at our Keller Williams office in McLean. Class is open to all Realtors in the community. Topic: The Price Is Right – Or Is It?”.

1PM (Tara) – Upload listing photos for our new Vienna townhouse listing to all the sites and feeder-sites for the 126 locations we advertise on.

2PM (Gail) – Meeting of the Ethics & Standards Committee at the Northern Virginia Association of Realtors.

3PM (Christy) – Contract ratified and another Belt Team listing sold. Update Twitter and Facebook to announce the listing sold for $156,000 over Zillow.com’s Zestimate. Wonder why people give any credence to online value estimates. That makes 7 listings we’ve sold this year that sold higher than what Zillow said they were worth. Glad our Sellers were smart enough to use a Realtor.

4PM (Pauline) -Get a call from one of our Sellers. The For Sale sign was installed in her yard and her 4 year old wants to know “why is there a stop sign in our yard?”.

4PM (Terry) – Finish a 3 hour conference call to counsel a homeowner who is under water on their home. Sometimes it’s best for them not to do a short sale. Referred to an attorney. No listing for us, but a good feeling of being able to help someone.

4:30PM (Mary Jane) – Meet buyer to show new listing of a condo in Arlington. Buyer loves it. Contact listing agent to check status. First day on market and 5 offers already in. Go back to office to write a contract that will be in buyer’s best interest & also have a chance to compete. Good thing we have experience with this!

5:00PM (Christy) – Special Belt Team Correspondent Ryan R (age 10) has finished his homework. Time to film the webcast of “This Week in Vienna Oakton Real Estate

6:00PM (Mary Jane) – Receive a call on  a contract ratified two weeks ago. The Seller has decided they are considering our Buyer’s contract void due to a different interpretation of dates and are accepting a different contract at a higher sales price. Buyer subsequently shows up to settlement, but Seller does not show. Seller advises that not only are they considering the contract void, they are keeping the Buyer’s $5,000 deposit. Buyer decides they would rather buy another home anyway, but cannot do so without the $5,000. After hours & hours (and days and days) of negotiation, Mary Jane is able to get the Buyers’ deposit back for them. Back to Square One on finding a home. Schedule an appointment to look at more homes this weekend.

6:00PM (Terry) Arrive at home for sale in Reston to preview it. Knock on the door. No answer. Access the home through the lockbox. Shout out “anyone home?” just in case. No answer. Walk through the house, take notes for potential buyer. Go upstairs to see master bedroom. 250 pound woman comes into the hall wearing a pink tutu. Introduce myself. She asks if I want to see the climate controlled bedroom where she keeps her exotic birds. (Not really – but oh well I’m here and need to see the whole house for my clients!).

7:00PM (Pauline) Prepare to be tomorrow’s “Realtor On Call” at the local credit union. Review IRS regulations again to ensure ready to discuss the First-Time Homebuyer Tax Credit.

8:00PM (Pauline) – Email photos & detailed notes to a West Coast buyer who intends to write a contract on a home in Virginia sight unseen.

9:00PM (Kevin) – Receive radon test results for a home just put under contract this weekend for a Buyer. Results exceed EPA guidelines. Contact remediation company to get an estimate to remediate & make sure they will provide a warranty. Discuss options with Buyer and draw up an addendum to submit to the Seller.

10:00PM (Pauline, Mary Jane, Kevin, Terry) – Respond to emails that couldn’t be responded to quickly via Blackberry during the day.

Midnight (Everyone) – Thank God that we love our jobs!

(Oh yes, I almost forgot -we showed some houses….LOL)

I Want The Belt Team To Help Me Sell My House

I Want The Belt Team To Help Me Buy a House

I Have Raccoons In My House