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 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.
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.
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!
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