First an earthquake. Then a hurricane. How did last week’s “happenings” affect the local real estate market? Were things turned upside down (like this photo that fell off my wall during the earthquake)?

 earthquake-aug-2011.jpg

In terms of whether sales were slowed – the actual statistics are below, but in general sales stayed at or above what we have seen each week so far in 2011. So I’d say that means “stirred, not shaken”. But were there other affects?

Thankfully in our area, though some sustained significant damage, most were spared. Amidst the storm, we reached out to our colleagues on the West Coast to talk about what we might expect to see in our area post-earthquake-post-hurricane. Though the situation was slightly different (for example, many Californians have earthquake insurance) – there were some similarities.

Possibilities we were told to look out for included a freeze by lenders on funding loans, a freeze by insurance companies on issuing new homeowner’s policies and a requirement by lenders or insurance companies for a pre-closing inspection.

Did any of these things happen? So far – mostly not. We have had several lenders require their appraiser to come out to do a drive-by or quick visual inspection prior to settlement. But as of today, we have not had any settlements canceled or postponed. Final walkthroughs for our buyers took a little longer as all involved made sure there were no ill affects from the weather. And we anticipate that home inspections going forward may bring to light some post-earthquake-post-hurricane issues. (One local home inspector says he will definitely spend some extra time checking out tall chimnies for example). But all-in-all, the real estate market has just been plugging along as usual.

What has happened this past week in Vienna & Oakton real estate? Here are the highlights:

  • Inventory in Vienna dropped again (to 220 homes). This is the lowest we have seen in Vienna in over 4 months. Inventory in Oakton also dropped slightly – to 86 homes.
  • Vienna’s contract rate increased from the past 2 weeks, but is still slightly below the average we have seen so far this year. 16 homes went under contract last week, and the average for 2011 is 18 contracts per week.
  • In Oakton, 6 homes went under contract this week. This puts us right at the average we have seen throughout each week of 2011.
  • Homes are back to selling quickly after a slight dip the previous week. Of the homes that went under contract this past week, 41% sold in 10 days or less. The overall average for homes that went under contract was 50 days. (Note however, that the average days on market for active listings has been increasing each week. In Vienna, that number is 112 days (the highest we have seen since early April) and in Oakton, it’s 99 days.)
  • Vienna’s housing supply (based on the past 30 days contract rate) is only at 2.9 months – keeping Vienna in the category of a “Sellers Market”. However, for the only the second time since January, the housing supply based on the most recent 30 days is higher than that based on the past 90 days. This means sales as related to inventory are slowing.
  • Oakton, on the other hand, has a 3.5 month housing supply – putting Oakton more in a “Balanced Market”. However, based on the contract rate from the past 30 days, the housing supply is only 3.1 days. This is because sales have remained steady, while inventory has decreased.
  • One new note is that over the past three weeks, only 5 homes (2 in Oakton and 3 in Vienna) listed above $800,000 have gone under contract. Normally about 20-25% of our contracts are on homes listed above $800,000. Over the past 3 weeks, this number has been about 8%. It’s too early to call this a trend, but it is something to watch.

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

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

  • Number of Contracts: 16
  • Average Days on Market for Active Listings: 112 days
  • Average Days on Market for Listings That Went Under Contract: 45 days
  • Inventory: 220 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): 3.3 months

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

  • Number of Contracts: 6
  • Average Days on Market for Active Listings: 99 days
  • Average Days on Market for Listings That Went Under Contract: 66
  • Inventory: 86 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.1 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. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

Friday Video & Sunday Open Houses

On Fridays, we usually announce our open houses for the coming weekend. And we post our Friday Funday Video. Since Hurricane Irene is approaching our area, we have canceled our open houses – but you can still tour our previously scheduled open houses virtually! Just click on the photo of the home you’d like to tour below:

Inverchapel Road in Springfield – $494,500         History Drive in Oakton – $714,747

               

In the meantime, here’s our video of the week. And if you’re in the path of Irene – know that our prayers are with you.

This Week's Hyperlocal Update on Vienna and Oakton

Yesterday, we blogged about when the right time is to buy & sell a home. The short answer was – it depends on YOUR market and it depends on YOUR situation. Your home is your castle, and just as there are no two sand castles the same, there are no two situations the same.

sand-castle.jpg    Real Estate Is Local

“YOUR Market” can be defined in various ways (based on price range, school district, type of home etc.) – but the first place to start is with your general area. If you live in a large city, you might need to break it down further to start, but since we live in the Vienna Oakton area – we start with that. Our goal each week is to provide you with a general overview of the Vienna Oakton market so that you can be educated as to what’s happening – whether you’re tracking the market just as a matter of interest – or you’re tracking because you are thinking of buying or selling.

So – what has happened this past week in Vienna & Oakton real estate? Here are the highlights:

  • Inventory in Vienna dropped 6% from the previous week (to 223 homes), while inventory in Oakton inched up (by 2 homes).
  • Vienna’s contract rate increased from the previous week, but is still well below the average we have seen so far this year. 12 homes went under contract last week, but the average for 2011 is 18 contracts per week. 
  • In Oakton, 5 homes went under contract this week – slightly less than the average of 6 per week so far this year.
  • Homes are still selling fairly quickly, but not as quickly as we have seen through most of the summer. Of the homes that went under contract this past week, 24% sold in 10 days or less. Throughout most of the summer, this number trended more in the 33-40% range. However, the average days on market for these homes was only 50 days – still pretty swift.
  • Vienna’s housing supply (based on the past 30 days contract rate) is only at 2.8 months – keeping Vienna in the category of a “Sellers Market”. However, for the first time since January, the housing supply based on the most recent 30 days is higher than that based on the past 90 days. This means sales are slowing.
  • Oakton, on the other hand, has a 3.5 month housing supply – putting Oakton more in a “Balanced Market”. And Oakton’s housing supply is the same – whether based on a 30 day rate or the past 90 days.
  • One new note is that over the past two weeks, only 4 homes listed above $800,000 have gone under contract. It’s too early to call this a trend, but is is something to watch.

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

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

  • Number of Contracts: 12
  • Average Days on Market for Active Listings: 107 days
  • Average Days on Market for Listings That Went Under Contract: 43 days
  • Inventory: 223 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): 3.1 months

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

  • Number of Contracts: 5
  • Average Days on Market for Active Listings: 92 days
  • Average Days on Market for Listings That Went Under Contract: 67
  • Inventory: 88 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.5 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. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

Last week, we reported on “How Low Can It Go? – and the historic place we are at in terms of low mortgage interest rates. We talked about why now is a great time to buy a home (or a great time to refinance the one you own) and why now is also a great time to sell.

But with all the negative economic news around the country, some of our readers may be wondering whether they should still wait to buy or wait to sell. Buyers may be wondering “What if prices drop, for example? Shouldn’t we try to “time the market” better?” and Sellers may be wondering the reverse, “Should I wait to see if prices keep going up?”

The reality is that no one can perfectly “time the market” – not even Warren Buffett. The only way you will know when the market has “bottomed” out is after the market turns back upward. And the only time you’ll know it has peaked is when market values start dropping.

So, how do you decide the right time to buy & sell?

You need to take a look at the FACTS of YOUR market AND take a look at YOUR personal situation. There is no blanket answer to this question, but you don’t need to feel like this!

catharine-via-2011-006.jpg

1. THE MARKET:

If you read our blog regularly, then you know there are many different markets – the national market, the regional market, the hyperlocal market, your neighborhood, the luxury home market, first-time homebuyer market & more. Markets are segmented by price range, property type, school district, acreage and all kinds of things. The most important one in your decision is YOUR market.

And real estate is a serious business. For most people, the home they buy is the biggest financial transaction of their lifetime. So, our recommendation is that you treat it that way – seriously. So how do you find out about “YOUR market”?

When you have a health issue, you certainly talk to your family & friends about it, you may read magazine articles or books, and you probably go to WebMD.com and a number of other web sites to research & gather info. Then, what do you do? You consult an expert in the field. And when you consult that expert, he/she shares with you not just the facts and knowledge they have access to – but also the experience and “gut” instinct they have gained after seeing so many patients with similar symptoms.

Our recommendation is that you do the same thing with a Realtor who specializes in whatever area you are looking to buy or sell in. Not only will they share the specific market data & economic info that you need to make a good decision (interest rates, financing options, population growth, area home values, comps & more); but they will guide you by asking lots of questions and sharing with you the experiences of many of their past clients.

Did you ever notice when you have some sort of illness, all of a sudden everyone you know considers themselves “experts” because they have had a related experience? You get all sorts of advice – some good, some not so good. And that advice is often based on what that other person’s one limited personal experience was.

The same applies with real estate. Just about everyone you know has some experience – you parents, your co-workers, your friends. They have all bought and sold homes – on average one home every 5-7 years. We think it would be in your best interest to talk to the folks who do this every day – not every few years. And talk to a real estate team that has a shared base of experience developed over the years. Not only will they have more depth of knowledge to share with you, but if they have been in business in the local area for the long term – you can probably be confident they look out for each client’s best interests. (Ask for references if they don’t give them to you! Isn’t that what you do when you look for a medical specialist?)

2. YOUR PERSONAL SITUATION

Every person has a different story – “HAVE to move” vs “WANT to move”, “financially secure” vs “on the brink”, “growing family” vs “retiree downsizing”. You get the picture. When you meet with your Realtor, they should ask you all kinds of questions that will help you assess whether now is the right time to buy or sell. Take the time to go through this process, evaluate what your goals & expectations are, and you will come to the answer that is right for YOU.

  • Why are you moving? What will that mean for your family?
  • How important is lifestyle? Does lifestyle trump investment or does investment trump lifestyle?
  • What are the financial implications of a move?
  • If you don’t buy(sell) now, will you regret it or will you be happy with your decision?
  • If you are selling a home & buying a new one, have you looked at the implication of BOTH transactions? For example, are you staying in the same market – or moving to a different part of the country? Are both areas in a Buyers Market? Or is one area in a Sellers Market, while the other remains in a Buyers Market? How will this impact me?
  • Have you looked at the tax implications? Rent versus buy? Tax credits available? Capital gains? (First-time homebuyers may be wondering if they missed the boat since the tax credits of last year are no longer available – but they might be surprised to know that today’s interest rates probably mean it’s better to buy today than it was during the tax credit period!)
  • If you are thinking of buying, how long do you think you will stay in that home?

The list of questions is endless. We haven’t listed them all here, but an expert Realtor should spend a LOT of time with you discussing ALL of these types of questions – not just the top-of-mind questions like “How much will it cost? What can I afford?” or “How much will my house sell for?”

And that bring us back to the second question we asked above: “”What if prices drop, for example? Shouldn’t we try to “time the market” better?

Well, the short answer is that oftentimes even a significant drop in home prices cannot offset a slight rise in interest rates. Let’s look at a simple example. (You can run your own numbers, but the results should be similar. The actual calculations may be more complicated by down payment, mortgage type, etc. – but this gives the general idea.):

Buy Now or Wait? (Now):

If Home Price is $600,000 and Interest Rate is 4% – Mortgage Payment would be $2,864

SCENARIO 1: Prices Decrease by 5%, Rates Increase .5%

Home price would be $570,000, Interest Rate 4.5% – Mortgage payment would be $2,888

SCENARIO 2: Prices decrease by 10%, Rates Increase 1%

Home price would be $540,000, Interest Rate 5.0% – Mortgage payment would be $2,899.

Will prices drop? Maybe. Maybe not. (We DO know that last year Fairfax County prices increased by more than 7%). Will interest rates rise? Maybe. Maybe not. The government says they will hold tight – but who knows. What we DO know is that rates are at historical lows.

So, for most people in Northern VA, the answer to should I buy or should I sell now – is probably yes. But it depends on YOUR situation and YOUR market. Contact The Belt Team if you’d like to schedule a personal consultation about YOUR market and YOUR personal decision about whether to buy or sell now.

Just Listed in Sterling!

This light, bright charming split level is located oh so conveniently – near Route 7, Rt 28 & the Dulles Access Road. Enjoy 3 finished levels, 4 bedrooms, 3 full baths, fresh paint throughout, an eat-in kitchen with full pantry, living room & lower level rec room both have gas fireplaces, new roof in 2008, great fenced rear yard with patio plus large storage shed, oversized garage, enlarged driveway & more! $319,000

More Info about 223 W Ash Road in Sterling

Contact The Belt Team

GIMME SHELTER (Our Friday Funday Video & Sunday Open Houses)

TGIF! That means it’s time for our Friday Funday Video and Open House announcements.

This weekend, we have two homes being held open. Both are like brand new – redone from top to bottom. They’re totally move-in ready . . . one in Oakton and one in Springfield. Directions to the open houses are below – but first, here’s our Friday Funday Video. It’s a fabulous all-star collaboration featuring U2, Mick Jagger, Fergie and Will.i.am – singing “Gimme Shelter”!

JUST LISTED and OPEN SUNDAY 2-4PM $494,500

5420 Inverchapel Road in Springfield, VA

Two level rambler in popular Ravensworth – only one stoplight from the Beltway & easy commuting! This home was beautifully updated in 2011 – including a new kitchen with granite & stainless, new bathrooms, a finished lower level with a rec room and new full bath – plus lots more updates. Enjoy a great, open floorplan – 4 bedrooms & 3 full baths. Outside, the deck offers lovely views of parkland beyond the rear yard. AND you can walk to Lake Accotink Park!  $494,500

Directions: Beltway/495 to Braddock Road West, Left on Inverchapel to #5420 

More Info about 5420 Inverchapel Road in Springfield

Contact The Belt Team

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OPEN SUNDAY 1-4PM / 3237 History Drive in Oakton – $714,747

This happy hearted contemporary is full of light AND it was totally updated inside & out in 2011! It’s like a brand new home and it’s on an awesome lot! Fresh paint (interior & exterior), new hardwood floors, new carpet, completely re-done kitchen, redone bathrooms with granite vanities, walkout lower level was finished to include a fifth bedroom and 3rd full bath. Plus you’ll enjoy a family room with vaulted ceiling, skylights, stone fireplace & wall of windows & lots more! $714,747

Directions: From I-66 West, exite rt 123 North (Vienna), left on Jermantown, Right Oakton Rd, Right Waples Mill, Right History to #3237 OR From Vienna/oakton Intersection of Vale Rd/Hunter Mill Rd: Take Vale, Left on Fox Mill, Right Bronzedale, Right History.

More Info about 3237 History Drive in Oakton

Contact The Belt Team

This Week's Vienna Oakton Market Update – How Low Can You Go?

housing-and-interest-rates.JPG 

Last Friday, mortgage rates hit the all-time low ever recorded! This means if you are thinking of buying a home – whether for the first time or whether you’re moving up or down – NOW is a great opportunity to maximize your buying power. (And if you’re not moving and you already own a home, you may want to look at refinancing.) Reports of 30 year fixed rates near 4% are popping up all over. WOW! (We would be happy to share our list of trusted lenders with you – just Contact The Belt Team )

If you have been in the real estate market for a while – then you probably have your own version of  “When I Bought My First House, My Interest Rate Was ____%”. Fill in the blank – and I’d bet money that the number you say is higher than rates are now.

Personally, we bought our first home in 1983. We were tickled to get a 9.5% 30 year fixed rate loan. Three years later, when we built the home we still live in today – rates were at 13% – for a 1 Year ADJUSTABLE rate mortgage. Yikes! Imagine the buying power we would have gained if rates were as low as they are today.

Feel free to comment below & let us know what your first mortgage loan was set at!

(I know some of you are wondering whether prices will drop further and if you should wait for that – and we’ll address that subject in detail on our blog soon. But the short answer is that even a slight increase in mortgage rates can offset a significant drop in home prices.)

Now, let’s get right to the meat of the matter and look at this week’s stats!

What has happened over the past few weeks in Vienna & Oakton real estate? Here are the highlights:

  • Inventory in Vienna rose 6% over the past week, while inventory in Oakton dropped ever so slightly.
  • Vienna’s contract rate dropped significantly. We have averaged about 18 contracts per week this year and last week Vienna only saw 9 homes go under contract. This is not unusual however, since this is “prime time” for many folks to go on vacation. 
  • In Oakton, 9 homes went under contract this week – a little more than the average of 6 per week so far this year.
  • Homes are still selling fairly quickly. 33% of the homes that went under contract this past week, sold in 10 days or less. And the average days on market for all of the homes that went under contract was 57 days. Note that the overall average was slightly skewed by one home that finally sold after 342 days on the market!
  • Vienna’s housing supply (based on the past 30 days contract rate) is only at 2.8 months – putting Vienna into the category of a Sellers Market. While Oakton, at 3.7 months remains in a “balanced market”.

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

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

  • Number of Contracts: 9
  • Average Days on Market for Active Listings: 102 days
  • Average Days on Market for Listings That Went Under Contract: 31 days
  • Inventory: 238 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): 2.8 months

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

  • Number of Contracts: 9
  • Average Days on Market for Active Listings: 95 days
  • Average Days on Market for Listings That Went Under Contract: 22
  • Inventory: 86 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.7 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!

Tips For Home Buyers

Once you have found the home you want to buy and negotiated your contract, you’re in the “home stretch” – right?

Not necessarily. But here are some tips for how Buyers can ensure smooth sailing and a timely arrival to settlement:

The Belt Team can guide you in this process . . . from figuring out how much of a mortgage you qualify for – to finding your dream home – to doing an inspection & walk through – to making sure your home actually goes to settlement and you get to move in! Please contact The Belt Team for a FREE homebuyer consultation or to be placed on our FREE Priority Notification List for new listings. It would be our pleasure to help make YOUR real estate dreams come true.

Just Listed/Open Sunday in Oakton & Friday Funday Video

We have a fabulous new listing that will be held open Sunday from 1-4PM. It’s been totally re-done from top to bottom, and we think it’s BEAUTIFUL!

And that’s the cue for our Friday Funday Video. It’s from a group called Need To Breathe and they performed here locally at Jammin Java last week. The song is called “Something Beautiful“. So – listen to the song – then come visit us on Sunday and see something beautiful! (Directions to open house are below)

This happy hearted contemporary is full of light AND it was totally updated inside & out in 2011! It’s like a brand new home and it’s on an awesome lot! Fresh paint (interior & exterior), new hardwood floors, new carpet, completely re-done kitchen,  redone bathrooms with granite vanities, walkout lower level was finished to include a fifth bedroom and 3rd full bath. Plus you’ll enjoy a family room with vaulted ceiling, skylights, stone fireplace & wall of windows & lots more! $714,747

Directions: From I-66 West, exite rt 123 North (Vienna), left on Jermantown, Right Oakton Rd, Right Waples Mill, Right History to #3237 OR From Vienna/oakton Intersection of Vale Rd/Hunter Mill Rd: Take Vale, Left on Fox Mill, Right Bronzedale, Right History. 

More Info about 3237 History Drive in Oakton

Contact The Belt Team

This Week's Vienna – Oakton Real Estate Update – Is The Sky Falling?

You block your dream when you allow your fear to grow bigger than your faith.”

This is a quote from  Mary Manin Morrissey. And I thought this quote rather appropriate for a week when national news was bleak. Fear is no longer the silent elephant in the room – but is a grand participant in the endless blame game being played by both parties in our government. (Don’t worry – I’m stepping off my soapbox now!)

This blog is about real estate. Specifically, about real estate in Northern Virginia. And sometimes even more specifically – about real estate in Vienna and Oakton. So let’s talk real estate.

Let’s listen to that quote again:

You block your dream when you allow your fear to grow bigger than your faith.”

One of the “American Dreams” is of being a homeowner – of having your own place to call home. Everyone’s picture of what that means is different – but what’s in common is that it’s yours and it’s home.

This week, we got some pretty scary news about the credit rating of the United States. What does that mean for us in the long run? Does this mean things will never be the same? Will more jobs be lost?

I don’t know the answers to these questions, but I do know that I choose not to live in fear. I have faith in our country and I have faith in its people. Is there an easy fix to the situation? No. But I do know that we will figure it out. And we as a country, will come out the better for it.

Now what does this have to do with this week’s update about Vienna Oakton real estate?

I would encourage you not to let fear block YOUR dream. Look at the facts. Ask your local expert Realtor for the facts about the specific market you are interested in. Make educated decisions. Don’t be Chicken Little – “The sky is falling, the sky is falling”. And don’t let fear stop you from making your dreams come true.

FACT: The Fed says they are going to hold interest rates down for 2 years. Will they keep their promise? I don’t know. BUT, if you’re thinking about buying – that’s great news for you. And why wait? Buy now. Rates and affordability are at historic lows. And even a half point increase in interest rates could reduce your buying power significantly – even if prices drop!

FACT: The market in Northern VA continues to experience low inventory. If you have been waiting to sell, NOW is a great time. Vienna and Oakton both continue to have pockets of Sellers Markets. (Check out the statistics below). There has also been a lot of discussion about “shadow inventory” because of the slowdown in the process of foreclosures coming to market. In the Vienna/Oakton area – we have not seen the impact of foreclosures that other parts of the country have seen, but regardless of whether more is coming, now may be a good window of opportunity for Sellers.

FACT: Financing IS available. Despite what you hear in the news about it being difficult to get mortgage money, the fact is that money IS available and on good terms. What has changed is the process. Where once upon a time you may have filled out an application & provided a few bits of verification – now the process may require you to provide all kinds of documentation: copies of W-2’s, tax returns, bank statements, etc. But the bottom line is that money is available. Working with a Realtor who has long-term alliances with local lenders will also maximize your opportunities.

FACT: In a market that is changing daily, it is more important than ever that you have a very experienced Realtor representing you – preferably a team – and one who has experienced the markets of the 70’s, 80’s, 90’s & today. You need every bit of creativity, experience & negotiating skill at work for you.

Curve balls are being thrown – but just like Frank Howard did, you can turn those curve balls into homeruns.

Frank Howard, for those of you who don’t recognize the name, is one of the leading homerun hitters in MLB history. He had a long, storied career – from Rookie of the Year, to winning a World Series, to four All-Star Team selections. He just celebrated his 75th birthday this week.

Why was he so good at what he did? One reason was talent. One reason was repetition & hard work. And another was attitude. At one point in his career, he was traded from pennant contenders, the Los Angeles Dodgers – to a weak expansion team, the Washington Senators. But what was his response? “I was essentially a fourth outfielder in L.A., hitting 25 home runs a year in the biggest baseball park in America and doing it on 400 at-bats.” He added, “What could I do if I get 550 at-bats? I had my best years here.”

In today’s market, it is more important than ever that you work with the “Frank Howard’s of real estate” – with those 20% of the agents that do 80% of the business – the ones who have seen so much that seeing another curve ball is no big deal. They’ll figure out how to hit it. When the game is on the line, who do you want to put in to hit – a guy off the bench, a guy who bats .185 or the guy who is likely to hit a homerun? If it’s me you’re asking, and you’re talking about my “American dream” of home ownership – I’m going with the homerun guy.

This week’s statistics for Vienna and Oakton real estate are listed below. Just the facts.

(Oh – P.S. – Guess which local real estate team includes someone who struck Frank Howard out 4 times in one game? Yes, that would be The Belt Team‘s Jerry Belt! And boy has he taught our team a LOT!)

   dad-barksdale-2011.jpg           jerry_belt.jpg

(Second P.S. – Guess who had 5 at-bats in that same game? That would be Frank Howard. Before he struck out 4 times, he hit a homerun so far that it’s probably still going. )

So what has happened over the past few weeks in Vienna & Oakton real estate? Here are the highlights:

  • Inventory in Vienna dropped slightly from last week, and is at its lowest level since early May.
  • Inventory in Oakton also dropped slightly, but is above average for the year.
  • Vienna’s contract rate remains slightly above the average we have seen for the year. Last week 21 homes went under contract. The average weely rate in 2011 has been about 18 homes. 
  • Oakton’s market is much smaller. Only 5 homes went under contract in Oakton last week. This is just slighly below the average we have seen this year of 6 homes per week.
  • Homes are still selling fairly quickly. 31% of the homes that went under contract this past week, sold in 10 days or less. And the average days on market for those homes was 50 days. Average days on market for active listings in Vienna & Oakton is 103 & 92 days respectively – up slightly from last week.
  • Vienna’s housing supply (based on the past 30 days contract rate) is only at 2.4 months – putting Vienna into the category of a Sellers Market. While Oakton, at 4 months remains in a “balanced market”.

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: 103 days
  • Average Days on Market for Listings That Went Under Contract: 49 days
  • Inventory: 225 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.6 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.4 months

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

  • Number of Contracts: 5
  • Average Days on Market for Active Listings: 92 days
  • Average Days on Market for Listings That Went Under Contract: 60
  • Inventory: 88 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4 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!