What’s happening in the Vienna & Oakton real estate markets?
Here are the highlights:
- Inventory in Vienna & Oakton continues to rise slowly, but surely. Vienna has 225 homes on the market and Oakton has 94. Oakton’s inventory has only been this high once in the past 37 weeks. This is GREAT news for those who have been looking to buy, but just haven’t found the right home. – more homes to choose from!
- The contract rate in Oakton remains slow. Throughout 2011, Oakton has averaged about 6 homes per week going under contract. Three weeks ago, Oakton had 2 homes go under contract. Two weeks ago, it was 5 homes. Last week – only 2 homes. Vienna’s market is still active – with 25 homes going under contract in the past 2 weeks.
- Homes are still selling fairly quickly. Of the homes that went under contract this past week, 44% sold in 10 days or less.
- After being in a “Sellers Market” for most of this year, Vienna is definitely moving into a “Balanced Market”. With sales below the weekly 2011 average for the past 6 weeks, we are now at a 3.3 month supply of homes based on the past 30 day contract rate (and 4.2 months based on the 90 day contract rate).
- Oakton remains in a “Balanced Market” – with a 5 month housing supply based on the past 30 day rate of contracts (and a 5.9 month supply based on the 90 day contract rate). If inventory continues to rise in Oakton and sales remain slow, this could push Oakton closer to a “Buyers Market”.
- One home in Vienna listed over $800,000 went under contract this week. In Oakton – there were none. Vienna has had only 4 homes in this price range go under contract in September. And the last home listed in Oakton above $800,000 that went under contract was on August 13th.
For our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 14
- Average Days on Market for Active Listings: 114 days
- Average Days on Market for Listings That Went Under Contract: 43 days
- Inventory: 221 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.3 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 4.2 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 2
- Average Days on Market for Active Listings: 91 days
- Average Days on Market for Listings That Went Under Contract: 26
- Inventory: 94 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 5.0 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 5.9 months