If you follow our blog regularly, you may have noticed that we did not post a weekly Vienna/Oakton market update last week. That’s because The Belt Team has been super busy this month – with more contracts ratified than any other month in 2011 except March – and we still have a week to go in the month! So, as our blog post title says, “It may be flu season, but the real estate market in Vienna and Oakton is healthy!”
So what’s been happening? Here are the highlights:
- Inventory in Vienna dropped 7% over the past two weeks, while inventory in Oakton dropped 10%. Vienna now has 229 homes on the market and Oakton has 85.
- Nine homes went under contract in Oakton over the past week and 7 homes the week before. Both weeks exceeded the average we have seen over 2011 of 6 homes per week. In Vienna, 35 homes went under contract over the past two weeks (15 last week and 20 teh week before). This about matches the weekly average for the year.
- Vienna & Oakton have diverged somewhat over the past two weeks in terms of the percentage of homes selling in 10 days or less. In Oakton, only one home (or 6% of the sales) sold that quickly in the past two weeks. While in Vienna, ten homes (29% of the sales) sold in 10 days or less. Average days on market for homes still active on the market is 107 days in Vienna and 94 days in Oakton.
- Both Vienna and Oakton are back to teetering between a “Seller’s Market” and a “Balanced Market”. Vienna has a 4 month housing supply (as opposed to the 2011 average of 3.1 months). While Oakton has a 3.2 month supply of homes (as opposed to the 2011 average of 3.2 months).
If you’re thinking of buying or selling a home soon, you may want to read last week’s blog post about some of the top tech tools used in real estate today. You can also email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.
For our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 15
- Average Days on Market for Active Listings: 107 days
- Average Days on Market for Listings That Went Under Contract: 56 days
- Inventory: 229 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 4.2 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 4.0 months
Here are last weeks stats for Oakton Real Estate (22124):
- Number of Contracts: 9
- Average Days on Market for Active Listings: 94 days
- Average Days on Market for Listings That Went Under Contract: 70
- Inventory: 85 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 4.1 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.2 months
If youre thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis – because its 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!