Talking about real estate is like talking about the weather. . .
You work hard all year. You plan ahead for that great vacation. You dream of walking down onto the beach. Weather all over the world is GORGEOUS. You can’t wait to stick your toes in the sand, soak up the sun and sip on a fruity umbrella drink. You pack your bags, head to the airport. Hours later, you arrive and see . . . that it’s pouring at the beach. And the forecast for the entire week is 100% rain.
At that point, you don’t care much about the weather in Rio or Reston or Fairfax or Fairbanks. Right? It only matters if it’s raining where you are!
The same thing is true in real estate. Markets around the country can be as different as night & day. The Belt Team is networked in with top Realtors around the country. (Email Info@TheBeltTeam.com if you need a referral.) Here’s a sampling of what our colleagues report today:
- Charlotte, NC – Lisa Archer, CEO of Live Love Charlotte, reports “3 months of housing inventory” and Rebecca Vanderkolk, VP of Operations at The Ramsey Group agrees “Ditto Lisa Archer but for North Charlotte.”
- Gulf Shore/Orange Beach, AL – Keller Williams Realtor Kimberly Hurlburt says “This is a beach community and is more in the resort category. Most properties are Gulf front or waterfront condos” and there is “less than 7 months” supply.
- Doylestown, PA – “We have 6.3 months of inventory” states KW Executive Assistant Patti Booth.
- Las Vegas, NV – “6 weeks!” says Albie Vas, Realtor with The Vas Group
6 weeks, 3 months and 7 months don’t really sound that much different. But 6 weeks is a firm Seller’s Market. 3 months is a “Balanced Market”. And 7 months borders on a Buyer’s Market! And each market requires different strategies to achieve your goals.
Even markets in Northern VA that seem close can be drastically different. Great Falls, for example, typically moves MUCH more slowly than Arlington. And Vienna and McLean are also very different. This is why we present you with weekly stats on our blog that are specific to the Vienna & Oakton markets.
(We sell all over Northern VA and can provide stats for any market you are interested in. These are just the two most often requested. And note that markets can also be defined by other criteria than city – for example: neighborhood, price range & school district.)
If you’re looking to buy or sell a home in Northern VA, make sure you talk to a Realtor who can illuminate the HYPERLOCAL market for you and who can advise you on which strategies will be most successful.
Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 25
- Average Days on Market for Active Listings: 86 days
- Average Days on Market for Listings That Went Under Contract: 40 days
- Inventory: 133 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 1.5 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.2 months
Oakton Real Estate (22124):
- Number of Contracts: 4
- Average Days on Market for Active Listings: 107 days
- Average Days on Market for Listings That Went Under Contract: 34 days
- Inventory: 80 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.0 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.0 months
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