First, here are the highlights for Vienna & Oakton Real Estate over the past week:
- Vienna’s housing supply is at the highest since October 2012. (But it’s still really LOW and Vienna remains in a Seller’s Market – with 2.3 months of inventory.)
- Oakton’s housing supply is at its highest since October 2011. (This puts Oakton into a Balanced Market – still NOT a Buyer’s Market.)
- Sales have slowed somewhat in both areas, but homes are still selling fairly quickly. Last week, 69% of the homes that went under contract in Vienna, did so in 2 weeks or less. And in Vienna, 75% sold in two weeks or less. WOW!
NOW – What does that all mean for you?
Moral of the Story for Buyers: As interest rates rise and home prices rise, it is imperative that you work with a proactive, networked-in Realtor and you are prepared to move quickly when you find that Dream Home. Home affordability has already declined 35% since January. The good news is, affordability is still higher than any pre-crisis level since creation of the affordability index. But don’t wait. Rising interest rates will erode your buying power. And rising home prices mean the home price you can afford now is much higher than the home you could buy a year from now.
Moral of the Story For Sellers: It’s a great time to sell in both Vienna & Oakton. But helping you with pricing and tapping into the temperature of the market are still the most important services your Realtor can provide. Supply & demand are fluctuating and local market knowledge is your biggest weapon in maximizing your return.
Here are the detailed statistics from the past week:
Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 16
- Average Days on Market for Active Listings: 91 days
- Average Days on Market for Listings That Went Under Contract: 16 days
- Inventory: 149 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 1.9 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.3 months
Oakton Real Estate (22124):
- Number of Contracts: 4
- Average Days on Market for Active Listings: 103 days
- Average Days on Market for Listings That Went Under Contract: 37 days
- Inventory: 94 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.1 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months
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