Let’s see what’s happening in the Vienna real estate market – here are the stats for July 2017 home sales:
- 73 homes went under contract in Vienna. This is down 14% from the same time period in 2016.
- 38% of the homes that sold in July 2017, sold in 10 days or less. This is way up over July 2016 market of 28%.
- Average sold price was $836,779 (up 7% from 2016 when it was $783,914)
- 99 homes came on the market. That’s down 15% from July 2016!
- Homes that sold (closed) averaged 71 days on market, 10 days slower than July 2016.
- We currently have a 2.6 month supply of homes in Vienna – and 236 Vienna homes for sale (townhouse, condo and single family).
OVERALL: Vienna is still just barely in a Seller’s Market
However, in any given price range, the numbers may skew very differently – making some price ranges a Seller’s Market, some Balanced and some a Buyer’s Market. A Balanced Market has 3-6 months of inventory. As an example – we have a 17 month supply of homes over $1.6 Million and in the under $800,000 price range – we have a 1.3 month supply. This means Buyers over $1.6 Million are looking at a serious Buyer’s Market, and Buyers in the lower ranges are competing and facing a Seller’s Market.
BUYERS & SELLERS
Make sure your agent is providing you with the data you need to make good decisions. Buying and selling often becomes about emotion. Buyers fall in love with homes or want to “get a deal” to feel good about buying. Sellers are invested in how much THEY love their home or have a number in mind based on what they “need” to get out of it.
The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. The data above about the variances in different price ranges is a perfect example of why. Right here in Vienna we have two totally different markets. If you’re looking to buy, and you “make an offer” below list price – you might be VERY successful in the upper ranges because we have such an abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.
With more than a third of homes selling in less than 10 days – you need all the advantages you can get. And this doesn’t even count the ones that are sold BEFORE they hit the MLS. In fact, this year The Belt Team has sold multiple Vienna homes NOT in the MLS to Buyer we’ve been working with since last year. Boy are they happy! Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.
NOW is the time. Call Terry Belt or Kevin Kleifges Or Tom Hanton NOW at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.