Oakton Home Sale Statistics – How Long To Sell Your Home and Are Prices Rising?

If you’re thinking of buying a home in Oakton VA in 2017, then you’re probably wondering things like:

  • “How long are homes on the market?”
  • “Will I have to pay over list price or can I get a deal?”
  • “Buyer’s Market or Seller’s Market?”

If you’re thinking of selling a home in Oakton in 2017, you’re probably wondering:

  • “How long will it take to sell my house?”
  • “Will I have to negotiate my list price?”
  • “Seller’s Market or Buyer’s Market?”

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Let’s look at 2016 statistics as they are often an indicator of what you can expect:

  • Average Days on Market in Oakton: 67  (up from 61 days in 2015)
  • Sold Price as % of Original List Price: 95.6% (up from 95.5% in 2015)
  • Percent of Homes Sold in 10 Days or Less: 26% (down from 29% in 2015)
  • Average Sold Price: $676,683 (down from $739,544 in 2015)
  • Number of Home Sales: 321 (up from 318 in 2015)
  • More Oakton Real Estate Market Stats

BUYERS:

Current housing supply in Oakton VA is 2.9 months. This translates to a “Seller’s Market”. (Be aware that number is for the market as a whole. If you are buying, you’ll need to ask for an analysis of the price range you’re looking in as some price ranges may actually have much more inventory.) Either way – you need all the advantages you can get. 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.

SELLERS:

Terry Belt, CEO of The Belt Team commented, “Every year, we see competition for the best listings in the market. Often times, those who sell in January/February sell for more than those who wait for the traditional “Spring Market”. In 2017, we especially think this will bear out as we are already seeing interest rates rise, pricing some folks out of the market. Time will tell as to what 2017 has in store, but The Belt Team is already working with a number of Buyers and Sellers in Oakton and we expect the market to start out briskly.”

If you’re selling a home, your next question may be – “Is there a way to sell faster and for more than average?” And the good news is YES!

The best way to do that is to hire the real estate team with the best proven track record of success in the Oakton Vienna area. (Yes – we include Vienna because most people looking at homes in OAkton are also looking in Vienna. So having a top Realtor in both areas is in your best interests. When Buyers look at our listings in Vienna and rule our Vienna, we can refer them to our listings in Oakton!)

So who is that? It’s The Belt Team. Check out Belt Team statistics:

Once again in 2016, The Belt Team sold more homes in the Oakton Vienna area than any other agent or team. This has been the case every single year since 2009. Our track record here shows we sell homes more quickly and for more money than the “average agent”. Our experience & expertise save you time & money!

Anyone can have a good year. Maybe even a good year or two. When you’re selling your home, you need results you can count on. Over the past 10 years, The Belt Team has consistently sold more homes in the Oakton/Vienna area than ANY other agent or team—84% more than the next closest team.

The Belt Team

 

 

 

 

 

 

 

Only three of the 10,000+ Realtors in Northern VA have sold more than 200 homes in Vienna/Oakton in the past ten years. Of those, The Belt Team has the best sold to list price ratio. (Meaning not only do our homes sell faster than average, they sell for a higher percentage of list price than our top competitors.)

Only two agents/teams in Northern VA have sales of more than $250 Million. The Belt Team is one of them. We’ve sold more than $395 Million. 57% more than our next closest competitor. AND our listings also sell more than a month FASTER and FOR 3.3% MORE than this competitor.

On a $2M home, that’s $66K more in YOUR pocket!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell a home in the Oakton Vienna. Not only have we sold more home in this area, but many of our team members have lived here for years. Terry Belt & Christy Belt Grossman grew up in Vienna, have lived here since 1972 and raised their families in here. And Christy’s husband Bill is a baseball coach at Oakton High School. Tom Hanton & Kevin Klefiges has also lived in the area since they were children and are raising their families here as well. We know the schools, the parks, the commuter short cuts, the history and all the things that make Oakton a most special place to live. Not only do we sell homes in Oakton, but with genuine enthusiasm & experience, we sell the entire community.

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 Don’t YOU deserve the BEST Realtor in the Oakton Vienna area?

Top Realtor Vienna VA

Oakton Virginia: Buyer’s Market or Seller’s Market? How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in Oakton, VA in 2016, you may be wondering how long homes are on the market, whether prices are up or down and whether it’s a Buyer’s Market or Seller’s Market.

First, let’s look at what happened in 2015:

  • Average Days on Market: 62 days (almost the same as 2014 and up from 52 days in 2013)
  • Average Sold Price: $738,418  (up 5.3% from 2014 and 8.6% from 2013)
  • Average Sold Price as % of List Price: 95.6% (down from 96.2% in 2014 and 97.7% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 29%

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date Oakton VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Oakton this year.

Buyers – you’ll be interested to know that Belt Team buyers only paid 94.1% of original list price in 2015 – versus the average buyer who paid 95.6%! That’s a savings of $22,500 on a $1.5 million dollar home!

Sellers – you’ll also be happy that our listings on the Oakton Vienna area over the past 10 years have sold FASTER and for MORE MONEY than average!

Median Days on Market – How Fast Are Homes Selling?

Days on Market State by State March to May 2015

If you’re wondering how fast homes are selling around the United States, here’s a great infographic from Keeping Current Matters.

Whether you’re a Buyer or a Seller, it’s important to know how quickly homes are selling in your neighborhood and/or the neighborhood you want to live in.

Why?

 

 

EXPECTATIONS:

Buyers – Knowing how quickly homes are selling tells you how quickly you need to react when you see a home you love. In some markets, homes are languishing for months. While in others, they are snapped up the day they hit the market. Taking a look at median number of days on market will help set your expectations so you don’t feel pressured.

Sellers – If you’re selling a home, the median days on market will give you an idea of how long you’ll need to keep your home in “showing condition”. It’s not easy to keep your house looking like a showroom. Knowing what the median time frame is helps with expectations of how long it will take your home to sell. (And note – if you are aiming to “push” pricing past what recent comps show – you’ll likely need to add time onto this estimate, and be aware that you may actually sell for less than if you had priced to where the market is.)

PRICING:

Buyers – You can use days on market as part of the criteria for determining what price to offer. If you see a property that has been on the market for a LONG time – it’s fair to assume you may want to offer something below list price – the longer the days on market, the lower the price. But if you’re making a lowball offer on a home that just hit the market – it’s unlikely the owner will accept your offer.

Sellers – Median days on market is one criteria you should consider in your pricing strategy. If you home has been on the market longer than the median number of days – you most likely need a price adjustment. (You may need to take other action – such as repairs or staging, but it’s highly likely a price adjustment is in order as well.)

Here are some of the local stats for days on market. How fast are homes selling in:

Median days on market is just ONE of many criteria Buyers and Sellers should consider. For a personalized consultation including ALL the criteria – contact Terry Belt & The Belt Team at (703) 242-3975. We’ll help you make the RIGHT move!

Oakton Virginia: Buyer’s Market or Seller’s Market? How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in Oakton, VA in 2015, you may be wondering how long homes are on the market, whether prices are up or down and whether it’s a Buyer’s Market or Seller’s Market.

First, let’s look at what happened in 2014:

  • Average Days on Market: 64 days (up from 52 days in 2013)
  • Average Sold Price: $701,396 (up from $679,665 in 2013)
  • Average Sold Price as % of List Price: 96.2% (down from 97.7% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 30%

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date Oakton VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

(Special Info For Sellers of Million Dollar Homes)

Call Terry Belt & The Belt Team at (703) 242-3975 if you would like to buy or sell in Oakton, VA.

Northern VA Real Estate Market – How Did We Fare in 2014? What’s Happening in 2015?

2014 Northern VA Real Estate Stats

2014 was the “Year of Micromarkets”.

Check out our blog and you’ll find year-end statistics for both the larger macromarket of the Mid-Atlantic region, as well as the counties of Fairfax, Loudoun & Arlington. Along with that, you’ll find stats for the various cities and towns in Northern VA. It used to be that looking at statistics city by city was often enough to arm you with most of the information you might need to understand the market – whether on the buy side or sell side. But that is no longer the case. (So when you hear the national news headlines about real estate – don’t listen! It’s like listening to the weather forecast in Phoenix when you’re trying to figure out what to wear in McLean.)

Within each county and city, there is a whole other story being told – market by market by market. Let’s take Loudoun County for example. Average days on market in Loudoun was 44 days. The average home sold for 97.5% of original list price. If you’re a buyer, you might draw the conclusion that you can “get a deal” or at least that you can negotiate some off the list price. On some homes, that might be the case. (In fact, that was the case for Buyers represented by The Belt Team. Our buyers only paid on average 93.8% of list price.) But that would not be representative of the entire market.

If you look at the statistics further, you’ll find that last year, 37% of homes in Loudoun sold in 10 days or less. Buyers of those homes often competed and came prepared to pay over list price. In fact, the average paid was just over 100% of list price. This micromarket was seen primarily in the $400’s and below. Homes that were listed over $900K saw a different market. Average days on market was 121 days (4 months!). And homes sold for 92.9% of list price.

The moral of the story of 2014 (and going forward in 2015) is that you MUST get the detailed, hyperlocal info you need to make decisions on the very specific micromarket where you’re looking to buy or sell. It’s a vital part of setting your strategy for success – whether you’re buying or selling. The average agent (and even you) have access to some of this data through normal channels – either online, through the MLS, public tax records, etc. But if you really want to get the most when selling your home (or prevail as a buyer in a market where inventory is low – which it is all over Northern VA) – it’s imperative that you work with Realtors (like The Belt Team) who not only have the free info online and in the MLS, but who pay premium dollars for the most detailed and up-to-date data available. We are your local enconomists. And this data gives our clients a leg up.

Northern VA Real Estate Market

So. 2015. Here’s what we see:

  • Interest rates rising
  • Prices rising slightly. (Note that last year’s prices rose, but not like they did in 2013. For example – in 2013, Fairfax County rose about 7%. In 2014, Fairfax County prices rose less than 2%.)
  • Low inventory.
  • Competing contracts in the lower price ranges.
  • And the early bird will get the worm – both on the buyer side and the seller side.

If you would like an in-depth analysis of YOUR micromarket, call Terry Belt & The Belt Team at (703) 242-3975 to schedule a FREE consultation.

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Press Release: Belt Team Outpaces All Realtors in Vienna – Oakton Area

MCLEAN, VA (February 24, 2014)

Top Realtors Vienna Oakton

Year-end statistics are complete and once again in 2013, The Belt Team sold more homes in the Vienna-Oakton area than any other Realtor or team. This is the fifth year in a row and quite an achievement since there are almost 10,000 Realtors in the Northern Virginia Association of Realtors (NVAR). In addition, The Belt Team’s resale listings sold faster and for more money than average.

Over the past 5 years, The Belt Team sold 266 homes in the Vienna-Oakton area, almost twice as many homes as the next top Realtor or team. (As a comparison, the “average agent” in Northern VA only sold 5 homes through all of 2013, and that was in the entire region.) More importantly, The Belt Team’s resale listings sold faster and for more money than average.

The Belt Team’s listings averaged only 6 days on the market; while the next top agents’ listings averaged 56-112 days on market. In addition, Belt Team resale listings sold for 4-5% more than the other top agents. On an $850,000 home, this could represent a savings to the seller of $42,500.

Terry Belt, CEO of The Belt Team commented “Although we sell as many homes outside the Vienna-Oakton area as we do inside, we especially love working in our own backyard. Many of our team members have lived in Vienna for years. My sister (Christy Belt Grossman, Chief Operating Officer, The Belt Team) & I grew up in Vienna, have lived here since 1972 and are now raising our families in Vienna. It seems like yesterday that I was the Vice President of the student body at Wolftrap Elementary School. My partner Kevin Kleifges has also lived in Vienna since he was a child. We know the schools, the parks, the ballfields, the swim clubs, the riding rings. the commuter short cuts, the shop owners, the history and all the things that make Vienna & Oakton a most special place to live. Not only do we sell homes there, but with genuine enthusiasm & experience, we sell the entire community.”

Christy Belt Grossman added, “There’s really no place like the Oakton-Vienna area. I love driving through Oakton’s horse country with so much natural beauty. And Vienna is truly a unique community with a winning combination of small town charm and big city convenience. But it’s the people who live here that are the magic intangible that makes Vienna & Oakton stand out. I loved it as a child and love it even more as a parent and empty nester. We’re humbled to have been able to help so many Vienna-Oakton families again this year.”

(Statistics provided per MRIS on 2/1/14.)

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About The Belt Team:

The Belt Team’s mission is “Changing Lives For The Better“. The Belt Team includes Terry Belt (CEO), Gail Belt (Founding Partner), Kevin Kleifges (Listing Specialist), Tom Reilly (Lead Buyer Specialist), Beth Dadisman (Showing Partner), Christy Grossman (Chief Operating Officer), Jerry Belt (Special Services) & Patty Schuebel (Client Care Manager).  The Belt Team serves all of Northern Virginia and specializes in Vienna and Oakton where it has sold more homes than any other Realtor or team since 1973. The team is ranked by Wall Street Journal as a Top Ten Team in the State of Virginia (out of 30,000 Realtors) and a Top 250 Real Estate Team in the United States (out of more than 1.2 million Realtors). For more information, please visit http://www.TheBeltTeam.com  Phone: 703-242-3975 Email The Belt Team

About Keller Williams Realty:

Keller Williams Realty is the largest real estate franchise company in North America, with approximately 700 offices and 90,000 associates throughout the world. The Belt Team is affiliated with the Keller Williams McLean office – one of the top offices in the entire country. For more information, contact Team Leader, Amina Basic: (703) 636-7300.

Oakton Real Estate Stats: 2003 to 2013

As we head into the New Year – it’s a good time to look back over the past 10 years and see what has happened in Oakton real estate. Here are the highlights:

HOME PRICES:

Prices are steadily rising. The average price in Oakton rose 9% over the previous year. However, unlike in Vienna where prices are higher than they were at the height of the market in 2006; Oakton’s prices remain below the market high in 2005.

 Oakton Home Prices Rising

NUMBER OF HOME SALES:

Oakton saw a HUGE jump in sales in 2013 – 35% over the previous year! More homes were sold than in any year since 2004.

How Many Homes Sold In Oakton 2013

DAYS ON MARKET:

Homes continue to sell quickly in Oakton. In 2013, homes sold in an average of 49 days – faster than in any other year since 2005. (Note: Belt Team listings sold in an average of 9 days – AND at a higher percentage of list price than average. This means Belt Team Sellers had one less mortgage payment to make – saving thousands of dollars!)

 Hos Fast Do Homes Sell in Oakton VA

SOLD PRICE AS PERCENTAGE OF LIST PRICE:

Sellers in 2013 garnered a higher percentage of list price than in any year since 2005 – 96.75%. (For example, if a home was listed at $800,000 – the average Seller would have sold it for $774,000. )

Oakton Real Estate Stats Sold Price To List Price 2003 to 2013

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FREE – How Much Is My Oakton Home Worth?

Contact our CEO, Terry Belt about selling your home in Oakton.

Contact our Senior Buyer Specialist, Tom Reilly about buying a home in Oakton.

Oakton Mid-Year Housing Update – 2013

Oakton Mid Year Housing Statistics

With the upcoming 4th of July holiday just days away, it’s time to take a look back and see how the Oakton real estate market has fared. Instead of updating you on what has happened in the past week like we usually do, let’s pause and take a look back to the year 2000 and see where Oakton stands in terms of number of home sales, average selling price and average days on market.

The charts below show a year-over-year comparison for January through June for each year from 2000 through 2013. What do we see?

Oakton Real Estate Stats Average Days On Market

Average days on market for homes sold in Oakton for the first half of 2013 was 45 days. This is the fastest market we have experienced since 2005 when average days on market was just 25 days.

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Oakton Real Estate Home Sales

Total number of sales in the first half of 2013 was 188 homes. Despite low inventory, this is the most homes sold in Oakton in the first half of the year since 2004. (Note to Sellers – It’s a GREAT time to sell. Low inventory puts YOU in the driver’s seat!).

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What Is My Oakton Home Worth?

Oakton Real Estate Stats Average Sales Price

Average Sales price in Oakton is up 11.3% over last year. Unlike Vienna, where average sales price has risen for 4 straight years, Oakton’s average sales price has fluctuated over the past few years – falling twice & rising twice.

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What Is My Oakton Home Worth?

(Next Wednesday, we’ll be back to our usual weekly Oakton update. In the meantime, contact The Belt Team for more information. We sell more homes than almost any Realtor in Northern VA. Oakton, Vienna & McLean are our special areas of expertise, but we have experience from Ashburn to Arlington, Falls Church to Fairfax. And we know it’s only the neighborhood that YOU live in (or WANT to live in!) that matters!

“Changing Lives For The Better – One Family At A Time!”