Northern VA Housing Market – Post Election Update

Credit: Keeping Current Matters
Credit: Keeping Current Matters

Election years in Northern Virginia are usually a time when the real estate market takes a deep breath and pauses to see what will happen. “I’m putting my home search on hold until we see how the election shakes out”  and “I’m gonna wait and see what happens to interest rates after the election” are comments we’ve heard frequently over the past twelve elections.

Let’s look at the market stats for some of our Northern Virginia areas and see whether that rang true this year. The charts below show the number of home sales year-to-date year-over-year for 2014, 2015 & 2016. And there seems to be a pretty consistent pattern.

Northern VA Real Estate Market

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Other than in Ashburn, sales rose significantly in 2015 over 2014. And instead of the market pausing to digest the election, home sales continued to rise in 2016. This was true in Alexandria, Arlington, Great Falls, Herndon, McLean, Oakton, Reston & Vienna – as well as in a number of other areas.

Stay tuned for our CEO Terry Belt’s 2017 Crystal Ball Predictions! (You can read his 2016 Predictions here).

Call Terry Belt & The Belt Team at (703) 242-3975 if you’d like a market analysis for your home or neighborhood. Statistics vary wildly between cities, school districts and price ranges. And if you’re thinking of selling in 2016, NOW is the time to prepare. Did you know that in many areas of Northern VA last year, Sellers who sold in January-February sold their homes for more than those who waited for the “Spring Market”?!

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Vienna & Oakton Housing Market In Balance, But Vienna Home Sales Rocket Forward!

Think left and think right and think low and think high. Oh, the thinks you can think up if only you try!”

This quote from Dr. Seuss is an apt description of today’s real estate market in Vienna, Oakton and throughout Northern VA. Whether you’re buying or selling, creativity must be involved in order to be successful in your real estate endeavors – whether that’s creativity in negotiation, obtaining financing, preparing your home through staging or any of a number of other areas. You’ve gotta “think left and think right“. But you can’t stop there. Today’s market also says “think low” (as in low inventory!) and “think high” (as in prices are starting to rise!).

Northern Virginia Housing Market - Inventory Is Low

When you review the statistics below, you will see that both Vienna & Oakton are currently in a “Balanced Market”. This means that housing inventory sits between 3-6 months, and normally means that Buyers & Sellers are on equal footing. While that may be the case in Oakton, Vienna sales are rocketing forward. The number of contracts this week is the highest it has been since mid October. And that means the “Spring Real Estate Market” has sprung! (Not only do the statistics show the market has popped, but attendance at our open houses is drastically up.)

While inventory jumped 8% since the beginning of the year, the best homes are still being snapped up quickly. Note that in Vienna last week, 12 of the 19 homes that went under contract did so in a week or less!

That being said, if you are actually in the market to buy or sell a home, you really need to take your analysis to a deeper level. The statistics we have provided here are for the overall markets of Vienna & Oakton. But there can still be wide variations within markets. As an example, in the past week, of the 22 homes that went under contract in Vienna & Oakton, only 2 were listed above $760,000. So the upper brackets are lagging behind lower priced homes. We’ll see over time whether this “trickles up” or stays a trend.

P.S. Any Realtor can provide these statistics, but if you’re in the market to buy or sell, you just don’t want “any Realtor”. Here are a few tips on choosing a Realtor:

Now, here’s a snapshot of what happened in the past week in Vienna & Oakton:

Last week in Vienna Real Estate (22180,22181, 22182):

Search Homes For Sale in Vienna

  • Number of Contracts: 19 (up from 6 last week)
  • Average Days on Market for Active Listings: 131 days
  • Average Days on Market for Listings That Went Under Contract: 40 days
  • Inventory: 115 homes on the market (up from 106 on January 2nd.)
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 5.5 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.2 months

What Is My Vienna Home Worth?

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 3 (the same number for 3 weeks in a row)
  • Average Days on Market for Active Listings: 124 days
  • Average Days on Market for Listings That Went Under Contract: 56 days
  • Inventory: 49 homes on the market (up from 46 on January 2nd)
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.5 months

What Is My Oakton Home Worth?

Sometimes you need to buy or sell a home no matter what is happening in the market. Maybe you’re having a baby & you need more space. Or you’re a military or relocation family who has been transferred. Or you’re looking to “right-size” your home. No matter why you’re moving, we can help you make the BEST move. If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975. We think you deserve the BEST Realtors in Northern Virginia!

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