Multiple Offers Are UP!

How does that old saying go . . .?

Ah yes – “The more things change, the more they remain the same.”

Well – that applies to real estate in Oakton and Vienna this week. While the leaves are changing and we move full on into Fall, the market remains almost exactly the same as last week. Homes are still selling, inventory is low and we are in a Seller’s Market in both Vienna and Oakton.

You might also be surprised to know that this is the case in MANY markets around the country. In fact, in a recent study done by Keller Williams Realty International, Realtors around the country report that “multiple offers” are up by 67% this year over last year! So if you are thinking about selling – NOW IS THE TIME!

Here’s the update for Vienna & Oakton this week:

  • Housing inventory is identical to last week – with 168 homes on the market in Vienna and 76 homes on the market in Oakton.
  • Oakton had 6 homes go under contract last week – half of those sold in less than two weeks! The highest price listing to go under contract was a home in Oak Marr Courts listed at $625,000. And the lowest price listing to go under contract was a condo at Appalachian Square listed at $219,500.
  • Vienna had 18 homes go under contract last week – 44% of those sold in less than two weeks! The highest price listing to go under contract was a home in Spring Lake listed at $996,000. And the lowest price listing to go under contract was a condo at MNosby’s Landing listed at $224,999.
  • Vienna has just over 2 months of housing inventory. And Oakton has right around 3 months. Both numbers put these markets into Seller’s markets.

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

Search Homes For Sale in Vienna

  • Number of Contracts: 18
  • Average Days on Market for Active Listings: 118 days
  • Average Days on Market for Listings That Went Under Contract: 64 days
  • Inventory: 168 homes on the market
  • 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): 2.1 months

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 6
  • Average Days on Market for Active Listings: 95 days
  • Average Days on Market for Listings That Went Under Contract: 64
  • Inventory: 76 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.2 months

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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!

Real Estate Statistics – Vienna & Oakton

What’s happening this week in the Vienna & Oakton real estate markets?

As Sargent Friday used to say “Just the facts ma’am!

  • In Vienna, inventory dropped 9% this past week. 168 homes are on the market. That’s 11% below the average inventory we have seen throughout 2012. (SELLERS – NOW is a great time to sell! Less competition = leverage for YOU!(Get a FREE Home Value Analysis )
  • Oakton’s housing inventory remained stable. 76 homes are currently on the market.
  • This past week we also saw contract levels rebound from the week before. In Oakton, 9 homes went under contract. (We only saw 5 contracts for the week prior.) And in Vienna, 24 homes went under contract as opposed to 17 the week before.

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

Search Homes For Sale in Vienna

  • Number of Contracts: 24
  • Average Days on Market for Active Listings: 117 days
  • Average Days on Market for Listings That Went Under Contract: 72 days
  • Inventory: 168 homes on the market
  • 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): 2.1 months

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 9
  • Average Days on Market for Active Listings: 94 days
  • Average Days on Market for Listings That Went Under Contract: 64
  • Inventory: 76 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.0 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

FREE Buyer Reports

FREE Seller Reports

FREE Home Value Analysis

If you’re thinking of buying or selling a home, watch this video and Contact The Belt Team at (703) 242-3975.

Election Approaching . . . Is The Market Being Affected Already?

And so it goes. Last week we reported that the real estate markets in Oakton & Vienna were approaching balance. But if you’ve been following our blog, you know there has been constant fluctuation back & forth. And so this week, we go back to reporting that both areas are in Seller’s Markets. Inventory in both Vienna & Oakton dropped. And the number of homes that went under contract increased from the previous week.

In just 5 weeks, the Presidential Election will (finally!) take place. What we can tell you anecdotally from our experience is that elections have a psychological impact and activity often slows down before an election as the market seems to be on the fence and holding its breath. . . . and that after an election, this deep breath is usually slowly released as people get on with their lives and pursue their dreams & goals. This is part of why we saw inventory drop last week as we notice that a number of homes have been withdrawn from the market. (Buyers – if you’re worried about low inventory – ask your Realtor if he/she is searching & reaching out to owners whose listings have expired, been withdrawn & taken temporarily off the market. Make sure you have a proactive Realtor!)

Will this happen in Election 2012? That remains to be seen. In the meantime, we asked several of our Realtor Partners how they are advising their clients. Here’s what they had to say:

Mary Jane Perry said, “Right now, people are still buying homes at historically low interest rates.  And it is the “supply and demand” of our area that is dictating the price of homes, not the anticipation of who will lead in November.  Why would a buyer want to wait until November or even January when there is a real possibility they can be comfortably living in their Northern VA dream home financed by a 30 year mortgage at an awesome interest rate today?”

Many people think that a change in administration would bring an immediate bump to the Northern Virginia real estate market. The fact is that our region is so large that the influx of politicos with a new administration does not have a meaningful statistical impact on the overall market. However, remember that real estate is local. This means certain local micro-markets would see a positive benefit. For example, Northern Virginia neighborhoods with good access to Capitol Hill in areas like Arlington, close-in Alexandria & close-in McLean would likely see the most increased activity.

However, it’s not just about whether a new administration comes in. It’s about the overall economy, interest rates, regulatory changes and more.

There is no time like the present. The Northern Virginia real estate market is healthy. And that’s good for both buyers & sellers,” commented Candice Fathi, “No one can predict what will happen the day after Election Day.”

Krissy Cruse echoed that sentiment, “Regardless of which party wins the presidency, we’ll be seeing changes to Fannie Mae, Freddie Mac and possibly Frank-Dodd. While there are numerous scenarios of how that would affect the real estate market, we can bet for sure that things will be different. The buyers and sellers I work with feel the time is now.

Regardless of what happens, its remains vital for buyers & sellers to work with Realtors who have their finger on the pulse of the local market they are buying or selling in. When the market psychology is unsure, as it is at election time, we often see rapid changes in market conditions. Don’t wait until you read about them in the newspaper as the traditional media often reports either a “macro-picture” versus a “micro-picture”, or what they are reporting is based on published statistics that often lag the market.

(For example – listen to this broadcast of Real Estate Radio Washington. Belt Team Partners Catharine Via, Jennifer Riddle & Pauline Knipe discuss the state of today’s Northern VA real estate market and what strategies buyers & sellers can employ to maximize their success.)

That being said – let’s see where the Vienna & Oakton real estate markets are this week!

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

Search Homes For Sale in Vienna

  • Number of Contracts: 17
  • Average Days on Market for Active Listings: 116 days
  • Average Days on Market for Listings That Went Under Contract: 72 days
  • Inventory: 184 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.7 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.9 months

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 5
  • Average Days on Market for Active Listings: 93 days
  • Average Days on Market for Listings That Went Under Contract: 83
  • Inventory: 75 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.3 months

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What Is My Northern VA Home Worth?

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975.

Vienna and Oakton Real Estate Markets In Balance

I still find it hard to believe that I am getting calls from potential buyers & sellers that go like this:

  • Seller: “We’re thinking about putting our house on the market, but are worried it won’t sell. How bad is the market really?”
  • Buyer: “We saw a house come on the market last week in Vienna listed at $725,000. We love it. We’re thinking of offering $600,000 since the market is so bad.”

In both of these cases, the person assumes we are in a “Buyer’s Market” and that the Buyer has all the leverage in the situation. But that is truly NOT the case in our market – nor in many markets around the country.

Here’s a snapshot of what is happening around the U.S. :

Note how many states are in either blue (Seller’s Market) or grey (Balanced Market). Overall, the states that were “first in” to the housing crisis (like California) – seem to be “first out” and have moved from Buyer’s Markets through Balanced Markets to Seller’s Markets.

The irony is that we have been posting statistics weekly for Vienna and Oakton for more than 2 years and throughout all of that time – our markets have either been Balanced or Sellers’ Markets. Throughout 2012 – UNTIL THIS WEEK – Vienna’s housing supply has been less than 3 months. This indicates we have been in a Seller’s Market.

This week, for the first time in 2012, Vienna shows 2.8-3.3 months supply and that means we have moved back into a Balanced (or as I like to call it “Healthy”) Market. Oakton has fluctuated back & forth in 2012 – with about an equal number of weeks in a Balanced market as a Seller’s Market. But current housing supply of 3.0 to 4.8 months puts us squarely in a Balanced Market. (Stay tuned if you’re watching Oakton stats – this is a big jump in a short time. We would not be surprised if Oakton moves into a Buyer’s Market soon.)

What does that mean? It’s a great time to buy AND sell!

BUYERS – Prices in our area are rising. The longer you wait to buy, the higher the prices are going. And interest rates are SUPER attractive right now. Who knows what will happen post-election? Every incremental increase in interest rates has an immense impact on what you qualify for & can afford. Our advice is to buy now.

SELLERS – Homes are selling. Buyers are in the market. And in a Balanced Market, you are on equal footing with Buyers – much better than 4 or 5 years ago when Buyers drove the bus! If you’re moving up – now is an especially good time to sell. Not only can you get your home sold fairly quickly, you can buy your next home before prices continue to rise. Don’t get caught waiting for prices to rise on the sale of your home, only to find that the price rise on the home you want to buy has put you out of the market. (For example – if you wait for prices to rise 10% on your $500,000 home – you’ll net $50,000 extra. But if you’re moving to a $750,000 home, then you’ve actually lost $25,000 because your new home will cost an additional $75,000 if prices rise 10%.

The bottom line is that if you are buying or selling a home, make sure that your Realtor provides you with DETAILED statistics about YOUR market – not just generalities. It’s in YOUR best interests to make an educated move!

What Is My Northern VA Home Worth?

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

Search Homes For Sale in Vienna

  • Number of Contracts: 15
  • Average Days on Market for Active Listings: 116 days
  • Average Days on Market for Listings That Went Under Contract: 72 days
  • Inventory: 191 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.3 months

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 2
  • Average Days on Market for Active Listings: 94 days
  • Average Days on Market for Listings That Went Under Contract: 127
  • Inventory: 77 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.0 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.8 months

FREE Buyer Reports

FREE Seller Reports

FREE Home Value Analysis

If you’re thinking of buying or selling a home, watch this video and Contact The Belt Team at (703) 242-3975.

Oakton Home Sales Up, Vienna Home Sales Stable

Are you back into your routine yet?

September is normally a time where things start to settle down into a regular rhythm. Kids are back to school. Traffic patterns settle in to reflect that. The new football season starts. And you can hear the marching band practice when you drive by the local high school.

And that’s no different for real estate. Specific statistics for the past week in Vienna & Oakton are below, but in general – it looks like we are headed back to a Balanced Market as opposed to the Seller’s Market we have been in for quite some time.

Here’s a summary of where we are:

  • In terms of number of homes sold, Oakton took a leap upwards with 10 homes that went under contract this past week. This is higher than any of the past five weeks, and also higher than our annual weekly average of 7. In Vienna, sales remained stable at 11 homes under contract. (The previous week saw 10 contracts.) This is well below the weekly annual average of 21 contracts per week.
  • In terms of how fast homes are selling, things have also slowed, but are still selling fairly quickly. 33% of the homes that went under contract in the past week sold in 10 days or less. 52% sold in less than a month. The longest days on market for homes that sold last week belonged to a home in Bridleridge. It was on the market for 339 days when it finally went under contract. Just 26 days short of a year! The original list price was $1,090,000 and it was listed at $899,900 when it went under contract. (Final sales prices are not listed until after settlement. But this is a perfect example of the real estate adage “The longer a home is on the market, the less it will sell for.”)
  • The highest price home to go under contract last week was a home in Vienna on Woodrow Street. It was listed at $1,185,000.
  • The home that went under contract last week with the lowest list price was a condo at Treebrooke that was listed at $235,000.
  • All homes that went under contract in Oakton last week were listed under $580,000.
  • Number of homes for sale in Vienna creeped up and housing supply is now approaching 3 months in both Oakton & Vienna. And that means a Balanced Market – equal opportunity for both Buyers & Sellers!

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

Search Homes For Sale in Vienna

  • Number of Contracts: 11
  • Average Days on Market for Active Listings: 60 days
  • Average Days on Market for Listings That Went Under Contract: 109 days
  • Inventory: 192 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.7 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.9 months

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 10
  • Average Days on Market for Active Listings: 96 days
  • Average Days on Market for Listings That Went Under Contract: 46
  • Inventory: 68 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.2 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.6 months

FREE Buyer Reports

FREE Seller Reports

FREE Home Value Analysis

If you’re thinking of buying or selling a home, watch this video and Contact The Belt Team at (703) 242-3975.