Vienna Real Estate Market – January 2016 Sales & Stats

Vienna Real Estate Update

Wondering what’s happening in the greater Vienna real estate market? We have just finished our first month of home sales, so let’s take a look at how January 2016 compared to January 2015.

Sales up in Vienna VASales this January were up 13% over last year. (Note: Homes that “sold” in January actually went under contract in November or December. So to get a real handle on what’s happening, we need to look at new listings and contracts – not just what “sold”.)

Contracts Down Vienna VAAverage days on market for those homes sold dropped from 95 days to 63 days. So we are now seeing about a two month average time on market and homes that sold in January 2016 sold a whole month faster than the year before.

January 2016’s market moved slower than in 2015. Contracts Down Vienna VAWe saw a 24% decrease in the number of homes that went under contract this January versus last January. We also saw a decrease of 15% in new listings in January 2016 vs January 2015.

As for TODAY’s Market – here’s what we see:

  • 172 active listings in Vienna (13 Townhouses, 137 Detached Homes, 22 Condos)
  • 3.6 Month supply of homes (This translates to a “Balanced Market” as opposed to a Buyer’s or Seller’s Market)
  • 25% of the homes that sold in January sold in 10 days or less (So – although it is a Balanced Market, Buyers still need to be prepared to move quickly when they see their dream home)
  • 28% of the homes that sold in January sold between 110 days and 440 days (that’s more than a year!). (Seller Note: Almost all of these homes had to reduce their price at least once, some multiple times before they sold. And they probably sold for less than if they had priced to the market at the begininning.)

(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)

Click here to see the Vienna homes that have been on the market for less than a week!

Here’s a quick update by the numbers for January 2016 Home Sales: 
 Buyers Market or Sellers Market in Vienna VA

 

 

 

 

 

 

 

Note: Avg sold price was down significantly from January 2015. This is because there were a handful of very high end new home sales from 2014 that went to closing in January 2015 that skewed the statistics.

For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna (by a boatload!) than anyr other Realtor or team since 1973.

Vienna Real Estate Market – November 2015 Sales & Stats

Vienna Real Estate Update

Wondering what’s happening in the greater Vienna real estate market?

  • Based on the past 90 days sales (166 homes) and the current inventory of homes for sale in Vienna (229), we are in a BALANCED (neither Buyer’s or Seller’s) MARKET. There is about 4 months oh housing inventory. (Note: This varies by price range. Higher priced homes may actually be in a Buyer’s Market, and selling more slowly depending on price & location. And lower priced homes may fall into a Seller’s Market.
  • November sales were up 10% from October. (Keep in mind that homes that went to closing in November likely went under contract in September or October.)
  • Average days on market for those homes sold rose remained about the same as last month at 67 days. (And 3 weeks faster than this time a year ago.) So we are now seeing about a two month average time on market. This is an average – so that means some homes are selling MUCH faster. And others are just languishing on the market. (Twenty homes have been on the market more than a year!) Pricing accurately is of paramount importance if you want to sell sooner rather than later.
  • November’s market slowed a bit. It was both slower than the month before (seasonality) AND slower than November of last year.
  • We also saw a decrease of 46% in new listings, following last month’s 27% decrease form the month before. New listings were exactly the same as this time last year. This is typical as we head into the holiday season. But also means it could be a great time to sell. Buyers who are looking to move now are VERY motivated or they wouldn’t be looking at this time of year. (For example – relocation families.)

(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)

Click here to see the Vienna homes that have been on the market for less than a week!

Here’s a quick update by the numbers for November 2015 Home Sales: 
Buyers Market Or Sellers Market Vienna VA

For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.

Vienna Real Estate Market – October 2015 Sales & Stats

Vienna Real Estate Update

Wondering what’s happening in the greater Vienna real estate market?

  • October sales were down from September. (Keep in mind that homes that went to closing in October likely went under contract in August or September.)
  • Average days on market for those homes sold rose from 49 days to 66 days. So we are now seeing about a two month average time on market. This is an average – so that means some homes are selling MUCH faster. And others are just languishing on the market. Pricing accurately is of paramount importance if you want to sell sooner rather than later.
  • October’s market moved a little more swiftly than September. We saw a 25% increase in the number of homes that went under contract this month versus last month.
  • We also saw a decrease of 27% in new listings. This is typical as we head into the holiday season. But also means it could be a great time to sell. Buyers who are looking to move now are VERY motivated or they wouldn’t be looking at this time of year. (For example – relocation families.)

(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)

Click here to see the Vienna homes that have been on the market for less than a week!

Here’s a quick update by the numbers for October 2015 Home Sales: 
 Buyer or Sellers Market in Vienna VA

For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.

Vienna Real Estate Market – September Sales & Stats

Vienna Real Estate Update

Wondering what’s happening in the greater Vienna real estate market?

  •  The average price of home sales rose in September as compared to August and was $788,774. (Keep in mind that homes that went to closing in September likely went under contract in July or August.)
  • Average days on market for those homes sold dropped 10 days from 59 days to 49 days.
  • The slowdown in the market continues. New listings were up 45% in September. While the number of homes that went under contract dropped 25% from August to September. This follows a steady month in August and a 29% drop in contracts from June to July.

BUYERS: This is a great time to buy. 312 homes are on the market and the average days on market for these homes is 114 days. This may spell opportunity for you!

SELLERS: NOW is the time to adjust your price to the market. if you have been testing and trying to push the market up, the market is NOT responding. In addition, interest rates are predicted to rise.  While in some cases, waiting til Spring to sell my benefit you (for example – if you need to paint, remove wallpaper and other basic things that were not done the first time you went on the market) – for most people time is of the essence because rising interest rates may price buyers out of your market. The less buyers, the less likely values are to rise.

(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)Click here to see the Vienna homes that have been on the market for less than a week!

Here’s a quick update by the numbers for September 2015 Home Sales:
 
 Buyer or Sellers Market in Vienna VA

For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.