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

Northern VA Real Estate MarketNorthern VA Real Estate MarketNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate Stats

 

 

 

 

 

 

 

 

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”?!

FREE INSTANT Estimate of Your Home’s Value

Search Home Values in YOUR Neighborhood or City on our STATE-OF-THE-ART WEB SITE

Vienna Real Estate Stats – July 2016

Wondering what’s happening in the Vienna real estate market? Here are the stats!

  • 95 homes went under contract in Vienna in July. This is up 16% over July 2015.
  • 125 homes came on the market this May. That’s 14% less than July of 2015.
  • Homes sold about a week slower in July than they did last July – in an average of 61 days as compared to 53 days in July 2015.
  • 48% of the homes that sold in July, did so in under 30 days. (Homes that sold in July went under contract in May & June). That number decreased to 42% for homes that went under contract in July.
  • We currently have almost a 3 month supply of homes in Vienna – and 292 Vienna homes for sale (townhouse, condo and single family). That puts us in a very Balanced Market – neither a Buyer’s or a Seller’s market overall. However, in any given price range, the numbers make skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market. For example – we have almost an 11 month supply of homes in the Vienna market over $1.4 Million. And in the under $800,000 price range – we have close to a two month supply. This means that Buyers in the upper ranges are looking at a Buyer’s Market, and Buyers in the lower ranges are facing a Seller’s Market.Vienna Real Estate Stats July 2016

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.

Price-It-Right-STM- Keeping Current Matter


(Call Terry Belt or Kevin Kleifges at 703-242-3975 for our FREE Report “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.)


 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 Home Sales

Vienna Real Estate Stats 2016 – First Half Review

We just hit the midway point of 2016 and many people are wondering what the real estate stats show for the Vienna market. Here’s a snapshot:

  • Vienna Real Estate Stats 2016448 homes went under contract in Vienna in the first half of 2016. This is down 3% over the same time period in 2015.
  • 865 homes came on the market so far this year. This is almost identical to 2015, when 867 homes were listed from January through June.
  • Homes sold a week slower so far this year than they did last year – in an average of 57 days as compared to 50 days in 2015. (This means the average Seller can count on having their home in showing condition for about two months.)
  • 40% of the homes that sold this year, did so in under 10 days. While 46% of the homes that sold last year during this same time period did so in 10 days or less.
  • We currently have a 3.1 month supply of homes in Vienna. That puts us in a very Balanced Market – neither a Buyer’s or a Seller’s market overall. However, in any given price range, the numbers make skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market. For example – we have a 9 month supply of homes in the Vienna market over $1.2 Million. And in the under $800,000 price range – we have less than a 2 month supply. (This means that Buyers in the upper ranges are looking at a Buyer’s Market, and Buyers in the lower ranges are facing a Seller’s Market.)

BUYERS & SELLERS

Price-It-Right-STM- Keeping Current Matter

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.


SELLERS: Call Terry Belt or Kevin Kleifges at 703-242-3975 for our FREE Report “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.

BUYERS: Contact Tom Reilly, Tom Hanton or Kristina Stepanova for a FREE Buyer Consultation. We find that this extra step saves our clients both time AND money.


 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 Home Sales

Vienna Real Estate Stats – May 2016

Wondering what’s happening in the Vienna real estate market? Here are the stats!

Vienna Real Estate Stats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • 89 homes went under contract in Vienna in May. This is down 6% over May 2015.
  • 163 homes came on the market this May. That’s 16% less tan May of 2015.
  • Homes sold a week faster this May than they did last year – in an average of 28 days as compared to 35 days in May 2015.
  • 76% of the homes that sold in May, did so in under 30 days. (Homes that sold in May went under contract in March & April). That number decreased significantly to 49% for homes that went under contract in May.
  • We currently have a 3 month supply of homes in Vienna. That puts us in a very Balanced Market – neither a Buyer’s or a Seller’s market overall. However, in any given price range, the numbers make skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market. For example – we have almost an 8 month supply of homes in the Vienna market over $1.2 Million. And in the under $800,000 price range – we have less than a two month supply. This means that Buyers in the upper ranges are looking at a Buyer’s Market, and Buyers in the lower ranges are facing a Seller’s Market.

BUYERS & SELLERS

Price-It-Right-STM- Keeping Current Matter

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.


(Call Terry Belt or Kevin Kleifges at 703-242-3975 for our FREE Report “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.)


 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 Home Sales

Vienna Real Estate Stats – April 2016

Wondering what’s happening in the Vienna real estate market? Here are the stats!

Vienna Real Estate Stats

  • 80 homes went under contract in Vienna in March. This is up 5% over April 2015.
  • Almost the exact same number of homes came on the market this April (189) as did last April (187).
  • Homes sold more slowly this April than they did last year – in an average of 76 days as compared to 53 days in April 2015.
  • The interesting number is that more than half (53%) of the homes that sold in April in Vienna went under contract in 10 days or less! (Note: The homes that sold in April probably went under contract in & March).
  • And the trend continued, with 52% of the homes that went under contract in April doing so in 10 days or less!
  • We currently have a 3.4 month supply of homes in Vienna. Overall, that puts us in a Balanced Market – with no advantage to either Buyers or Sellers. However, in any given price range, the numbers make skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market.

BUYERS – Despite it being a Balanced Market, you need to prepare to move FAST so that when your dream home comes on the market – you can pounce. With more than half of the homes going under contract in 10 days or less (and the best in 24 hours or less) – it’s simply imperative. Better yet – talk to us about our Priority Notification System and find out about homes BEFORE they come on the market!


SELLERS – 40% of the homes have been on the market more than 2 months, 20% of the homes have been on the market more than 6 months, one as long as almost 5 years! This means you need to price right & prepare properly. And choose a Realtor with a proven track record.


(Call Terry Belt or Kevin Kleifges at 703-242-3975 for our FREE Report “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.)


 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 – March 2016 Stats

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


  • 85 homes went under contract in Vienna in March. This is down 9% over March 2015.
  • With 194 homes coming on the market in March, new listings were up 28% over the same month last year!
  • Homes sold much more slowly this March than they did last year – with an average of 85 days compared to 53 days in March 2015.
  • The interesting number is that 41% of the homes that sold in March in Vienna went under contract in 10 days or less! (Note: The homes that sold in March probably went under contract in January & February). And the trend continued, with 47% of the homes that went under contract in March doing so in 10 days or less!
  • We currently have a 3.8 month supply of homes in Vienna. Overall, that puts us in a Balanced Market – with no advantage to either Buyers or Sellers. However, in any given price range, the numbers make skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market.

BUYERS – Despite it being a Balanced Market, you need to prepare to move FAST so that when your dream home comes on the market – you can pounce. With almost half of the homes going under contract in 10 days or less (and the best in 24 hours or less) – it’s simply imperative. Better yet – talk to us about our Priority Notification System and find out about homes BEFORE they come on the market!


SELLERS – Inventory is climbing. 19% of the homes have been on the market more than 6 months, some as long as almost 5 years! This means you need to price right & prepare properly. And choose a Realtor with a proven track record.


(Call 703-242-3975 for our FREE Report “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.)


Here’s a quick update by the numbers for March 2016:
The Belt Team
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 – February 2016 Stats

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


 

  • 75 homes went under contract in Vienna in February. This is up 25% over February 2015. And with 111 homes coming on the market in February, new listings were also up over the same month last year.
  • Homes sold faster this February than they did last year – with an average of just 58 days. This last number really doesn’t tell the story though because homes that sold in February likely went under contract in December or January. The interesting number is that 47% – almost half – of the homes that went under contract in Vienna in February – did so in 10 days or less!
  • We currently have a 2.6 month supply of homes in Vienna. That translates in mnay price ranges to a Seller’s Market. Making it a GREAT time to sell and a challenging time to buy!

BUYERS – This means you need to prepare to move FAST so that when your dream home comes on the market – you can pounce. Better yet – talk to us about our Priority Notification System and find out about homes BEFORE they come on the market!


SELLERS – You still need to price right & prepare properly. The other side of the coin is that of the 194 homes currently on the market, 26% have been on for 6 or more months, and 8% have been on for more than a year!


(Call 703-242-3975 for our FREE Report “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.)


Here’s a quick update by the numbers for February 2016:
 
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 – 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.