"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!).
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:
- PCE - 3 Important Factors When Choosing A Realtor To Sell Your Home
- 40 Questions To Ask A Realtor When Selling Your Home
- 5 Things A Buyer Should Look For In 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):
- 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
Last week in Oakton Real Estate (22124):
- 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
For more information, Contact The Belt Team at (703) 242-3975.