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Blog: Multiple Offers Are Up!

Are multiple contracts a thing of the past? You might be surprised!

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 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 "multiple offers" are up by 67 percent this year over last year! So if you are thinking about selling, NOW IS THE TIME!

Here;s the update for Vienna and 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 six 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. Forty-four percent 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 Mosby’s Landing listed at
    $224,999.
  • Vienna has just over two months of housing inventory. And Oakton has
    right around three 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’'e 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!

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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