Vienna, Oakton Approaching Balanced Real Estate Market

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. Thirty-three percent 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 three months in both Oakton and Vienna. And that means a Balanced Market — equal opportunity for both buyers and 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

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If you're thinking of buying or selling a home, watch this video "Buster Has A Real Estate Secret" and Contact The Belt Team at 703-242-3975.