Our hyperlocal Vienna-Oakton market continues to perform very differently than many areas around the country. Prices are trending upward and housing supply is still low. Just like the old real estate adage “Location, Location, Location,” real estate is “Local, Local, Local” (and if you read our article, you know that sometimes it’s “Loco, Loco, Loco”!)
So what has happened over the past few weeks in Vienna & Oakton real estate? Here are the highlights:
With 228 homes on the market in Vienna, inventory is back down to its lowest level since early May.
Inventory in Oakton is at 91 homes. This is the highest level we’ve seen since mid-April, but still fairly low in the overall scheme of things.
Vienna’s contract rate remains slightly above the average we have seen for the year. Last week 19 homes went under contract. The average weely rate in 2011 has been about 18 homes. However, of interest is that in two of the past four weeks, Vienna saw 30 and 31 homes go under contract - well above the average.
Oakton has not kept pace with Vienna in terms of contracts. The weekly average for Oakton has been right around six homes per week. Last week, only four homes went under contract in Oakton. The two weeks prior to last week had us right at the average, with six and seven homes going under contract. But the week before that only had two homes go under contract.
Homes are still selling fairly quickly. Thirty-one percent of the homes that went under contract over the past two weeks sold in two weeks or less. And the average days on market overall for homes that sold over the past two weeks was 46 days. Average days on market for active listings in Vienna and Oakton is 98 and 91 days respectively. (Note that four homes in Vienna have been on the market for more than two years - yikes. Maybe a price reduction is in order? Or maybe they don’t really want to sell!)
Vienna’s housing supply (based on the past 30 days contract rate) is only at 2.6 months - putting Vienna into the category of a Sellers Market. While Oakton, at 4.3 months remains in a “balanced market."
NOW NOW NOW is still a great time to sell. Despite the heat, trees are full and green, flowers are blooming and your home can look its best. More importantly inventory is low. This is optimal for you!
(In 2010, Belt Team listings in Vienna sold in an average of 22 days. In Oakton and all around Northern Virginia, we had similar results).
If you have been looking for a while and waiting for that perfect home to come on the market, don’t give up. But do make sure you are ready (with your loan FULLY approved, funds ready to write an earnest money deposit check, etc.) and that you have a realtor on your side working in your best interests. The Belt Team has assisted four buyers already this year in finding their “ideal home” via networking & prospecting on their behalf to find homes for them that were not even on the market.
For our detail-oriented readers, here are last week’s stats:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 19
- Average Days on Market for Active Listings: 98 days
- Average Days on Market for Listings That Went Under Contract: 44 days
- Inventory: 228 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.6 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.5 months
Here are last week’s stats for Oakton Real Estate (22124):
- Number of Contracts: 4
- Average Days on Market for Active Listings: 91 days
- Average Days on Market for Listings That Went Under Contract: 25
- Inventory: 91 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.4 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.1 months
If you’re thinking of buying or selling a home, Contact The Belt Team for a more in-depth discussion and analysis.