March Madness Comes to Vienna & Oakton

Nope – we’re not talking basketball here folks. We’re talking real estate. This week, Vienna and Oakton remain in a definite Seller’s Market. Housing supply in both areas is below 3 months  – with a 2.3 month supply in Oakton and a 1.7 month supply in Vienna. Stories of multiple contracts abound. As one example, we put a home on the market last Friday and by Monday three contracts were submitted and the home sold above list price. With housing supply so slow, this is not an isolated incident. Some might call it “March Madness”!

  

  • In the past week, 32 homes went under contract in Vienna. This is more than ANY week in all of 2011!
  • Of those 32 homes, 44% sold in 2 weeks or less. Wow!
  • In Oakton, 5 homes went under contract. Four of the five sold in 15 days or less. Phew!

Contact The Belt Team if you would like statistics on YOUR particular market.

Here’s what else happened in Vienna & Oakton in the past week:

Last week in Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 32
  • Average Days on Market for Active Listings: 119 days
  • Average Days on Market for Listings That Went Under Contract: 62 days
  • Inventory: 172 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.5 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 1.7 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 5
  • Average Days on Market for Active Listings: 90 days
  • Average Days on Market for Listings That Went Under Contract: 40
  • Inventory: 64 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.3 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.3 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market”? so that you can make the decision that is best for YOU!

Also, you can read more about:

You can also listen to How Buyers Should Choose The Right Realtor.

Email The Belt Team (or call us at 703-242-3975) to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. In a market like this, don’t you want to know about homes BEFORE they hit the market?

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