Oakton’s Real Estate Market In Balance – Vienna Still Favors Sellers

Greetings Vienna & Oakton Homeowners (and Future Vienna Oakton Homeowners)!

It’s been a few weeks since we provided an update on what’s happening in the Vienna and Oakton real estate markets. That’s because we have been busy upgrading our web site for you – adding all kinds of FREE Buyer Reports, FREE Seller Reports, easy MLS search options and more. Let us know what you think!

In the meantime, if you’re wondering what’s happening in the real estate market in Vienna & Oakton . . .  the big news is that while Vienna remains in a Seller’s Market (with about 2 months of housing supply), Oakton has moved back into a Balanced Market (with 3-4 months supply).

Here’s this week’s detailed update. (Contact The Belt Team if you would like statistics on YOUR particular market!)

  • Inventory rose slightly over the past month- up 6% in Oakton (currently 88 homes for sale) and up 2% in Vienna (currently 207 homes for sale)
  • Number of contracts dropped for 3 weeks straight in Oakton – with only 3 homes going under contract this past week. In Vienna, 20 homes went under contract. This is the same number of contracts we have seen in 3 of the past 4 weeks.
  • Average days on market for active listings declined in both areas – down to 98 days in Vienna and 76 days in Oakton.
  • Housing supply in Vienna shows a Seller’s Market (with 2 months of housing). And Oakton has moved into a Balanced Market (with 3.1-3.8 months supply). Remember, however, that market supply also varies vastly within the same city, but in different price ranges, neighborhoods & school districts.
  • 33% of the homes that went under contract in Oakton this week sold in 2 weeks or less. In Vienna, that figure was 25%.

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

  • Number of Contracts: 20
  • Average Days on Market for Active Listings: 98 days
  • Average Days on Market for Listings That Went Under Contract: 75 days
  • Inventory: 207 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.0 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months

Last week in Oakton Real Estate (22124):

  • Number of Contracts: 3
  • Average Days on Market for Active Listings: 76 days
  • Average Days on Market for Listings That Went Under Contract: 30
  • Inventory: 83 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.1 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 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!

Request a FREE WRITTEN REPORT of your home’s value, set up FREE LISTING ALERTS so you can find out about new listings daily or ask to join 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?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s