Last week was America’s Birthday. And that means we are more than halfway through the year. So how is the Oakton real estate market faring? Let’s pause and take a look back to 2000 and the years in between and see where Oakton stands in terms of number of home sales, average selling price and average days on market.
The charts below show a year-over-year comparison for January through June for each year from 2000 through 2012. What do we see?
Average days on market for homes sold in Oakton for the first half of 2012 was 62 days – just about 2 months. Back in 2000, average days on market was 50 days. We say this drop to 22 days in 2004. (Remember the days where buyers had to make a decision on the spot about buying a home, sometimes before they even had a chance to see it or have it inspected?!) However, in 2008, the market peaked at 125 days – just over 4 months. (This meant many homes languished on the market for much longer timeframes – with 125 days being the “average”.) At 62 days, we’re in a much more “normal” situation.
Total number of sales in the first half of 2000 was 169. This year, we only had 120 sales. If you’ve been following our blog on a weekly basis, you know that inventory has been VERY low in Oakton this year and that overall the number of homes sold has trended down during the past decade. (Sellers take note! It’s in your best interest to sell during times when inventory is LOW!)
The good news is that although the number of sales has trended downward, the average sales price has trended upward overall. In the year 2000, the average sales price for the first half of the year was $364,731. This year, the average sales price for January-June was $595,459.
Oakton’s average sales price has fluctuated a bit more up & down than Vienna’s. Vienna’s average price has trended upward for 3 straight years in the mid-year analysis. This could be because the Oakton market is not as stable. Or this could simply be because Oakton’s statistical pool of sales is so much lower. Stay tuned for year-end to see how the year ends up!
And next Wednesday, we’ll be back to our usual weekly update.
Contact The Belt Team for more information. We sell more homes than almost any Realtor in Northern VA and have experience from Ashburn to Arlington, Falls Church to Fairfax. But it’s only the neighborhood that YOU live in (or WANT to live in!) that matters!