As summer comes to an end and school gets ready to start, let’s take a look at what’s happening in the Vienna & Oakton real estate markets. Specific statistics are below, but first here’s a summary of where we are:
- In terms of number of homes sold, last week saw sales in both Vienna and Oakton just barely below the weekly average we have seen throughout 2012. Vienna has averaged about 22 sales per week this year; while last week 17 homes went under contract. And Oakton has averaged about 7 sales per week. Last week 6 homes sold. Not too bad for the end of August.
- In terms of how fast homes are selling, 46% of the homes that went under contract in the past week sold in two weeks or less. 65% sold in less than a month. The longest days on market for homes that sold last week belonged to the two highest priced listings ($1,,399,000 and $1,450,000). They took 135 and 134 days, respectively, to sell.
- The highest price home to go under contract last week was a home in Oakton listed at $1,450,000. Most homes that sold (75%) were listed under $800,000, with the lowest list price at $220,000 for a condo next to Vienna Metro.
- Inventory remains low and we continue to see a Seller’s Market in both Vienna and Oakton. Both areas have less than a 3 month supply of homes on the market.
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 17
- Average Days on Market for Active Listings: 112 days
- Average Days on Market for Listings That Went Under Contract: 42 days
- Inventory: 181 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.3 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.1 months
Last week in Oakton Real Estate (22124):
- Number of Contracts: 6
- Average Days on Market for Active Listings: 99 days
- Average Days on Market for Listings That Went Under Contract: 46
- Inventory: 67 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.1 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.6 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!