Northern Virginia Real Estate: Year-Over-Year Review

Labor Day has come & gone. The kids have gone back to school. And sales over the past week slowed as they always do over this holiday weekend. That being said, we’re still seeing a Seller’s Market in many areas. As an example, last week’s real estate stats for Vienna & Oakton are below:

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

Search Homes For Sale in Vienna

  • Number of Contracts: 10
  • Average Days on Market for Active Listings: 110 days
  • Average Days on Market for Listings That Went Under Contract: 35 days
  • Inventory: 180 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): 2.6 months

Last week in Oakton Real Estate (22124):

Search Homes For Sale in Oakton

  • Number of Contracts: 3
  • Average Days on Market for Active Listings: 97 days
  • Average Days on Market for Listings That Went Under Contract: 43
  • Inventory: 73 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): 2.8 months

We still have one more quarter to go before we can look back at 2012 and evaluate the annual Northern Virginia real estate market, but now is a good time to do a year-over-year comparison for listings & sales from January through August.

  • In most (but not all) areas, we have seen prices rising year-over-year from 2009-2012.
  • Average days on market have fluctuated, but are down overall from 2008 to 2012.
  • Most areas have seen a rise in the average sold price as a percentage of original list price.
  • Most areas have seen an overall decrease in the number of new listings coming on the market, while at the same time an increase in the number of sales.

Here are detailed statistics from 2008 to 2012 for a sampling of our Northern Virginia real estate markets.

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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! After all, don’t you deserve the best Realtor in Northern Virginia?!

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