As we head into the holidays, people often start thinking about the coming year. But before we look ahead, it’s always important to look back on where we’ve been. So here’s an overview of home sales in Vienna and Oakton at this point in the year (through November) as compared year-over-year from 2000 through 2012.
Number of Homes Sold
In both Vienna & Oakton, the number of homes sold peaked in 2004, dropped to a low in 2008 and is slowly back on the rise.
Average Sold Price
In Vienna, the average sold price went up by double digits each year from 2000 to 2005. And from 2005-2006, the average sold price increased by an average of almost 13%. Prices dropped each year from 2007 through 2009, bottomed out and then turned the corner in 2010. While we are not currently seeing double digit appreciation (and that is probably a healthy thing!), we are seeing a trend in the right direction.
In Oakton, the trends have been a little more erratic (in part because the statistical sampling of a much smaller market means trends can be magnified somewhat out of proportion). The average sold price increased steadily from 2000 to 2005. 2006 and 2007 saw a slight drop in average sold price, while 2008 saw a very slight rise. The average price dropped 13% in 2009 and another 1% in 2010. Prices rose 10% in 2011 and have dropped 6% so far this year. So Oakton has continued on the market seesaw.
Average Days On Market
In Vienna & Oakton, average marketing times have ranged from as low as about 3 weeks to as long as 3 months. This year in Vienna, average days on market has been 59 days and Oakton is averaging 62 days.
NOTE: If you are thinking about buying or selling a home in the next year, it is important to evaluate statistics like average price, days on market, etc in terms of your very specific market. For example, homes in the price ranges over $800,000 may be seeing very different numbers in terms of how long it takes to sell, housing inventory, whether prices are rising or falling, etc. Contact The Belt Team at 703-242-3975 if you would like to sit down and walk through an analysis of your neighborhood and your home.