This year, new listings in Northern Virginia are being snapped up!
Tomorrow is the last day of February and so far this year, 122 new listings have come on the market in Vienna. Guess how many of those new listings are under contract? 70 of them! They sold in an average of 26 days! And 70% of them sold in a week or less!
What about the rest of Northern Virginia?
This is the swiftest moving market we have seen in years and years and years! Keep in mind that the “average days on market” statistic is just that – an average. With 50-70% of the new listings selling in a week or less (often times the same day they come on the market), both Buyers and Sellers need to adapt to the pace by adjusting their strategies. Don’t get caught in the position of making a quick decision you will regret. Our best advice is to make sure that your Realtor has the experience & perspective that comes from doing a LOT of contracts in this type of market. Selling a home with multiple contracts is a good problem to have, but there are many things your Realtor can advise you on that will protect your interests AND make sure you actually get to closing. The same thing is true for Buyers. You may have to move fast to get your dream home, but you don’t want to make costly mistakes. (Contact The Belt Team at (703) 242-3975 to discuss strategies for success in today’s market.)
Now, let’s move to our weekly Hyperlocal Market Snapshot for Vienna & Oakton.
Vienna and Oakton are both in Seller’s Markets with 2.0 and 1.5 months of housing supply respectively. Here’s what has happened in the past week:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 19
- Average Days on Market for Active Listings: 121 days
- Average Days on Market for Listings That Went Under Contract: 67 days
- Inventory: 113 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): 2.0 months
Last week in Oakton Real Estate (22124):
- Number of Contracts: 13
- Average Days on Market for Active Listings: 119 days
- Average Days on Market for Listings That Went Under Contract: 23 days
- Inventory: 54 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): 1.5 months