July 4th is approaching and that means we are halfway through the year and it’s time for our Vienna real estate mid-year housing update. So how is the Vienna real estate market faring? Instead of updating you on what has happened in the past week like we usually do, let’s pause and take a look back to the year 2000 and see where Vienna 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 2013. What do we see?
Average days on market for homes sold in Vienna for the first half of 2013 was 42 days. This is the fastest market we have experienced since 2005 when average days on market was just 21 days.
Total number of sales in the first half of 2013 was 436 homes. This parallels last year’s sales, which were at 435 at this same time. Sales since 2005 have been under 500 homes per year. If you’ve been following our blog on a weekly basis, this is no surprise. You know that inventory has been VERY low in Vienna over the past few years. And that there is pent-up buyer demand as a result. (Note to Sellers – It’s a GREAT time to sell. Low inventory puts YOU in the driver’s seat!).
Average Sales price has trended upward now in Vienna for 4 straight years and was $745,355 for the first half of 2013. This is the highest number in the “new millenium” and exceeds the average price from the peak of the market ($725,522).
(Next Wednesday, we’ll be back to our usual weekly Vienna update. In the meantime, contact The Belt Team for more information. We sell more homes than almost any Realtor in Northern VA. Vienna is our special area of expertise, but we have experience from Ashburn to Arlington, Falls Church to Fairfax. However, it’s only the neighborhood that YOU live in (or WANT to live in!) that matters!
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