Last week we provided an overview of what happened in July in several Northern Virginia markets (specifically – Oakton & Vienna). Today, let’s get back to our weekly, hyperlocal stats.
(Why is this important? Read our blog post about “Northern VA Real Estate – Two Degrees From President Obama“.)
Here are the highlights for Vienna & Oakton Real Estate
- Vienna remains in a Seller’s Market – with 1.3 months of housing supply.
- Oakton has moved into a Balanced Market – with 3.3 months of supply. There have only been two other weeks this year where we reported Oakton with more than 3 months supply (the 2nd & 3rd weeks of January)!
- The pace of sales in Oakton has slowed. For four straight weeks, the percentage of homes that have sold in 2 weeks or less has trended downward – with that figure going from 50% the week ending July 23rd, to 17% last week.
- Vienna sales remain brisk, and combined with low inventory, that means many homes are flying off the market almost as soon as they come on. Last week 52% of the homes that went under contract did so within a week of coming on the market, 65% sold within two weeks.
Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 23
- Average Days on Market for Active Listings: 87 days
- Average Days on Market for Listings That Went Under Contract: 18 days
- Inventory: 135 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 1.5 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.3 months
Oakton Real Estate (22124):
- Number of Contracts: 6
- Average Days on Market for Active Listings: 106 days
- Average Days on Market for Listings That Went Under Contract: 35 days
- Inventory: 85 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.2 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 3.3 months
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