Wondering what’s happening in the greater Vienna real estate market? We have just finished our first month of home sales, so let’s take a look at how January 2016 compared to January 2015.
Sales this January were up 13% over last year. (Note: Homes that “sold” in January actually went under contract in November or December. So to get a real handle on what’s happening, we need to look at new listings and contracts – not just what “sold”.)
Average days on market for those homes sold dropped from 95 days to 63 days. So we are now seeing about a two month average time on market and homes that sold in January 2016 sold a whole month faster than the year before.
January 2016’s market moved slower than in 2015. We saw a 24% decrease in the number of homes that went under contract this January versus last January. We also saw a decrease of 15% in new listings in January 2016 vs January 2015.
As for TODAY’s Market – here’s what we see:
- 172 active listings in Vienna (13 Townhouses, 137 Detached Homes, 22 Condos)
- 3.6 Month supply of homes (This translates to a “Balanced Market” as opposed to a Buyer’s or Seller’s Market)
- 25% of the homes that sold in January sold in 10 days or less (So – although it is a Balanced Market, Buyers still need to be prepared to move quickly when they see their dream home)
- 28% of the homes that sold in January sold between 110 days and 440 days (that’s more than a year!). (Seller Note: Almost all of these homes had to reduce their price at least once, some multiple times before they sold. And they probably sold for less than if they had priced to the market at the begininning.)
(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)
Click here to see the Vienna homes that have been on the market for less than a week!
Note: Avg sold price was down significantly from January 2015. This is because there were a handful of very high end new home sales from 2014 that went to closing in January 2015 that skewed the statistics.
For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna (by a boatload!) than anyr other Realtor or team since 1973.