We just hit the midway point of 2016 and many people are wondering what the real estate stats show for the Vienna market. Here’s a snapshot:
- 448 homes went under contract in Vienna in the first half of 2016. This is down 3% over the same time period in 2015.
- 865 homes came on the market so far this year. This is almost identical to 2015, when 867 homes were listed from January through June.
- Homes sold a week slower so far this year than they did last year – in an average of 57 days as compared to 50 days in 2015. (This means the average Seller can count on having their home in showing condition for about two months.)
- 40% of the homes that sold this year, did so in under 10 days. While 46% of the homes that sold last year during this same time period did so in 10 days or less.
- We currently have a 3.1 month supply of homes in Vienna. That puts us in a very Balanced Market – neither a Buyer’s or a Seller’s market overall. However, in any given price range, the numbers make skew very differently – making some price ranges a Seller’s Market and some a Buyer’s Market. For example – we have a 9 month supply of homes in the Vienna market over $1.2 Million. And in the under $800,000 price range – we have less than a 2 month supply. (This means that Buyers in the upper ranges are looking at a Buyer’s Market, and Buyers in the lower ranges are facing a Seller’s Market.)
BUYERS & SELLERS
Make sure your agent is providing you with the data you need to make good decisions. Buying and selling often becomes about emotion. Buyers fall in love with homes or want to “get a deal” to feel good about buying. Sellers are invested in how much THEY love their home or have a number in mind based on what they “need” to get out of it.
The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. The data above about the variances in different price ranges is a perfect example of why. Right here in Vienna we have two totally different markets. If you’re looking to buy, and you “make an offer” below list price – you might be VERY successful in the upper ranges because we have such an abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.
SELLERS: Call Terry Belt or Kevin Kleifges at 703-242-3975 for our FREE Report “Questions To Ask Your Realtor BEFORE You Sell“. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.