Wondering what’s happening in the Vienna real estate market? Here are the stats!
- 89 homes went under contract in Vienna in August. This is up 11% over August 2015.
- 104 homes came on the market this August. That’s 4% less than August of 2015.
- Homes sold 11 days slower in August than they did last August – in an average of 66 days as compared to 55 days in August 2015.
- 44% of the homes that sold in August, did so in under 30 days. (Homes that sold in August went under contract in June & July). That number stayed steady with homes that went under contract in August.
- We currently have just over a 3 month supply of homes in Vienna – and 278 Vienna homes for sale (townhouse, condo and single family). That puts us in a 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 16 month supply of homes in the Vienna market over $1.4 Million. And in the under $800,000 price range – we have about a two month supply. This means that Buyers in the upper ranges are looking at a Buyer’s Market, and Buyers in the lower ranges are competing and 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.
More than ever, it’s becoming a “A Tale of Two Markets”. If you are thinking of buying or selling now or in the Spring, be sure to read our CEO Terry Belt’s latest update on the shifting market!
(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.)