Wondering what’s happening in the Vienna real estate market? Here are the stats!
- 65 homes went under contract in Vienna in September. This is UP 20% (!) over October 2015.
- 91 homes came on the market this October. That’s 18% less than October of 2015.
- Homes sold 5 days slower in October this year versus last October- in an average of 70 days as compared to 65 days in October 2015.
- 49% of the homes that sold in October, did so in under 30 days. (Homes that sold in October went under contract in August & September). That number slowed to 35% for homes that went under contract in October.
- Average sold price this October was down 3% over last October and was $754,915. (Last October Vienna had an unusally high priced home (over $2.3 million) that skewed this statistic.
- We currently have a 3.3 month supply of homes in Vienna – and 232 Vienna homes for sale (townhouse, condo and single family). This keeps 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 7 month supply of homes in the Vienna market over $999K. And in the under $800,000 price range – we have a 2 month supply. This means that Buyers over $1 million 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 tom hantontomMORE MONEY than the average agent’s listings.)