Wondering what’s happening in the Vienna real estate market? Here are the stats!
- 115 homes came on the market this February. That’s 15% more than February of 2016.
- Homes that sold (closed) in February averaged 68 days on market, 11 days longer than in February 2016.
- 49% of the homes that sold in February, did so in under 30 days. (Homes that sold in February went under contract in December/January). That number was 50% in February 2016. And of the homes that went under contract in February, 25% sold in a week or less!
- Average sold price this February was $838,280 (up from 2016 when it was $695,777)
- We currently have a 2.8 month supply of homes in Vienna – and 191 Vienna homes for sale (townhouse, condo and single family).
- We are teetering between a Balanced Market (neither a Buyer’s or a Seller’s market) and a Seller’s market overall. However, in any given price range, the numbers may 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 1.4 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 serious 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.
With half of the homes selling in less than 30 days and 25% selling in a week or less – you need all the advantages you can get. And this doesn’t even count the ones that are sold BEFORE they hit the MLS. In fact, in February The Belt Team sold another Vienna home NOT in the MLS to a Buyer we’ve been working with since last year Boy are they happy! Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.
Don’t wait for Spring! NOW is the time. Just look at the statistics above. Don’t wait until everyone else goes on the market and creates more competition for your home. Call Terry Belt or Kevin Kleifges Or Tom Hanton NOW 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.