Vienna and Oakton’s housing markets remain HOT. With less than a three month housing supply (2.5 months in Oakton and 1.5 months in Vienna), it’s officially a seller’s market in both areas.
(Note though that this analysis is generalized for the entire market regardless of price range, property type, school district, etc. If you are looking to buy or sell, your Realtor should be doing an in-depth analysis depending on your particular market. The higher price ranges, for example, are still moving at a slower pace. This could also vary by home type, as colonials are selling much faster than split foyers or contemporary homes.)
Inventory increased ever so slightly, up 5 percent in Vienna and up by only one home in Oakton, and sales are still happening swiftly. This past week, 42 percent of the homes that went under contract sold in two weeks or less.
It’s still all about the “Two P’s”: pricing and preparation. Homes priced right and prepared properly sell quickly for more money. Sellers who try to “test” the market for higher prices than the market will bear end up paying the price themselves by selling for less than they would have if they had priced at market to begin with.
It doesn’t take a rocket scientist to figure out that perhaps price is the issue when a home has been on the market for a LOOOOOOOOOOOONG time. (There are 11 homes in the Vienna-Oakton market, for example, that have been on the market for MORE THAN A YEAR.) NAR statistics show the longer your home is on the market, the less it will sell for. To maximize your price, you just might want to price slightly below market so your property becomes sought after and you encourage multiple offers, and accordingly, a competitive situation.
Detailed statistics for Vienna & Oakton are below. Contact The Belt Team if you would like statistics on your particular market.
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 22
- Average Days on Market for Active Listings: 106 days
- Average Days on Market for Listings That Went Under Contract: 36 days
- Inventory: 187 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.1 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.5 months
Here are last week’s stats for Oakton Real Estate (22124):
- Number of Contracts: 4
- Average Days on Market for Active Listings: 85 days
- Average Days on Market for Listings That Went Under Contract: 22
- Inventory: 75 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.8 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.5 months
Also, you can read more about:
- What Sellers Should Look For In A Realtor
- Today’s Top 3 Tech Tools To Market Your Home
- Why You Don’t Want To Miss Out on “The Belt Team Experience”?
You can also listen to How Buyers Should Choose The Right Realtor.
For more from the Belt Team, visit their blog.