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Blog Post: Housing Inventory in Vienna and Oakton Continues To Drop

Housing inventory in Vienna and Oakton continues to drop. What else is happening in the market?

What has happened in the last week in the Vienna & Oakton real estate markets?

  • Inventory in Vienna and Oakton dropped for the fifth straight week in a row. Vienna now has 213 homes on the market and Oakton has 71. This is the lowest level Vienna has seen in seven months and in eight months in Oakton. (GREAT for Sellers!) (Buyers - Low inventory like this is why you need a Realtor working on your behalf who has a track record of finding homes for their buyers even before they come on the market.)
  • Three homes went under contract in Oakton over the past week and 14 homes went under contract in Vienna. Sales traditionally slow somewhat as we approach the holidays. So this is just about where we expected the market to be. (Stay tuned to our Northern Virginia real estate blog tomorrow for a post about whether or not you should have your home on the market during the holidays.)
  • Twenty-nine percent of the homes that went under contract in Vienna and Oakton last week sold in 10 days or less. And 41 percent sold in less than 30 days. The overall average for homes that went under contract last week was 71 days on market.
  • Both Vienna and Oakton are continuing to teeter between a “Seller’s Market” and a “Balanced Market”. With a 3.8 month supply of homes in Vienna, Vienna is in a “Balanced Market." While Oakton, with a 3.1 month supply of homes has moved back to being in a “Seller’s Market."

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 14
  • Average Days on Market for Active Listings: 120 days
  • Average Days on Market for Listings That Went Under Contract: 56 days
  • Inventory: 213 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 3
  • Average Days on Market for Active Listings: 93 days
  • Average Days on Market for Listings That Went Under Contract: 67
  • Inventory: 71 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.7 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.1 months

 

For a more in-depth discussion & analysis, follow The Belt Team on their blog.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Jeannine Miller November 19, 2011 at 07:22 PM
Thanks for this -- I always like to know the state of our market.
The Belt Team November 23, 2011 at 06:44 PM
Glad you're enjoying. Our market is so very different from most of the country, so we try to be helpful in communicating the actual facts. As they say in real estate, "location, location, location"!

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