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Blog Post: Real Estate Market Hot in Vienna, Healthy in Oakton

What's happening in our local real estate market? It's HOT (at least in Vienna).

A slight rise in inventory put Oakton back into a Balanced Market this week. 

Vienna, on the other hand, remains in a HOT Seller’s Market.

A balanced market, like that we see in Oakton, describes an area with a four to six month housing supply, whereby the market is in its natural, healthy state with no advantage seen to either buyers or sellers.

Meanwhile, based on the past 30 days of sales, Vienna has less than a two month housing supply. (Current housing supply is just 168 homes and in the past 30 days; 120 homes have gone under contract.) We are continuing to see multiple contracts and homes are selling quickly. In the past week, 42 percent of the homes that went under contract sold in two weeks or less.

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: 33
  • Average Days on Market for Active Listings: 119 days
  • Average Days on Market for Listings That Went Under Contract: 49 days
  • Inventory: 168 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.0 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 1.4 months

 

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

  • Number of Contracts: 8
  • Average Days on Market for Active Listings: 76 days
  • Average Days on Market for Listings That Went Under Contract: 60
  • Inventory: 83 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.0 months

 

Also, you can read more about:

 

You can also listen to How Buyers Should Choose The Right Realtor.

 

For more from the Belt Team, click here.

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.

Amelie Krikorian March 31, 2012 at 10:13 PM
I noticed that a house in our neighborhood had a contract after only a week... I have no idea if it was priced low or not but I am hoping this is a good sign for the neighborhood.

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