As we have seen over the past years, Oakton’s real estate market often lags just slightly behind the real estate market in Vienna. The past few weeks we have reported that Vienna home sales have surged. But Oakton’s market, with only 1-3 sales per week over the past four weeks, has been slow. However, this week, Oakton sales popped and 11 homes went under contract! (Note however, that 10 of the 11 sales this week were for homes listed at $675,000 or less. So price range is still a big factor in the market. Time will tell if sales activity trickles up.)
Inventory levels in both Oakton & Vienna remain low. Based on the past 30 days sales, Oakton only has 2.4 months of inventory. That’s low, but the real story is in Vienna. Vienna only has 1.6 months of inventory. We have been tracking weekly inventory levels since 2009. THIS IS A RECORD LOW SINCE THAT TIME! Can you say “Seller’s Market”?!
Savvy Sellers are taking advantage of this situation and instead of waiting until the “Spring Housing Market”, are selling now when competition is little to none. This past weekend, Terry Belt, CEO of The Belt Team, put two homes on the market – one in Oakton listed just under $600,000 and the other in Vienna listed just under $1,000,000. Both homes had a huge number of showings and were under contract in just 4 days. This story is being repeated all over Vienna. Last week 20 homes went under contract and 9 of those homes sold in a week or less.
The moral of the story for Buyers is that you MUST be prepared – prepared to possibly offer over list price, prepared to increase your deposit, prepared to possibly waive contingencies. But before you do that, make sure you discuss ALL the implications with your Realtor!
Here is this week’s Market Snapshot for Vienna & Oakton:
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 20 (the highest number since the week of Oct 10, 2012)
- Average Days on Market for Active Listings: 145 days
- Average Days on Market for Listings That Went Under Contract: 43 days
- Inventory: 101 homes on the market (a record low in the past 3 years)
- Number of Months Supply of Homes (Based on past 90 day contract rate): 1.95 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.6 months
Last week in Oakton Real Estate (22124):
- Number of Contracts: 11 (up from 1 last week, and 3 each of the past 3 weeks)
- Average Days on Market for Active Listings: 122 days
- Average Days on Market for Listings That Went Under Contract: 50 days
- Inventory: 50 homes on the market (down from 53 last week)
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.4 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.4 months