.

Luxury Home Market Slows In Vienna and Oakton, What About The Rest?

What’s happening in the Vienna and Oakton real estate markets? Are sales up or down? Are we in a “Buyers Market” or “Sellers Market”? How many homes are for sale?

What’s happening in the Vienna and Oakton real estate markets? Are sales up or down? Are we in a “Buyers Market” or “Sellers Market”? How many homes are for sale?

Here are the highlights:

  • Inventory in Vienna continues to rise slowly, while Oakton’s inventory remains steady. Vienna has 231 homes on the market and Oakton has 94.
  • The contract rate in both Vienna and Oakton remains slow. Throughout 2011, Oakton has averaged about 6 homes per week going under contract. This past week, 3 homes went under contract. Vienna has averaged about 17 homes a week going under contract. But this week, we only saw 6.
  • The rate at which homes are selling dropped significantly this week. It’s hard to tell yet if this is a trend since so few homes went under contract. But due to the season, it’s likely that it is. Of the nine homes that went under contract, none sold in 10 days or less (as opposed to the previous week where 44% of the homes did.)
  • As a result of the increased inventory and slowdown in sales, both Vienna and Oakton are either in or close to being in a ”Balanced Market." Vienna has a 4.7 month housing supply (as opposed to the 2011 average of 2.8 months). While Oakton has a 6.2 month supply of homes (as opposed to the 2011 average of 3.4 months). Vienna still has some breathing room before the scales tip into a Buyers Market, but we will be keeping a close watch on Oakton since this is the first time in 2011 that Oakton’s supply has exceeded 6 months.
  • No homes in Vienna or Oakton listed over $800,000 went under contract this week. Vienna has had only four homes in this price range go under contract in September. And the last home listed in Oakton above $800,000 that went under contract was on August 13th.

If you’re thinking of buying or selling a home soon, you may want to read:

 And you may want to listen to these excerpts from Real Estate Radio Washington:

 

Read more on the Belt Team blog.

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

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

  • Number of Contracts: 6
  • Average Days on Market for Active Listings: 113 days
  • Average Days on Market for Listings That Went Under Contract: 118 days
  • Inventory: 231 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.6 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.7 months

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

  • Number of Contracts: 3
  • Average Days on Market for Active Listings: 96 days
  • Average Days on Market for Listings That Went Under Contract: 33
  • Inventory: 94 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 5.1 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 6.2 months

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.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something