Blog Post: Sales Slow in Oakton, Vienna Stays Swift

Greetings Vienna and Oakton Homeowners (and future Vienna/Oakton homeowners)!

It’s been a few weeks since we provided an update on what’s happening in the Vienna and Oakton real estate markets. That’s because we have been busy upgrading our web site for you. Let us know what you think!

In the meantime, if you’re wondering what’s happening in the real estate market in Vienna and Oakton: The big news is that while Vienna remains in a seller’s market (with about two months of housing supply), Oakton has moved back into a balanced market (with three to four months supply).

Here’s this week’s detailed update. (Contact The Belt Team if you would like statistics on your particular market)

• Inventory rose slightly over the past month- up 6 percent in Oakton (currently 88 homes for sale) and up 2 percent in Vienna (currently 207 homes for sale)

• Number of contracts dropped for three weeks straight in Oakton – with only three homes going under contract this past week. In Vienna, 20 homes went under contract. This is the same number of contracts we have seen in three of the past four weeks.

• Average days on market for active listings declined in both areas – down to 98 days in Vienna and 76 days in Oakton.

• Housing supply in Vienna shows a Seller’s Market (with two months of housing), while Oakton has moved into a Balanced Market (with 3.1 to 3.8 months supply). Remember, however, that market supply also varies vastly within the same city, but in different price ranges, neighborhoods & school districts.

• 33 percent of the homes that went under contract in Oakton this week sold in 2 weeks or less. In Vienna, that figure was 25 percent.

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

• Number of Contracts: 20
• Average Days on Market for Active Listings: 98 days
• Average Days on Market for Listings That Went Under Contract: 75 days
• Inventory: 207 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): 2.2 months

Last week in Oakton Real Estate (22124):

• Number of Contracts: 3
• Average Days on Market for Active Listings: 76 days
• Average Days on Market for Listings That Went Under Contract: 30
• Inventory: 83 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.1 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

For more from the Belt Team, visit their blog.