Blog Post: Who Is In Control in Buyers and Sellers Game of Seesaw?

What’s happening in the real estate market in Vienna and Oakton? Let’s start with housing supply.

Overall statistics (see below) say that Vienna and Oakton are both in a seller’s market. But that’s a pretty general statement. If we take a look at the market broken down by price range, we’ll see that parts of our market are seller’s markets, some are buyer’s markets and some markets are balanced. Whether you’re a buyer or a seller, it’s really important that you know where you stand. This affects your strategy significantly.

For example, if you’re looking to buy a home in the $1.2 to $1.5 million price range in Vienna you’ll find that there is a one-year housing supply at the moment. This means your strategy when looking at a home that’s been on the market a while might be to make an offer below list price. And you might ask for more flexible terms. (Remember playing on a seesaw when you were a child? If you had more strength, then your seat was on the bottom and you could control the seesaw. That’s where buyers are in this price range.)

On the other hand, if you’re looking in the sub-$800,000 price range in Vienna, you’ll find only a one month housing supply. Last week 75 percent of the homes that sold went under contract in less than two weeks – many in just days and some in just hours. So your strategy as a buyer would be completely different. Many buyers are losing out on homes because they think it’s still a buyer’s market, when the reality is that sellers are in control and are often seeing multiple contracts at prices above list price. Trying to make a low ball offer in this price range is like telling Apple you want to buy the latest iPad, but you only want to pay $9.99 for it. That’s not gonna fly. (In this price range, buyers are on that top seat on the seesaw. If they don’t play nicely with the seller, the seller will just hop off the seesaw and BOOM, the buyer comes crashing down on their you-know-what.)

So where does “YOUR MARKET” fall?

(Statistics below are based on today’s housing inventory and the past 30 days sales.)

VIENNA:

• Up to $799,999: 80 homes currently listed, 1 month housing supply (Seller’s Market)
• $800,000 – $1,099,999: 409 homes currently listed, 2.2 month housing supply (Seller’s Market)
• $1,100,000 – $1,249,999: 25 homes currently listed, 6.25 month housing supply (Balanced Market – trending toward Buyer’s Market)
• $1,250,000 – $1,500,000: 36 homes currently listed, 1 YEAR housing supply (Buyer’s Market)
• Above $1,500,000: 22 homes currently listed, no homes under contract in past 30 days (Buyer’s Market)

OAKTON:

• Up to $799,999: 40 homes currently listed, 1.7 month housing supply (Seller’s Market)
• $800,000 – $1,099,999: 9 homes currently listed, 2.25 month housing supply (Seller’s Market)
• $1,100,000 – $1,249,999: 7 homes currently listed, no sales since November 2011
• $1,250,000 – $1,500,000: 10 homes currently listed, 5 month housing supply (Balanced Market)
• Above $1,500,000: 9 homes currently listed, 9 month housing supply (Buyer’s Market)

Detailed statistics for last week in the overall Vienna & Oakton markets 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: 24
• Average Days on Market for Active Listings: 100 days
• Average Days on Market for Listings That Went Under Contract: 17 days
• Inventory: 203 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): 2.0 months

Last week in Oakton Real Estate (22124):

• Number of Contracts: 7
• Average Days on Market for Active Listings: 100 days
• Average Days on Market for Listings That Went Under Contract: 33
• Inventory: 75 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.5 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.1 months

For more from the Belt Team, click here.