Real Estate Market

Over the years, we've noticed that many of our clients rank "school district" as one of their top search criteria when they are thinking of buying a new home. Whether it's because they have children in school now or because they're thinking about resale value - school district can be an important factor. For example, some buyers look for schools that offer AP (Advanced Placement) classes. While other buyers are more interested in a school that offers the IB (International Baccalaureate) program. Some require a school with a GT program. And others are looking for special assistance. We have had clients choose a home based on a particular high school baseball team they are targeting. And we've had others who search for homes based on who has the best theater program. In Northern Va, there's something for everyone!

So we thought we'd make it easy for you and we updated our web site so you can search for homes by school district. Check it out!

Search Listings By School District

The Market:

As the national housing market recovers we are seeing considerable increases in demand, resulting in a strong seller's market across the country.

Currently, there is more demand than there is supply available, but "the good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels," states NAR Chief Economist Lawrence Yun.

"Homes are selling much faster," says NAR President Gary Thomas. "Multiple bidding is becoming more common, and more homes are selling above the asking prices, so buyers need to move quickly." With historically low interest rates and rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a home.

Interest Rates:

Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.

Home Sales:

Home sales in March decreased slightly by 0.6% from last month to 4.92 million units. Sales are up 10.3% from year-ago levels, making this month the 21st consecutive month of year-over-year sales unit increases. Distressed homes (which include short sales and foreclosures that traditionally sell for 15%-20% less on average compared to nondistressed homes) accounted for 21% of March sales, which is down from 25% the previous month, and down from 29% in March 2012. Regardless of the decrease in distressed sales from last year, these properties are still at above-average levels.

Home Prices:

The current median home price increased 6.4% in March to a seasonally adjusted $184,300, which is up 11.6% year over year. March marks the 13th consecutive month of year-over-year price increases, and the strongest year-over-year increase since November 2005.

Inventory:

Inventory levels in March increased slightly by 1.6% to 1.93 million existing homes for sale. The number of homes on the market represents a 4.7-month supply, indicating a strong seller's market. Inventory is down 16.8% below a year ago when there was a 6.2-month supply.

Welcome to Fairhunt in Oakton, Virginia. This community of 9 luxury homes on approximately 45 acres of woods and trails backs to Difficult Run Stream Valley Park. It's an oasis of tranquility in the heart of Oakton’s horse country, yet minutes to all the amenities of civilization. This stunning all brick custom home sits on 5 acres and features a drama)c circular staircase, Palladian windows, 3 car side entry garage, 2 fireplaces and loads of updates! Your family and guests will also enjoy the home’s spectacular outdoor space including luscious lawn, pool, spa and Sport Court. True elegance and complete livability! Also...perfect for equestrians. Adjacent to riding rings, stables, paddocks and connected to Fairfax County trails.

Click for more information & photos of 2450 Fairhunt Court in Oakton - Listed at $1,795,000

THIS WEEKEND'S OPEN HOUSE - COME FIND YOUR DREAM HOME!

$1,200,000 - 118 Hickory Circle SW in Vienna (OPEN SUNDAY 1PM TO 4PM)

JUST LISTED, ON THE MARKET & COMING SOON . . .   Just Listed:

$1,795,000 - 2450 Fairhunt Ct in Oakton

On The Market With the Belt Team:

$2,050/mo - 2765 Centerboro Dr #349 in Vienna (rental)
$575,000 - Lot in Windover Heights in Vienna
$1,149,000 - 18511 Barton Creek Place in Leesburg (River Creek)
$1,200,000 - 118 Hickory Circle SW in Vienna
$1,200,000 - 2023 Willow Branch Ct in Vienna
$1,350,000 - 127 Lewis Street NW in Vienna

And there's more! The Belt Team has been on a number of listing appointments and we have some fabulous new listings that will be on the market soon! So keep an eye out for announcements - on our blog, our Facebook page or follow us on Twitter @TheBeltTeam.

COMING SOON!

• Adams Hill Road in Vienna
• Woodford Road in Vienna
 
Call (703) 242-3975 for more information.