Northern Virginia Real Estate: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, and surrounding areas.

 

Is it really December already? It was hard to tell last week when it was 60 degrees here in Northern Virginia. But now that the snow has come, we know for sure that December has arrived.

And that means it’s time for our monthly market update. Here’s a quick summary:

• There are currently 163 homes for sale in Vienna and 67 homes for sale in Oakton. Inventory is continuing to decrease, not only in Vienna/Oakton, but in our entire region.

• Contracts ratified in November of 2009 in the Vienna/Oakton area were up 81% over the number of contracts ratified a year earlier.

• The number of homes that sold (ie- went to settlement) in November in the Vienna/Oakton area was up 219% over last November.

Is this a permanent state of affairs or a temporary situation? Only time will tell. What we do know is that we are seeing vastly different markets – not just by price range, but by town and even by neighborhood. Some areas are experiencing bidding wars & escalation clauses – while other areas have the same homes languishing on the market month after month after month.

We are often asked, “Are we currently in a Buyers Market or a Sellers Market?” and the answer is “It depends.” What does it depend on? Factors like property type (for example – contemporary versus colonial . . .or condo versus single family), price range, school district, proximity to Metro, new construction or resale, proximity to DC and more.

If you are considering buying or selling a home, make sure you contact us for an in-depth and targeted answer to this question. Northern Virginia used to be much more homogenous as a market; but in today’s market we are finding it much more diverse. (Some might call it a roller coaster!)

And now here is detailed market information for November for Vienna & Oakton:

VIENNA:                                                   Nov 09                   Nov 08

# New Listings                                   48                       42                         

# Under Contract                               58                       30               

# Sold/Settled                                   60                       26          

Average Days on Market

for November Solds                              48 days              101 days    

Highest Price Sale                            $1,361,465            $1,535,000

OAKTON:                                                  Nov 09                   Nov 08

# New Listings                                    15                      11                  

# Under Contract                                20                      13                           

# Sold/Settled                                    10                       6                                   

Average Days on Market

for November Solds                              80 days              77 days    

Highest Price Sale                            $1,362,500            $760,000

VIENNA:                                                   Nov 09                   Nov 08

# New Listings                                   48                       42                         

# Under Contract                               58                       30               

# Sold/Settled                                   60                       26          

Average Days on Market

for November Solds                              48 days              101 days    

Highest Price Sale                            $1,361,465            $1,535,000

What Sold (ie- went to settlement) in Oakton in November 2009?

Under $500,000 (none were single family homes):

• 10192A Ashbrooke Ct #A – $229,900 (no subsidy)
• 10204B Ashbrooke Ct #10 – $258,000 (no subsidy)
• 10198C Ashbrooke Ct #127 – $263,000 (no subsidy)
• 2817 Jermantown Rd #602 – $263,500 (no subsidy)
• 11607 Helmont Dr – $445,000 (less a $10,000 subsidy = $435,000 Net)

$500,000 to $775,000:

• 11418 Bronzedale Dr – $551,000 (less a $9,500 subsidy = $541,500 Net)
• 2917 Elmsmeade Ct – $625,000 (no subsidy)
• 11116 Tattersall Dr – $670,000 (no subsidy)
• 2716 Linda Marie Dr – $715,000 (less a $2,500 subsidy = $712,500 subsidy)

$775,000 to $999,000:

• NONE

$1,000,000 and up:

• 3005 S Erin Dr – $1,362,500 (less a $460 subsidy = $1,362,040 Net)

What Sold (ie- went to settlement) in Vienna in November 2009?

Under $500,000:

• 212 Park Terrace Ct #75 – $156,250 (no subsidy)
• 2546 Glengyle Dr #177 – $272,500 (no subsidy)
• 8181 Carnegie Hall Ct #302 – $289,000 (no subsidy)
• 2700 Belleforest Ct #309 – $312,000 (no subsidy)
• 9480 Virginia Center Blvd #213 – $332,000 (no subsidy)
• 3082 Sugar Ln – $356,000 (no subsidy)
• 2969 Cashel Ln – $368,000 (less a $8,750 subsidy) = $359,250 Net)
• 8012 Tyson Oak Cir – 375,000 (less a $500 subsidy = $374,500 Net)
• 7913 Tyson Oak Cir – $387,500 (less a $9,688 subsidy = $377,812 Net)
• 2963 Cashel Ln – $379,900 (no subsidy)
• 9912 Oakdale Woods Ct – $380,000 (no subsidy)
• 1576 Leeds Castle Dr #102 – $381,000 (no subsidy)
• 1556 Northern Neck Dr #101 – $396,500 (less a $8,500 subsidy = $388,000 Net)
• 2437 Carey Ln – $392,000 (no subsidy)
• 702 Kingsley Rd SW – $393,900 (no subsidy)
• 2348 Wheystone Ct – $425,000 (less a $15,000 subsidy = $410,000 Net)
• 9674 Scothc Haven Dr – $460,000 (less a $5,000 subsidy = $455,000 Net)
• 1935 Reprise Ct – $465,000 (no subsidy)
• 8533 Pepperdine Dr – $470,000 (less a $3,000 subsidy = $467,000 Net)
• 116 Melody Ln SW – $470,000 (no subsidy)
• 2873 Sutton Oaks Ln – $499,900 (no subsidy)

$500,000 to $775,000:

• 2437 Holt St – $525,000 (less a $10,000 subsidy = $515,000 Net)
• 400 Cynthia Ln NE – $525,000 (less a $5,000 subsidy = $520,000 Net)
• 2104 Eluna Ct – $525,000 (no subsidy)
• 2412 Drexel St – $535,000 (less a $5,000 subsidy = $530,000 Net)
• 1637 Hicks Dr – $545,000 (no subsidy)
• 2108 Patty Ln – $548,000 (less a $1,000 subsidy = $547,000 Net)
• 2304 Malraux Dr – $560,000 (no subsidy)
• 2232 Malraux Dr – $575,000 (no subsidy)
• 9424 Colonade Dr – $592,500 (no subsidy)
• 1502 Gingerwood Ct – $595,000 (no subsidy)
• 1487 Northern Neck Dr – $618,000 (no subsidy)
• 1806 Clovermeadow Dr – $626,000 (no subsidy)
• 1701 Pebble Beach Dr – $629,000 (no subsidy)
• 1001 Echols St SE – $630,000 (no subsidy)
• 1735 Burning Tree Dr – $642,500 (no subsidy)
• 2400 Carey Ln – $660,000 (less a $10,000 subsidy = $650,000 Net)
• 2100 Gunnell Farms Dr – $655,000 (no subsidy)
• 9824 Fosbak Dr – $665,000 (no subsidy)
• 9607 Whitecedar Ct – $667,500 (no subsidy)
• 2141 Red Vine Dr #79 – $680,000 (no subsidy)
• 2230 McChesney Ct – $695,000 (no subsidy)
• 1813 Fawncrest Ct – $710,000 (less a $11,500 subsidy = $698,500 Net)
• 1997 Barkham Ln – $715,000 (less a $15,000 subsidy = $700,000 Net)
• 1832 Clovermeadow Dr – $700,000 (no subsidy) BELT TEAM SALE!
• 2527 Lakevale Dr – $735,000 (no subsidy)
• 416 Druid Hill Rd NE – $740,000 (less a $10,000 subsidy = $730,000 Net)
• 9505 Blythe Dale Ct – $755,000 (less a $20,000 subsidy = $735,000 Net)
• 1407 Chopin St – $756,500 (less a $535 subsidy = $755,965 Net)

$775,000 to $999,000:

• 10201 Kenbrooke Ct – $776,000 (less a $500 subsidy = $775,500 Net)
• 2004 Westwood Terr – $782,500 (no subsidy)
• 9812 Days Farm Dr – $807,500 (no subsidy)
• 10033 Lawyers Rd – $858,000 (less a $19,000 subsidy = $839,000 Net)
• 1836 Foxstone Dr – $868,000 (less a $9,654 subsidy = $858,346 Net)
• 2565 Babcock Rd – $880,000 (less a $10,000 subsidy = $870,000 Net)
• 8208 Madrillon Estates Dr – $875,000 (no subsidy)
• 904 Potterton Cir SW – $881,500 (no subsidy)
• 10244 Brittenford Dr – $955,000 (no subsidy)

$1,000,000 and up:

• 2534 Rambling Rd – $1,018,500 (no subsidy)
• 621 Welles St SE – $1,361,465 (no subsidy) BELT TEAM LISTING & BELT TEAM SALE!

For more information on any of these sales (or if you would like information on other areas such as Great Falls, McLean, Reston, etc…), or if you are thinking of buying or selling a home, please contact The Belt Team at (703) 242-3975. The Belt Team has sold more homes in Vienna Oakton than any other Realtor since 1972 and we also cover areas ranging from Loudoun County to Arlington to Silver Spring! It would be our pleasure to help make your real estate dreams come true!