There may be snow on the ground (AGAIN!), but Spring has already sprung in real estate. And it’s time for another weekly update on the Vienna Oakton real estate market!
But first, we’ve had several readers contact us. They are wondering whether we are seeing a Buyer’s Market or a Seller’s Market. Well, that’s one of the reasons we are reporting here each week on the number of months supply of listings - so that you can track the trends as we move from market to market. (Sometimes it happens as quickly as that!)
Let me explain.
- A “balanced” market is considered to be a market where there is a 6 month supply of homes.
- So if homes are selling at a rate of 20 homes a month, and there are 120 homes on the market – this would be a “balanced market”. That’s because if 20 homes sell each month, it would take 6 months to clear the inventory of homes.
- On the other hand, if there were only 60 homes on the market, and 20 sold per month, the months supply would be 3 months. This would be what is called a Seller’s Market.
- When the reverse happens, and there is MORE than a six months supply of homes, we would be in a Buyer’s Market. (Does this sound like one of those “word problems” you used to do in grade school? LOL)
In Vienna & Oakton, in the overall market - there is currently a 3 month supply of homes based on the sales rate of the past 90 days. (Note however, that there is still a great divide in markets between homes over $800,000 and under $800,000. So if you are thinking of buying or selling - you would want to have us analyze your specific market much more in depth.)
Now - on to this week’s update.
Here’s what’s happening in Vienna:
- In the past week, 13 homes in Vienna went under contract. (That’s the same number that went under contract the previous week and the week before that.)
- Net inventory decreased slightly and there are currently 149 homes on the market.
- We now have a 3.1 month supply of homes (down from 3.2 months the previous week and 3.3 months in early January.)
Now, here’s the update for Oakton:
- In Oakton, 4 homes went under contract this past week. (The same number as went under contract the previous week.)
- Total active listings is 51, with only 4 townhomes and only 6 condos available for sale in all of Oakton.
- Average days on market has decreased from 168 days in mid January to 145 days currently.
- Supply in Oakton matches Vienna at 3.1 months..
We’ll continue to update you weekly so that if you are thinking of buying or selling a home in Vienna or Oakton, you will be “in the know” about what’s happening in general in TODAY’S market. and please don’t hestitate to contact us for an analysis specific to either the home you want to sell or the area where you want to buy. It would be our pleasure to assist you!