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

The calendar has flipped to February and this is often the time people start thinking about putting their homes on the market in the Spring. We’re busy doing lots of “pre-list” consultations - helping our Sellers figure out what they do and DO NOT need to do to prepare their homes to sell in April or May. After all, you don’t want to spend money you don’t have to - right?!

But Savvy Sellers are taking advantage of market conditions and they are not waiting til Spring! But why?

Let’s take a look at what’s happening in our local market by looking at the statistics. (You might think stats are boring, but they paint a VERY interesting picture!)

In the past week, 21 homes have gone under contract in the Vienna Oakton market! And 57% of them sold in 2 weeks or less. WOW!

Why is selling quickly often a good thing?

Well, the obvious reason is that it’s less stressful. It’s hard to keep your home in mint showing condition day after day after day. And it can be emotionally draining as well. Sometimes you’re just ready to move forward instead of being in limbo.

But that’s not the best reason why selling quickly is a good thing.

Studies show that the longer a home is on the market, the less it will sell for. Many people think when you sell your home quickly, it means you “gave it away”. But in fact, the opposite is true. According to a National Association of Realtors study: “The longer a home stays on the market, the further below list price it drops. Homes that sold in the first 4 weeks averaged 1% MORE than the list price; 4 to 12 weeks on the market averaged 6.4% LESS than list price; and 24 weeks averaged more than 10% LESS than list price.”

Right now, Vienna and Oakton have between a 2.2 and 4.4 month supply of homes. That means certain price ranges are in SELLER’s Markets (And those that are not, are still in a Balanced Market)! AND THAT IS GOOD FOR SELLERS!

The Belt Team has already sold several homes this year within the first week they were on the market. Our Sellers were very happy - both with price and with timing. They were thrilled they didn’t wait til Spring when everyone else is on the market and there’s lots more competition. And now our savvy sellers are sitting pretty!

Here are the stats for the past week:

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

• Number of Contracts: 21
• Average Days on Market for Active Listings: 141 days
• Average Days on Market for Listings That Went Under Contract: 71 days
• Inventory: 151 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 4
• Average Days on Market for Active Listings: 113 days
• Average Days on Market for Listings That Went Under Contract: 54
• Inventory: 61 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.9 months

And here are the year-over-year stats for January & February:

(Of course, February 2012 stats remain to be seen, but we like to watch for trends.)

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

You can also email The Belt Team (or call us at 703-242-3975) to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

Earlier this month, our CEO Terry Belt shared his forecast for the 2012 market. (You can read about what’s in store for Northern Virginia here.) But how did we finish 2011 in comparison to 2010? Let’s take a look at the numbers. Instead of doing an analysis on the market as a whole, let’s break it down a little. As we know, real estate is local. So we selected 9 sample markets to analyze: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, Herndon, Falls Church & Arlington. Let’s see how things shook out:

So - what do we conclude from all these stats?

In every area listed, sales are down. This is a fact that has been trumpeted throughout the press. “Home Sales Dropping” is the typical Doomsday headline. If you don’t look at ALL the information and just read the headline, you might conclude that this is a bad thing. But let’s keep looking.

What we also see in the statistics above is that in 7 out of 9 areas, the average home price ROSE. In the lower priced areas - we saw the average price rise as much as 7.8% in just one year. It seems the market has not only “bottomed out” in these areas, but has turned back up.

Only 2 areas (McLean & Great Falls) did not see prices rise. However, these 2 areas did see a rise in the average sales price as compared to original list price. This may signal that we are approaching bottom there. The “luxury” markets typically trend just a bit behind the more affordable markets. But as the affordable markets have turned, so the luxury markets usually follow.

So - now you know what prices are doing. But are we in a Buyer’s Market or a Seller’s Market?

In this case, let’s take a look at an overall analysis of the DC Region. If we compare the inventory level at the end of December 2011 to December 2010, here’s what we find:

• Single Family Home Inventory: DOWN 18.5%
• Townhome Inventory: DOWN 30%
• Condominium Inventory: DOWN 29.1%

This puts our region in general at a 5-6 month supply of homes - trypically considered neither a Buyer’s or Seller’s Market - but a Balanced Market. However, it’s important to note that there are places in Northern Virginia where housing supply is closer to 3-4 months and this puts those markets closer to a Seller’s Market. So if you’re reading this and thinking about buying or selling, call us at (703-242-3975). We’ll do a much more detailed analysis specific to your city, home type, price range, school district, etc.

If you are looking for an advocate to help you navigate & negotiate in TODAY’s market, email The Belt Team or call us at (703) 242-3975. Call now to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. You can’t afford not to. (Find out why you don’t want to miss out on “The Belt Team Experience“!)

The Holiday Season is a wonderful time of year. It can be a great time to buy or sell a home. It’s definitely a great time for for gratitude, reflection & celebration. And oftentimes it’s a great time to travel.

As we enter the Holiday Season, we’d like to remind you to keep your home safe while you are away- especially in light of all the “new” ways we are in communication with one another.

Here are some tips:

(1) Be careful with your status updates on Twitter, Facebook, etc. Don’t be too specific. For example: “Can’t wait to see Grandma & Grandpa” might be better than “Leaving for Ohio in 2 hours. Back on Sunday.”

(2) If you still have a newspaper delivered instead of reading online, make sure you suspend delivery.

(3) Take advantage of the “nosy neighbors” you have (assuming you trust them!). Ask him or her to keep an eye out while you are away. Make sure they know how to reach you in case of an emergency.

(4) Think twice about setting up an auto-responder or voice mail message that says you are out of town - expecially if you work from a home office. A better idea might be to just say you are not checking messages until a certain date (as if you’re taking a “Stay-Cation”.)

(5) Set up timers on certain lights in your house. Install motion detector lights outdoors.

(6) Don’t forget to lock the interior garage door. Exterior doors are relatively easy to compromise.

(7) Stop your mail. Or have a neighbor collect it daily.

(8) Don’t publish your physical address or personal information on your social media profiles on LinkedIn, Facebook, etc. It’s amazing how many people advertise their birthdate, home address and more - just because the site asked you to fill it in when you set up your account. It’s not just children who do this, but many adults who are new to the world of social media are guilty of this as well. Even if your site is “friend-protected”, you’d be surprised at what web-savvy folks can find out. Be discreet!

(9) You can always employ the tactics of Kevin McAllister in “Home Alone”!

Now - for our local readers (or those who want to move here!) - what has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped for the seventh straight week in a row. Vienna now has less than 200 homes on the market for the first time since early April. Oakton’s inventory has dropped to 65 homes, the lowest since early March.

• The past week included the Thanksgiving holiday weekend, and while this did not stop people from buying homes, it did slow them down a bit. Vienna had 8 homes go under contract and Oakton had 2 homes go under contract.

• No homes this past week sold in less than 2 weeks. And only 20% of those that sold went in under 30 days.

• Despite the continued decrease in inventory, it looks like the slight slowdown in contracts has moved Vienna & Oakton from the precipice of a ”Seller’s Market” firmly into a “Balanced Market”. Vienna has a 3.8 month supply of homes and Oakton’s supply is at 4.6 months.

SELLERS: Make sure you read our recent blog post about whether or not it’s a good idea to sell during the holidays. In general, low inventory & low housing supply mean good things for you. But there are lots of things to consider. (We can also provide you with a list of 40 questions you should ask your Realtor when you’re thinking of selling your home.)

BUYERS: We have been publishing statistics for Vienna & Oakton on a weekly basis for over 2 years now. In all of that time, Vienna has NEVER been in a Buyer’s Market and Oakton has only trended that way for 3 weeks in 2010. This is just another reason why you need to make sure you are working with a Realtor as your advocate. And not just any Realtor, but a Realtor whose skill set benefits YOU. (You may want to read this article about what a Buyer should look for in a Realtor.)

If you’re thinking of buying or selling a home soon, you can email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 814
• Average Days on Market for Active Listings: 123 days
• Average Days on Market for Listings That Went Under Contract: 145 days
• Inventory: 196 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.0 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 2
• Average Days on Market for Active Listings: 107 days
• Average Days on Market for Listings That Went Under Contract: 50
• Inventory: 65 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.7 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 4.6 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

First - let’s set the scene. What has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped for the sixth straight week in a row. Vienna now has 202 homes on the market and Oakton has 67. This is the lowest level Vienna has seen in 7 months and in 8 months in Oakton.

• Three homes went under contract in Oakton over the past week and 14 homes went under contract in Vienna. This is the identical pace as two weeks ago and still bodes well for the market.

• 12% of the homes that went under contract in Vienna & Oakton last week sold in 10 days or less. And 41% sold in less than 30 days. The overall average for homes that went under contract last week was 68 days on market. Not bad, huh?!

• Both Vienna and Oakton are continuing to teeter between a “Seller’s Market” and a “Balanced Market”. Vienna has a 3.6 month supply of homes and Oakton’s supply is  at 2.6 months.

SELLERS: Make sure you read our recent blog post about whether or not it’s a good idea to sell during the holidays. In general, low inventory & low housing supply mean good things for you. But there are lots of things to consider. (We can also provide you with a list of 40 questions you should ask your Realtor when you’re thinking of selling your home.)

BUYERS: We have been publishing statistics for Vienna & Oakton on a weekly basis for over 2 years now. In all of that time, Vienna has NEVER been in a Buyer’s Market and Oakton has only trended that way for 3 weeks in 2010. This is just another reason why you need to make sure you are working with a Realtor as your advocate. And not just any Realtor, but a Realtor whose skill set benefits YOU.

So what should a Buyer look for in a Realtor?

1. A real estate team who has a demonstrated track record of finding properties for their buyers that are not listed in the MLS. With inventory so low, this broadens the possibilities fo you and means it’s more likely you’ll find your dream home. Look for someone who is proactive and not reactive.

2. Lights out negotiators. With inventory so low, the “good properties” sometimes still get multiple contracts. This means you may be competing with other Buyers to get the home of your dreams. Can your Realtor share examples with you of strategies they have actually used to compete & win out for their Buyer clients in the past?

3. A Realtor with partnerships that benefit YOU. Ask your Realtor who their partners are. They should have partners who have proven track records as well. This includes lenders, appraisers, settlement companies, home inspectors, remodeling folks & more. When you’re looking at potentially buying a home, you may need to consult some or all of these experts for advice. And if problems arise, you need to make sure you have folks who will respond. Realtors who do more business have stronger relationships. Their clients get better, faster service. Your Realtor should have relationships that benefit you.

4. A real estate team that knows the area inside & out. Here’s an example of why that’s important. Until you live in or work in a particular area, you really don’t know what your actual commute might look like. It might look good on paper, but in real life - yikes! Your Realtor should know the area like the back of her hand, and should give you the “good, the bad & the ugly” so you can make good decisions about where to live. In a recent study, Swiss economists discovered a human fault they refer to as “the commuter’s paradox”. They found that when people are choosing where to live, they consistently underestimate the pain of a long commute. According to their calculations, a person with a one-hour commute has to earn 40% more money to be as satisfied with life as someone who walks to the office. This is just one example of an area your Realtor should be advising you on.

5. Experience that benefits YOU. YOU should not be the experience that benefits the Realtor. Did you know that 80% of Realtors nationwide sell fewer than 3 homes per year? Unfortunately, Realtors who sell fewer than 3 homes per year have to almost completely relearn the business. There are more than 10,000 Realtors in Northern Virginai and you don’t want to be the guinea pig!

If you’re thinking of buying or selling a home soon, you can email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 14
• Average Days on Market for Active Listings: 123 days
• Average Days on Market for Listings That Went Under Contract: 60 days
• Inventory: 202 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.1 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 3
• Average Days on Market for Active Listings: 97 days
• Average Days on Market for Listings That Went Under Contract: 105
• Inventory: 67 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.8 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

What has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped for the fifth straight week in a row. Vienna now has 213 homes on the market and Oakton has 71. This is the lowest level Vienna has seen in 7 months and in 8 months in Oakton. (GREAT for Sellers!) (Buyers - Low inventory like this is why you need a Realtor working on your behalf who has a track record of finding homes for their Buyers even before they come on the market!)

• Three homes went under contract in Oakton over the past week and 14 homes went under contract in Vienna. Sales traditionally slow somewhat as we approach the holidays. So this is just about where we expected the market to be. (Stay tuned for our post tomorrow about whether or not you should have your home on the market during the holidays.)

• 29% of the homes that went under contract in Vienna & Oakton last week sold in 10 days or less. And 41% sold in less than 30 days. The overall average for homes that went under contract last week was 71 days on market.

• Both Vienna and Oakton are continuing to teeter between a “Seller’s Market” and a “Balanced Market”. With a 3.8 month supply of homes in Vienna, Vienna is in a “Balanced Market”. While Oakton, with a 3.1 month supply of homes has moved back to being in a “Seller’s Market”.

If you’re thinking of buying or selling a home soon, you can email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 14
• Average Days on Market for Active Listings: 120 days
• Average Days on Market for Listings That Went Under Contract: 56 days
• Inventory: 213 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 3
• Average Days on Market for Active Listings: 93 days
• Average Days on Market for Listings That Went Under Contract: 67
• Inventory: 71 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.7 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.1 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

Now that the calendar page has been turned to November, we realize that Thanksgiving is just around the corner and that we have a LOT to be thankful for - especially here in Northern Virginia. I was reminded of that last night in chatting with a local restaurant employee who had recently come to our area.

He commented that “People who have not lived in other parts of the country over the past few years have no idea how good they have it here in Northern Virginia. They may feel like things are bad here, but things are great here compared to most other areas. Just look around. It’s Wednesday night and the restaurant is full.”

And that’s kind of how we feel about the real estate market - “Look around, it’s Wednesday night and the restaurant is full.” In other words, “It’s November of 2011 and in Vienna and Oakton and lots of other Northern VA markets, we’re still back & forth between a Seller’s Market and a Balanced Market!” No Buyer’s Market here. Not so many foreclosures. Yes, there are short sales - but not in numbers like you see across the rest of the U.S. Lenders are lending. And Buyers are buying.

So - let’s get down to the nitty gritty. What has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped again. This makes 3 weeks in a row. Vienna’s inventory dropped 2% and Oakton dropped 11%. Vienna now has 224 homes on the market and Oakton has 76.

• Seven homes went under contract in Oakton over the past week and 12 homes went under contract in Vienna. This is down from last week. And while this is slow for Vienna, it’s about the average we have seen each week in Oakton this year.

• 26% of the homes that went under contract in Vienna & Oakton sold in 10 days or less. And 58% sold in less than 30 days. Remember the days when the average days on market was closer to 180 or more?

• Both Vienna and Oakton are back to teetering between a “Seller’s Market” and a “Balanced Market”. With a 3.6 month supply of homes in Vienna, Vienna is in a “Balanced Market”. While Oakton, with a 2.7 month supply of homes has moved back to being in a “Seller’s Market”.

This last statistic is an example that truly illustrates what the restaurant employee was saying to me last night. When we network with our colleagues around the country, which we do on a regular basis, we hear numbers that just blow our minds. Agents are reporting housing supplies of 10, 20 30 - even 40 or more months. This means that if buyers continue to buy at the rate they are buying, it would take almost 4 YEARS for the homes to be sold. While here in Northern VA, the supply of homes would only last 3-4 months. Let’s count our blessings!

If you’re thinking of buying or selling a home soon, you may want to read our recent blog post about some of the top tech tools used in real estate today or listen to Belt Team Partner Pauline Knipe on Real Estate Radio Washington.

You can also email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 12
• Average Days on Market for Active Listings: 111 days
• Average Days on Market for Listings That Went Under Contract: 50 days
• Inventory: 224 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.5 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 7
• Average Days on Market for Active Listings: 95 days
• Average Days on Market for Listings That Went Under Contract: 82
• Inventory: 76 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.6 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.7 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

If you follow our blog regularly, you may have noticed that we did not post a weekly Vienna/Oakton market update last week. That’s because The Belt Team has been super busy this month - with more contracts ratified than any other month in 2011 except March - and we still have a week to go in the month! So, as our blog post title says, “It may be flu season, but the real estate market in Vienna and Oakton is healthy!”

So what’s been happening? Here are the highlights:

• Inventory in Vienna dropped 7% over the past two weeks, while inventory in Oakton dropped 10%. Vienna now has 229 homes on the market and Oakton has 85.

• Nine homes went under contract in Oakton over the past week and 7 homes the week before. Both weeks exceeded the average we have seen over 2011 of 6 homes per week. In Vienna, 35 homes went under contract over the past two weeks (15 last week and 20 teh week before). This about matches the weekly average for the year.

•  Vienna & Oakton have diverged somewhat over the past two weeks in terms of the percentage of homes selling in 10 days or less. In Oakton, only one home (or 6% of the sales) sold that quickly in the past two weeks. While in Vienna, ten homes (29% of the sales) sold in 10 days or less. Average days on market for homes still active on the market is 107 days in Vienna and 94 days in Oakton.

• Both Vienna and Oakton are back to teetering between a “Seller’s Market” and a ”Balanced Market”. Vienna has a 4 month housing supply (as opposed to the 2011 average of 3.1 months). While Oakton has a 3.2 month supply of homes (as opposed to the 2011 average of 3.2 months).

If you’re thinking of buying or selling a home soon, you may want to read last week’s blog post about some of the top tech tools used in real estate today. You can also email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 15
• Average Days on Market for Active Listings: 107 days
• Average Days on Market for Listings That Went Under Contract: 56 days
• Inventory: 229 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.2 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 4.0 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 9
• Average Days on Market for Active Listings: 94 days
• Average Days on Market for Listings That Went Under Contract: 70
• Inventory: 85 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.1 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.2 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

What’s happening in the Vienna & Oakton real estate markets? Are sales up or down? Are we in a “Buyers Market” or “Sellers Market”? How many homes are for sale?

Here are the highlights:

• Inventory in Vienna and Oakton continues to rise slowly - up 2% from last week in each area. Vienna has 246 homes on the market and Oakton has 94.

• The contract rate in Vienna (14 homes went under contract last week) picked up somewhat over the two prior weeks (where we saw only 9 and 6 contracts respectively). Contracts in Oakton remain steady. Throughout 2011, Oakton has averaged 5.9 homes per week going under contract. This past week, 6 homes went under contract. Vienna has averaged about 16.9 homes a week going under contract. This week we saw 14.

•  25% of the homes that went under contract this past week sold in 10 days or less. One home that sold was on the market for well over a year (578 days days!). Overall, the average days on market for homes that went under contract was 77 days. While average days on market for homes still active was 100-103 days.

• Both Vienna and Oakton remain in or are close to being in a “Balanced Market”. Vienna has a 6 month housing supply (as opposed to the 2011 average of 3 months). While Oakton has a 5.2 month supply of homes (as opposed to the 2011 average of 3.5 months).

• While Sellers almost always feel like it takes too long to sell a home & that their home is worth more than what the market says -and Buyers almost always wish they had more time to decide, more inventory and lower prices - the reality is that a Balanced Market is probably the healthiest of all situations - at least as far as our economy is concerned. The combination of low interest rates and low unemployment in our area have produced what for now seems to be a very healthy market. And that is good for everyone. Just as in life, where the older you get, the more you realize that “boring can be good” - so it is with real estate, “balance may be boring, but boring can be good.”

If you’re thinking of buying or selling a home soon, you may want to read:

• What Happens When Your Appraisal Comes In Low?
• Information Sellers Need To Know About Updates & Staging
• Pros & Cons of Online Sites To Estimate A Home’s Value
• How Do You Know The “Best” Time To Buy Or Sell?

And you may want to listen to these excerpts from Real Estate Radio Washington:

• Selling Your Home - Don’t Make These Mistakes!
• Pricing Strategies for Sellers
• Is There A “Cost Of Waiting”? What Separates a Good Agent From a Bad Agent, More Importantly What Separates A Great Agent From A Good Agent?

Email The Belt Team to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 14
• Average Days on Market for Active Listings: 103 days
• Average Days on Market for Listings That Went Under Contract: 82 days
• Inventory: 246 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.2 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 6.0 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 6
• Average Days on Market for Active Listings: 100 days
• Average Days on Market for Listings That Went Under Contract: 65
• Inventory: 94 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.9 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 5.2 months

P.S. The Belt Team is a Community Blogger for Vienna Patch, Oakton Patch and WUSA9.com. This week Editor Erica Hendry & Vienna Patch celebrated their 1 year Anniversary. This is a GREAT local publication and we are happy to have them in our community! We feel very strongly that local news coverage is vital as a complement to what is covered in the national news. Our industry is a perfect example of that and why we have a local blog to cover real estate in the Northern VA area. Our market does not always mirror what is happening in the national news. So - Happy Anniversary Erica!

Thanksgiving is just around the corner. WHAT?!?

Seriously, we’re not trying to be like the stores who already have Christmas decorations up (that’s just NOT cool!). But in the real estate market, Thanksgiving really IS just around the corner. The typical sale takes about 30-45 days to go from ratifying a contract to completing inspections, doing an appraisal, title work, survey, walkthrough, etc - to the settlement and move out-move in date. So if you want to be in your new home by the holidays - pay attention!

First - what’s happening in the Vienna & Oakton real estate markets? Are sales up or down? Are we in a “Buyers Market” or “Sellers Market”? How many homes are for sale?

Here are the highlights (detailed statistics are below):

• Inventory in Vienna has risen each of the past weeks and there are now 241 homes for sale in Vienna. In Oakton, inventory dropped ever so slightly from 94 homes to 92 homes.

• The contract rate in Vienna picked up slightly (9 homes went under contract), but is still well below the 2011 average of 17 homes per week. Oakton saw a bump in sales this week - with 7 homes going under contract (just slightly above the 2011 average of 6 homes per week.)

• The rate at which homes are selling continued to drop. Of the 16 homes that went under contract in Vienna and Oakton this week, only 1 sold in 10 days or less (as opposed to the rate of 30-44% that we have seen throughout the spring, summer & early fall.) We expect this to continue and that Sellers will see longer “average days on market” throughout the rest of the year.

• As a result of the increased inventory and slowdown in sales, both Vienna and Oakton are either in or close to being in a “Balanced Market”. Vienna has a 6.3 month housing supply (as opposed to the 2011 average of 2.9 months). While Oakton has a 5.4 month supply of homes (as opposed to the 2011 average of 3.5 months).

• Three homes above $800,000 went under contract this week. At 19% of sales this week, this puts the luxury market back on its feet and closer to the 2011 average of about 22-23% of sales in Vienna and Oakton being over $800,000.

BUYERS:

The best strategy now for Buyers is to “Be A Boy Scout”. We advise our Buyers to have loans approved, walk through the process with your Realtor from start to finish (even have them go over a standard contract with you - including the various contingency options) and have your checkbook in hand. If you’re serious about buying - it’s a great time. Interest rates are at historic lows. And you need to be prepared to move! While inventory levels are higher this week than they have been since Spring, they are still low compared to what we have seen over recent years. So when that “perfect” home comes on the market - you may not be the only one looking at it. Be a Boy Scout and BE PREPARED.

We would also suggest that you work with a Realtor who is “proactive” rather than “reactive”. Instead of waiting for that “perfect home” to magically come on the market, if you can identify the neighborhood, floorplan and detailed characteristics of your “perfect home”, a Realtor may be able to find a home for you that is not even yet on the market. (The Belt Team has done that for 4 clients so far this year.) This strategy could have you cooking Thanksgiving dinner in your new home!

Email The Belt Team to schedule a Buyer consultation or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

SELLERS:

As we enter a time of year where we typically see inventory increasing & contracts decreasing - it becomes all the more imperative to “price right” upon entry to the market in order for a Seller to maximize his price. The days of waiting to see if you can “get your price” are over. Statistics show that the longer a home is on the market, the less it will sell for. If you want to be in your new home by holiday time, your price needs to be at/below market NOW. As one agent in our office put it, “If it’s not priced right NOW, you lose. Our housing market historically goes comatose at Thanksgiving. So if you want to be a “Home Seller” (and not remain the “Home Owner” of the home you’re in now), then NOW is the time to price it right.

And if you’re thinking you should wait to go on the market until Spring, you may want to rethink your strategy. There’s no guarantee prices will go up. But it’s almost a sure fact that you will have much more competition. 

Email The Belt Team to schedule a Seller consultation or to request a FREE WRITTEN REPORT of your home’s value.

And now, for our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 9
• Average Days on Market for Active Listings: 106 days
• Average Days on Market for Listings That Went Under Contract: 78 days
• Inventory: 241 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.0 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 6.3 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 7
• Average Days on Market for Active Listings: 97 days
• Average Days on Market for Listings That Went Under Contract: 133
• Inventory: 92 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.8 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 5.4 months

If you’re thinking of buying or selling a home, call The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis. We’ll be happy to schedule a consultation and get very detailed about the homebuying or homeselling process so that you can make the decision that is best for YOU!

What’s happening in the Vienna & Oakton real estate markets? Are sales up or down? Are we in a “Buyers Market” or “Sellers Market”? How many homes are for sale?

Here are the highlights:

• Inventory in Vienna continues to rise slowly, while Oakton’s inventory remains steady. Vienna has 231 homes on the market and Oakton has 94.

• The contract rate in both Vienna and Oakton remains slow. Throughout 2011, Oakton has averaged about 6 homes per week going under contract. This past week, 3 homes went under contract. Vienna has averaged about 17 homes a week going under contract. But this week, we only saw 6.

• The rate at which homes are selling dropped significantly this week. It’s hard to tell yet if this is a trend since so few homes went under contract. But due to the season, it’s likely that it is. Of the 9 homes that went under contract, none sold in 10 days or less (as opposed to the previous week where 44% of the homes did.)

• As a result of the increased inventory and slowdown in sales, both Vienna and Oakton are either in or close to being in a ”Balanced Market”. Vienna has a 4.7 month housing supply (as opposed to the 2011 average of 2.8 months). While Oakton has a 6.2 month supply of homes (as opposed to the 2011 average of 3.4 months). Vienna still has some breathing room before the scales tip into a Buyers Market, but we will be keeping a close watch on Oakton since this is the first time in 2011 that Oakton’s supply has exceeded 6 months.

• No homes in Vienna or Oakton listed over $800,000 went under contract this week. Vienna has had only 4 homes in this price range go under contract in September. And the last home listed in Oakton above $800,000 that went under contract was on August 13th.

If you’re thinking of buying or selling a home soon, you may want to read:

• What Happens When Your Appraisal Comes In Low?
• Information Sellers Need To Know About Updates & Staging
• How Do You Know The “Best” Time To Buy Or Sell?

And you may want to listen to these excerpts from Real Estate Radio Washington:

• Selling Your Home - Don’t Make These Mistakes!
• Pricing Strategies for Sellers
• Is There A “Cost Of Waiting”? What Separates a Good Agent From a Bad Agent, More Importantly What Separates A Great Agent From A Good Agent?

Email The Belt Team to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

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

• Number of Contracts: 6
• Average Days on Market for Active Listings: 113 days
• Average Days on Market for Listings That Went Under Contract: 118 days
• Inventory: 231 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.6 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 4.7 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 3
• Average Days on Market for Active Listings: 96 days
• Average Days on Market for Listings That Went Under Contract: 33
• Inventory: 94 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 5.1 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 6.2 months