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Vienna Real Estate Market Is Crazy Busy

Vienna Real Estate Market Is Crazy Busy

Wherever I go around town, the first thing people always ask me when they find out I’m with The Belt Team is “How’s the market?”. When I respond “crazy busy” and they are surprised by my response, I know they must be national news watchers and not local blog readers. For whatever reason, there is still a perception among many that the real estate market is “bad” and that homes aren’t selling. But that is simply not the case. While we are not back in the days where homes were appreciating incredibly rapidly and in the blink of an eye (and that’s a GOOD thing because it was not healthy and could never be sustained) – we ARE back in the days where homes are selling, selling quickly and some are selling over list price.

A Preview of Spaces 21, 22 & 23 at the 2012 DC Design House

A Preview of Spaces 21, 22 & 23 at the 2012 DC Design House

This is the Eighth of an Eight-Part Feature on the designers’ vision and progress at the DC Design House, which is now open through May 13th. The DC Design House benefits Children's National Medical Center.

Victoria Sanchez of Victoria Sanchez Interiors in Alexandria, VA, www.victoriasanchezinteriors.com, was inspired by her own children for the design of Space 21, the Teenager’s Getaway. “I looked to their likes and dislikes, and their wants and desires as I created this design,” says Sanchez, who is excited to part of the Design House but also knows the amount of work that had to be completed in a short period of time.

Vienna/Oakton Real Estate Market Has Split Personality

Vienna/Oakton Real Estate Market Has Split Personality

Vienna and Oakton’s housing markets are still cruising along. With less than a 3 month supply of homes in Oakton and less than a 2 month supply in Vienna – yes, you guessed it – we remain in a Seller’s Market in both areas.

But let’s break things down a little more and check out what’s happening in different price ranges, because the reality is that while the overall statistics might say Seller’s Market, that may not be the case in every price range. (Statistics below are based on today’s housing inventory and the past 30 days sales.)

OAKTON:

Real Estate Sales Still Swift in Vienna

Real Estate Sales Still Swift in Vienna

Vienna and Oakton’s housing markets remain HOT. With less than a 3 month housing supply (2.5 months in Oakton and 1.5 months in Vienna), it’s officially a Seller’s Market in both areas! (Note though that this analysis is generalized for the entire market regardless of price range, property type, school district, etc. If you are looking to buy or sell, your Realtor should be doing an in-depth analysis depending on YOUR particular market. The higher price ranges, for example, are still moving at a slower pace. This could also vary by home type – with colonials selling much faster than split foyers or contemporary homes.)

Temperatures Tame, But Housing Market Is Hot!

Temperatures Tame, But Housing Market Is Hot!

This week, many of us celebrate Easter. There’s an old saying “don’t put all your eggs in one basket”. But maybe that’s exactly what you SHOULD be doing!

Vienna and Oakton’s housing market remain HOT. Sales are brisk and inventory remains low. Vienna remains in a Seller’s Market and with a slight decrease in inventory this week, Oakton is now teetering between a Balanced Market and a Seller’s Market.

Over the past week, 32 homes sold in Vienna and Oakton. Of those homes, 72% sold in 15 days or less. WOW!

Vienna's Real Estate Market Remains HOT!

Vienna's Real Estate Market Remains HOT!

A slight rise in inventory put Oakton back into a Balanced Market this week. (A Balanced Market is defined as a market with a 4-6 month housing supply, whereby the market is in its natural, healthy state with no advantage seen to either Buyers or Sellers.) Vienna, on the other hand, remains in a HOT Seller’s Market. Based on the past 30 days’ sales, Vienna has less than a 2 month housing supply! (Current housing supply is just 168 homes and in the past 30 days, 120 homes have gone under contract.) We are continuing to see multiple contracts and homes are selling quickly. In the past week, 42% of the homes that went under contract sold in two weeks or less!