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Homes Selling Quickly in Vienna

Homes Selling Quickly in Vienna

So far this year 122 new listings have come on the market in Vienna. Guess how many of those new listings are under contract? 70 of them. They sold in an average of 26 days. And 70% of them sold in a week or less.

What about the rest of Northern Virginia?

A Street Named After A Dog?!

A Street Named After A Dog?!

Unlike U2′s song “Where The Streets Have No Name”, the streets in most Northern Virginia neighborhoods DO have names. But you might be surprised to find out where the names come from!

Vienna Home Gets 11 Contracts!

Vienna Home Gets 11 Contracts!

The “bread & butter” housing market remains as tight as ever. 28 new listings came on the market in the past week; while 17 homes went under contract. The net of this is that inventory is up, but only slightly. And 35% of the homes that went under contract this week, did so in 5 days or less.

Anecdotally, we are seeing the same thing. Our open house attendance is through the roof and competing contracts are happening all over Northern VA. Last weekend in Vienna, a home was listed and held open. 72 people signed in to the open house. (This means there were probably well over 100 in attendance since many folks do not sign in.) By Sunday night . . . .

Buyers Should Pay Attention To Shadow Inventory

Buyers Should Pay Attention To Shadow Inventory

Have you ever heard the term “shadow inventory”?

Shadow inventory is normally a term that refers to a supply of homes that has not yet been put on the market, but is “lurking” in the background – usually real estate properties that are in foreclosure (REO or bank owned properties) or close to foreclosure.

But there really is another type of “shadow inventory” here in Northern Virginia; and if you’re a Buyer, you need to pay attention to this!

As you know, inventory around Northern Virginia is scarce. Homes are selling quickly and there is not a glut of homes on the market the way there was five years ago. Homes that are priced well, in a good location and in good condition are getting snapped up – and sometimes getting multiple, competing contracts and selling over list price. Places like Vienna, VA for example, only have 1.6 months of housing inventory. This is unheard of in recent years.

So what is a Buyer to do?

Vienna Housing Inventory Hits New Low

Vienna Housing Inventory Hits New Low

Inventory levels in both Oakton & Vienna remain low. Based on the past 30 days sales, Oakton only has 2.4 months of inventory. That’s low, but the real story is in Vienna. Vienna only has 1.6 months of inventory. We have been tracking weekly inventory levels since 2009. THIS IS A RECORD LOW SINCE THAT TIME! Can you say “Seller’s Market”?!

Savvy Sellers are taking advantage of this situation and instead of waiting until the “Spring Housing Market”, are selling now when competition is little to none. This past weekend, Terry Belt, CEO of The Belt Team, put two homes on the market – one in Oakton listed just under $600,000 and the other in Vienna listed just under $1,000,000. Both homes had a huge number of showings and were under contract in just 4 days. This story is being repeated all over Vienna. Last week 20 homes went under contract and 9 of those homes sold in a week or less.

Vienna Home Sales Keep Pace, Oakton Sales Lag Somewhat

Vienna Home Sales Keep Pace, Oakton Sales Lag Somewhat

If you follow the Vienna Oakton Real Estate Blog, you know that 2 weeks ago, sales in Vienna soared. This past week, sales were still fairly swift; but they lagged somewhat in Oakton. While Vienna has moved back into a Seller's Market (due to a jump in sales, but no corresponding jump in inventory), Oakton's Market remains Balanced. Here are the stats:

One Vienna Real Estate Team Outsells All Others in 2012

One Vienna Real Estate Team Outsells All Others in 2012

Year-end statistics are complete and once again in 2012, The Belt Team sold more Vienna homes than any other Realtor or team. This is the third year in a row and quite an achievement since there are almost 10,000 Realtors in the Northern Virginia Association of Realtors (NVAR). In addition, resale listings sold by The Belt Team sold faster and for more money than the “average agent”.