After a few conversations with builders this month, my interest in Vienna has increased. I wanted to take a look at the real estate picture for the city as a whole this year, so I pulled the sales figures for Vienna in 2017 and compared them to the same period of 2016.
Here’s what I found:
Vienna Virginia 2017 Market Report
Meadowlark Gardens in Vienna VA
The numbers indicate that the Real Estate Market in Vienna VA has seen strong growth so far this year:
The average sale price increased 6% and the number of homes sold jumped 15% over the same period of 2016.
So as a whole, it’s been a good year in Vienna so far. Homes are selling at a fast rate (64 days on average) and for over 97% of the original list price.
All signs point to this strong growth continuing through the rest of the year, and the current inventory situation bears this out:
180 single family homes are currently listed for sale in Vienna VA, and there are 89 pending sales. That gives us 121 days of inventory currently on the market. This is indicative of a modestly strong seller’s market. When you look a little closer at the inventory, current inventory is heavily weighted with homes listed for $700,000 and higher. In fact, only 4 of the homes are listed for less than $700,000, and 3 homes are listed for $1,000,000 or more.
In this neighborhood, homes at the higher end of the price range tend to stay on the market a bit longer. If you split the inventory into 3 categories, it give a clearer picture as to what’s currently on the market:
- Homes Listed for less than $700,000: 14 Active Listings / 12 Pending Sales= 2.3 Months of inventory
- Homes Listed for $700,000-$850,000: 29 Active Listings / 15 Pending Sales = 3.8 Months of inventory
- Homes Listed for $850,000-$1,000,000: 20 Active listings / 14 pending sales = 2.8 Months of inventory
- Homes Listed for $1,00,000-$1,250,000: 29 Active listings / 18 pending sales = 3.2 Months of inventory
- Homes Listed for $1,250,000-$1,500,000: 42 Active listings / 18 pending sales = 4.6 Months of inventory
- Homes Listed for $1,500,000-$1,750,000: 29 Active listings / 9 pending sales = 6.4 Months of inventory
- Homes Listed for $1,750,000-$2,000,000: 8 Active listings / 3 pending sales = 5.3 Months of inventory
- Homes Listed for $2,000,000+ : 9 Active listings / 2 pending sales = 9 Months of inventory
In terms of market conditions, an inventory of 4 months or less is a sellers market, 5 to 7 months is a balanced market, and 8 or more is a seller’s market.
So according to the current market conditions in Vienna, the lower end of the market is a strong seller’s market, the middle price range is a balanced market, and the upper end of the price range is a buyers market. This is typical for high-end markets in Northern Virginia, where homes under $1 Million generally sell very quickly while homes at the high end of the market tend to sit for longer periods of time.
What that means for home sellers:
It’s a great time to sell if your home is worth less than $1,250,000, with relatively few single family homes for sale and a quick average sale timeframe in that price range. If your home falls into the higher end of the price range, now may not be the best time to sell. For homes that fall in the $1.3-2 Million Range, the qualities of your property will determine whether now is the ideal time to sell or not. If you’re curious about your home, feel free to get in touch – 703-928-7109
What that means for home buyers:
Now is an ideal time to buy in Vienna if you’re looking for a high-end home. It’s a buyer’s market, which for the top areas of Northern Virginia is a rarity.
If you’re looking for something on the lower or middle end of the price range you need to be pre-approved, and willing to put an offer on a home very quickly. There will be competition for any quality property that hits the market in Vienna, and a good Realtor® can mean the difference between getting the home you want, and losing out to another buyer.
Vienna is popping off this year!
Want to know more about the current market? Feel free to get in touch with me anytime.
Lou Sagatov, Realtor®
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