Today I’ve decided to expand the scope of my Spring market reports to Vienna. Specifically, a neighborhood in Vienna where I have done a lot of business over the decades: The Vienna Woods Neighborhood of Vienna VA. For those of you who aren’t familiar, here’s a bit about Vienna Woods:

Most neighborhoods have a mixture of ages of homes in them, from new to old, but this neighborhood stands out due to its concentration of residential real estate built in one time frame: from 1940 through 1969, generally considered older, well-established homes. This was a busy time in America for home construction. After the end of World War II, as GIs came home, bought newly built homes on the edges of cities with the help of the GI Bill, and began their families. This housing era generally coincides with the ‘Baby Boom’ generation (1945 – 1964), and many baby boomers grew up in homes built in this era. But what is so interesting about the Vienna Woods neighborhood, is that an incredible 86.6% of the homes here were built in this era. So when you walk its streets or drive through, this neighborhood has a look and feel that harkens to that era in American life, a very important slice of Americana.

(Source: https://www.neighborhoodscout.com/va/vienna/vienna-woods )

It’s been a little while since I’ve looked at the market in Vienna Woods, and I wanted to see what’s been happeing. So I pulled the sales figures for Spring 2017 and compared them to Spring 2016.

Here’s what I found:

This year, the Spring Market in Vienna saw strong growth in average sales price over the same period of 2016. On average, homes sold for 21% more in 2017 than in 2016 during the Spring market.

This is a huge increase in sale price year over year, so I decided to dig a little deeper by looking at the distribution of home sale prices:

When you look at the distribution of homes sold in 2017 vs 2016, a strong trend becomes apparent: The bottom end of the market saw heavy activity in 2016, while the high end of the market saw heavy activity in 2017.

This is not a coincidence. The number of new construction homes sold in 2016 was 7, while the number of new construction homes sold in 2017 was 15.

So all evidence points to a lot of interest by builders and developers in this neighborhood over the past two years. They bought homes on the low end in 2016, built new homes on the land, and sold those homes in 2017.

When you look at the current inventory in Vienna Woods, the strong trend of redevelopment is pretty clear cut. There are currently 15 active listings in Vienna Woods:

• List Price Less than $650,000 – 2 Homes for Sale
• List Price $1,299,999 and above – 13 Homes for Sale

12 of the 15 homes currently for sale in Vienna Woods are new construction. With 9 pending sales, a rough estimate of the current inventory is:

• 100 days of inventory currently on the market.