Vienna Real Estate: Year In Review Plus Current Trends

If you’re thinking of buying a home in Vienna in 2015, then you’re probably wondering things like:

• “How long are homes on the market?”
• “Will I have to pay over list price or can I get a deal? Buyer’s Market or Seller’s Market?”

If you’re thinking of selling a home in Vienna in 2015, you’re probably wondering:

• “How long will it take to sell my house?”
• “Will I have to negotiate my list price? Seller’s Market or Buyer’s Market?”

Even if you're not buying or selling right now, you may just be curious about what your home is worth.

FREE Online INSTANT Home Valuation Estimator

Well, let’s look at 2014 statistics as they are often an indicator of what you can expect:

• Average Days on Market in Vienna: 44 days
• Sold Price as % of Original List Price: 97.5%

Terry Belt, CEO of The Belt Team commented, “Last Spring we saw lots of competition for the best listings in the market. As spring became summer, and summer turned into fall – the market slowed a bit and became very price sensitive. Time will tell as to what 2015 has in store, but The Belt Team is already working with a number of Buyers and Sellers in Vienna and the market has started out briskly. In 2014, this was also the case – and homes that sold in January/February sold for an average of $16,000 more than those that sold in March/April.”

Click here to see current trends (average home prices, day on parket, pending sales, etc) as compared to the past 5 years.

(Note: Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS. Call 703-242-3975 for details.)

If you’re selling a home, your next question may be – “Is there a way to sell faster and for more than average?” And the good news is YES!

The best way to do that is to hire the real estate team with the best proven track record of success in Vienna. And THAT is The Belt Team. Check out Belt Team statistics for Vienna home sales:

Over the past 10 years, The Belt Team has consistently sold more homes in Vienna than ANY other agent or team. With $371 Million in sales (416 homes) – that’s $76 Million more! And 45% more homes! There are more than 10,000 agents in Northern VA. No others have sold more than $100 million in the past 10 yrs!

     

In 2014, Belt Team listings in Vienna SOLD ALMOST A MONTH FASTER than the average agent’s.

Translation? Our Sellers saved almost a full mortgage payment and had a lot less stress from keeping their homes in “showing condition”.

• Average Days on Market – The Belt Team: 20 days
• Average Days on Market – “Average Agent”: 44 days

In 2014, Belt Team’s listings SOLD FOR 2.2% MORE of list price than the average agent’s. And for a higher percentage than ANY other top team/agent.

(As an example, a Seller of a $900K home would have pocketed almost $20,000 more!)

• Sold Price as % of Original List Price – The Belt Team 99.7%
• Sold Price as % of Original List Price – “Average Agent”: 97.5%

Cal The Belt Team at (703) 242-3975 if you would like to buy or sell a home in Vienna. Not only do we sell more home in Vienna, but many of our team members have lived here for years. Terry Belt & Christy Belt Grossman grew up in Vienna, have lived here since 1972 and are now raising their families in Vienna. Kevin Klefiges has also lived in Vienna since he was a child. Jerry & Gail Belt live in Reston now, but lived in Vienna for more than 30 years. We know the schools, the parks, the commuter short cuts, the history and all the things that make Vienna a most special place to live. Not only do we sell homes in Vienna, but with genuine enthusiasm & experience, we sell the entire community.

FREE Online INSTANT Home Valuation Estimator

• Search Vienna Homes For Sale Under $500,000
• Search Vienna Homes For Sale $500,000 to $700,000
• Search Vienna Homes For Sale $700,000 to $800,000
• Search Vienna Homes For Sale $800,000 to $1 Million
• Search Vienna Homes For Sale $1-$1.25 Million
• Search Vienna Homes For Sale $1.25-1.5 Million
• Search Vienna Homes For Sale $1.5 Million & Up

 Don’y you deserve the BEST Realtor in Vienna?

4 Things To Know About Vienna For Your Next Cocktail Party

Next time you go to a cocktail party in Vienna, and you hit an awkward patch of conversation, here are four conversation starters:

1. Did you know that the entire student body at Madison High School was assigned the same book for summer reading? It's called "Peak". Have you read it?

2. Why do you think the Town of Vienna has so many mattress stores? You'll find Sleepy's, Mattress Discounters, Savvy Rest & Urban Mattress all within a few blocks of one another. (I'm wondering if Vienna really is a sleepier town that I think!).

3. Did you know the average home price in Vienna this year is up 8.7% over last year? When did you buy your house? (Side note: I built my house in 1986 and paid $139,700. It's now assessed at just under $700,000 and would likely sell over $800,000.)

4. I love trying all kinds of foods. Did you know there are more than 20 types of ethnic restaurants in Vienna - Greek, Mediterranean, American, Italian, Asian Fusion, Persian, Iranian, Irish, Afghan, Middle Eastern, Japanese, Latin American, Thai, Chinese, French, Vietnamese, Pakistani, Lebanese & Indian! What's your favorite?

Happy Gabbing!

Pace of Vienna Real Estate Market Quickens

We normally keep our blog posts about Vienna real estate separate from our "Life In Vienna" blog, but sometimes the news just needs to be shared. A lot of folks who follow along on this blog are people who are thinking about moving to Vienna and many are people who already live here. And since home values & real estate seem to be part of every dinner party or baseball game conversation, we figured we'd post a quick update.

In the past 30 days, homes in Vienna went under contract at the fastest pace we’ve seen this year.

In a “Balanced Housing Market", there is about 6 months of housing inventory. Current supply in Vienna is only 1.1 months!

Statistics show we are almost to the point where for every home listed, a home goes under contract!

In the past 30 days, there were 114 new listings – and 105 homes went under contract. With home sales moving so swiftly, it's pretty obvious that we are not the only ones who LOVE LIVING IN VIENNA!

For more info on the Vienna real estate market, follow our weekly, hyperlocal updates on our Northern VA Real Estate blog.

What Does The Future Hold for Vienna Real Estate in 2012?

The New Year is upon us. But if we travel back to 2007-2009 and first review the news headlines, one would think it was Halloween for several years in real estate. You may remember some of these news bytes:

“Housing Horror”- Crain’s Business

“U.S. Housing Crash Deepens in 2008 After Record Drop” - Bloomberg

“Worst Case Scenario” CNN/Fortune

and on and on . . . .

  
It was “Friday the 13th” every day for a while as literally every local market in the country experienced falling sales and homes values as buyers froze and the banking, mortgage, building, and residential brokerage industries came to a virtual standstill.

In Northern Virginia, depending on location and price range, values dropped between 25-50 percent from peak, new home construction slowed drastically, some national builders left our market or went out of business, and many local small builders went bankrupt or could not obtain construction financing. The number of real estate agents and mortgage brokers began to shrink. Consumer confidence was at all-time lows. And in 2009, the Northern Virginia area lost jobs for the first time since 1990-1992.

It’s good to learn from the past and not to live in it.


At the end of 2011 and headed in to 2012, local headlines read differently. Reminding ourselves that residential real estate is local, local, local and not a national market, our region has performed fantasticly compared to most every other market in the USA. Vienna in particular was ranked the #5 best housing market in the USA according to a recently released study by Bloomberg/BusinessWeek with median home values increasing almost 13% in 2011. Yes, 13%, that is not a “typo”! While not ranked in the report, many of the other local adjacent communities are doing comparatively well, especially as you get closer to Washington, DC. Thanks to a healthy local economy and extremely affordable interest rates for mortgages, we are experiencing the most stable market since the frenzied run up of 2004-2007.


According to the GMU Center for Regional Analysis, Northern Virginia’s unemployment rate is at 4.5%, which is about one half the national rate. A significant number of new jobs were added in 2011 and many of those were filled with people relocating to our area. The market theme most weeks and almost every month in 2011 was a decrease in the inventory of homes compared to the week/month before and year over year. The latest numbers show that as of December 12, 2011 the Washington, DC region had 48,934 versus 64,266 units during the same week of 2010. That’s a whopping 23.9% decrease. The months’ supply of homes is now 6.1 compared to almost 8 months a year ago. Locally the month’s supply is between 2-6 months depending on price range, home style and type. A 5-6 month supply of homes is considered to be a balanced market between buyers and sellers.

                                  
The data also shows that total sales volume for 2011 is less than 2010 and if you read news headlines highlighting this it can be misleading. The truth is that sales are off because there are fewer new listings, especially attractive homes that people want to buy. The result is a pressure on prices to increase, which we saw in 2011. Some headlines will also state the fact that in most areas the time to sell a home has increased and the percentage of list price is decreasing. Again, the uneducated buyer or seller that relies on headlines and sound bytes might think that it is a buyer’s market. The truth is that homes that are prepared properly, show well and are priced to what the market comparables indicate value is are selling quickly in weeks not months and in many cases with more than one offer.

So what is in store for 2012?

  
The local real estate market is not as volatile as the stock market and residential real estate markets move at a much slower pace. While we always experience temporary fluctuations in local housing activity that affect the psychology of buyers and sellers due to national news events like the recent credit rating downgrade by Standard & Poor’s or 911 or local incidents like the sniper attacks, weather, earthquakes, etc; the local trends we see in housing are expected to sustain in the new year. As long as mortgage rates remain at or near historical lows, affordability at all time highs and our local economy is healthy, expect 2012 to look very similar to 2011.

This is what the final report from The GMU Center for Regional Analysis titled “Housing the Regions Future Workforce. Policy Challenges for Local Jurisdictions” stated in the summary of key research findings in the 4th quarter of 2011:

“Over the next 20 years, the Washington DC metropolitan area will add more than a million net new jobs. At the same time, the region will need 1.8 million replacement workers to fill jobs vacated by retirees and others. The ability to absorb these new workers into the region and to ensure robust regional economic growth depends critically on providing a sufficient amount of housing of the right types and prices and in the right places.” “If each jurisdiction provided enough housing to accommodate all of its future workers, the Washington DC region needs to add 731,457 net new housing units between 2010 and 2030.”

If the research and forecast for population and job growth is even remotely accurate, the future for housing in our area is sound. Happy selling and buying in the new year to come!

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. Our expertise is the Northern Virginia real estate market and we are #1 in Vienna. 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. (Why You Don’t Want To Miss Out On “The Belt Team Experience”!)

It May Be Flu Season, But Vienna's Real Estate Market Is Healthy!

We normally try to keep our blog posts on "There's No Place Like Vienna (Dot Com)" about things other than real estate. (We publish a separate blog where we cover the Northern Virginia real estate market.) And over the past year, we've written about lots of reasons why we love living in Vienna - its history, the big-hearted people, free fitness opportunities, Vienna's "Secret Side", baseball, the music scene , the fun of cross-town rivalries, the fab restuarants, school spirit & more.

But you can't really talk about why you love living somewhere without sometimes talking about the real estate market - especially when it's so good. In fact, Bloomberg Business Week recently listed Vienna as the #5 Best Housing Market in the country!

You may have noticed that the blog post published previous to this one was posted back in September. It's not because we ran out of reasons why we love living in Vienna. It's because we have been so busy helping our Buyer & Seller clients. And while it may be flu season, the real estate market in Vienna is healthy!

If you want to know more about what's specifically happening in the Vienna housing market, you can read more on our blog - weekly statistics, advice for Vienna buyers & sellers , etc.

The real estate market is healthy here - just another reason why we LOVE living in VIENNA!

Welcome to Spring!!

SPRING??!?!

Tonight they're calling for snow, so why are we saying "Welcome to Spring!"?

Well, for those of us who are "behind the scenes" in the real estate world, Spring has already started. Buyers are out looking and Sellers are busy prepping their homes for market. We normally keep our "Northern Virginia Real Estate" blog and our "Life In Vienna" blogs separate, but since this is a blog about "Life In Vienna" - we can't ignore the topic of real estate. Isn't that everyone's favorite cocktail party conversation?

If you're thinking of buying or selling your home this year - or maybe you're just curious about "the market" - you might want to take a look at our Northern Virginia real estate blog. If you listen to the national news only, you may be getting a false sense of what is happening in our local Vienna real estate market. For while many areas around the country are truly suffering, Vienna is not generally one of those areas. In fact, Forbes recently named Washington DC as #1 on their list of "Cities Where Home Values Will Rise Most in 2011"!

The Belt Team tracks the market very closely - both statistically and anecdotally. We have information that many folks don't - because we are the #1 Real Estate Team in Vienna. (There are more than 10,000 Realtors in Northern VA. And the next top agent in Vienna sold less than half as many homes as us last year.) We have our finger on the pulse of Vienna and we post updates about the Vienna market once a week. So if you want to know what's happening in Vienna Real Estate - come join the conversation on our real estate blog. It's quite interesting!

(Vienna is currently experiencing a healthy, balanced real estate market - just another reason why WE LOVE LIVING IN VIENNA!)

Inventory Going Down, Down, Down

The story in Vienna real estate today is that inventory is going DOWN, DOWN, DOWN. The number of homes on the market in Vienna is at its lowest level since March 2010. With that being said, we are still seeing very healthy numbers of contracts.

You can read details about Vienna's real estate market weekly on The Belt Team's Northern Virginia Real Estate Blog.

I Know What They Were Asking, But What Did It Really Sell For?

August sales & stats are out for Vienna real estate. If your neighbor's home was for sale and sold last month - and you've been wondering how much they REALLY got for it - you can find out on The Belt Team's Northern Virginia Real Estate Blog. (Oakton stats are posted as well!)

Vienna Real Estate Update

So . . . you know what your neighbors were asking for their home - but what did it actually sell for? Here's a list of all the settled sales in Vienna, VA (22180, 22181, 22182) for July 2010.

Plus - check out this new listing on Arabian Avenue in The Trails!

Vienna Real Estate Update

So . . . you know what your neighbors were asking for their home - but what did it actually sell for? Here's a list of all the settled sales in Vienna, VA (22180, 22181, 22182) for June 2010.

And how did the Vienna real estate market fare in June? Check out June Sales & Stats here.

Foreclosures & Short Sales in Vienna, VA?

We are often contacted by folks who are looking to buy a foreclosure or short sale in Vienna, VA. After all, don’t we hear about foreclosures and short sales in the news all the time? Here are some things you may be interested to know (and it might not be what you think!):

Foreclosures & Short Sales in Vienna, VA

Sellers Market In Vienna?

Average days on market is still trending to the low side for 2010 in Vienna, while the number of months supply is at its lowest level ever for 2010 - with only a 2.3 month supply of homes. This puts us in a Sellers Market in Vienna. (Keep in mind that this is a general statement. If you are looking to buy or sell, make sure you talk to your Realtor about the inventory and supply of homes in your specific price range, school district, etc.)

Click here for today's full Vienna Real Estate Update .

Homes Selling Quickly In Vienna

In the past week, 40 homes in the Vienna Oakton area went under contract. Of those 40 homes, 20 sold in 10 days or less. WOW! Click here for a full Vienna Real Estate Update.

Open Houses This Sunday, April 18th

440 Windover Ave NW - 1 to 4

9604 Thistle Ridge Lane - 12:30 to 4:30

More Info About The Open Houses in Vienna

Vienna Real Estate Update

Come and See!

Two fabulous homes will be held open in Vienna this weekend.

Stop in and see 10240 Dunfries Road :



and 201 Charles Street SE.



Vienna Open House Info

Vienna Oakton Real Estate - How's The Market?

Contracts are up . . .

Inventory is up . . .

Average days on market is down . . .

Want more info?

Read our detailed weekly Vienna Real Estate Update here.

Vienna Oakton Real Estate - Spring Has Sprung

Just as the blossoms on the cherry trees are beginning to come out, Spring has sprung in real estate. Let’s take a look at what has happened in the Vienna Oakton real estate market over the past week:

Vienna Oakton Contracts

•39 homes in the Vienna Oakton area went under contract in the past week. This is 22% more contracts than in any other week in 2010.
•82% of the homes that went under contract this week were listed under $775,000
•10% of the homes that went under contract this week were listed above $1,000,000

Click here For the full Vienna Oakton Real Estate Update

Neighborhood Spotlight - Waverly

The Belt Team LOVES selling homes in Waverly. Waverly is a wonderful subdivision of 148 homes in Vienna - near Wolftrap Elementary School and in the Madison High School district. It’s about halfway between the “Heart of Vienna” and Wolftrap Farm Park and is one of Vienna’s most popular “sidewalk” communities.

And it’s where several members of The Belt Team grew up. In fact, 5 of the 8 Belt Team members have lived in Waverly. Remember the days when kids played neighborhood flashlight tag at night and kickball during the day? When kids built tree forts & caught pollywogs in the creek? We certainly do. Because that’s what we did many years ago when we lived in Waverly. Waverly was popular then and it remains popular now. (There’s even a Facebook group called “The Kids of Clachan Court & Waverly Development”.)

Waverly Real Estate Update

Open Houses in Vienna This Weekend

10240 Dunfries Road in Vienna - $889,000
Sunday, Feb 28 from 1PM to 4PM

Francis Young Estates in Vienna - $1,249,900
Sunday, Feb 28 from Noon to 5PM

201 Charles Street SE in Vienna - $1,295,000
Sunday, Feb 28 from 1:30PM to 4PM

Directions and More Information on Open Houses in Vienna

This Week in Vienna Real Estate

What happened in the Vienna market over the past week? Here are the highlights:

~ More homes went under contract in Vienna this past week than any other week so far this year!

~ Inventory is slightly up. (Spring has sprung in real estate.)

~ Months supply in Vienna is almost down to 3 months.

Click here for a detailed Vienna Oakton market update.

Click here to request an in-depth market update for Vienna - your specific neighborhood (or one you'd like to live in!) - or any Northern Virginia area!

Search the MLS for Vienna homes.