Vienna/Dunn Loring, VA Market Report – 5/2/13

03 May
May 3, 2013

Is it true that the market is recovering?  Well, based on reports that the Total Sold Dollar Volume is down from a year ago, and statistics showing that Northern Virginia has an incredibly low number of one month’s worth of inventory, all numbers support what we have been hearing in the news. The market is soon to be completely recovered, and this is a great news for Sellers!

Days of homes on market are down by almost 50%, sales price is up 5%, and active listings are down 35%.  Not only that, but in Vienna, we’re seeing cash and conventional financing dominating the market as opposed to FHA financing, meaning that the average Vienna buyer is very well qualified.  The market is doing better compared to a year ago - what a relief!

March 2013 Real Estate Market Statistics for 22182 Vienna, VA

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$13,732,800

-24.21%

+3.3%

Closed Sales

18

-28%

0%

Median Sold Price

$713,000

-0.28%

+8.19%

Avg Sold Price

$762,933

+5.27%

+3.3%

Avg Days on Market

50 days

-45.05%

-32.43%

Avg Sold to Orig List Ratio

99.37%

+4.51%

+2.52%

However, what does this truly mean for Vienna buyers? With the market picking up as fast as it has and only a month’s worth of inventory, the pressure is on for buyers! It’s only a matter of time before interest rates start going up, along with sale prices, and a shorter time-frame to decide to put an offer on the house you fall in love with.

My suggestion for the Vienna buyer is to be patient, and make arrangements as soon as possible to begin the journey to become a home owner. Start looking for an agent, get your finances together, and make the jump in order to take advantage of the low financing rates and sale prices. As for the Vienna Sellers, now is the time to sell if you’re looking for a quick turnaround, especially now that there’s a need for a larger inventory.

If you would like to talk to someone that really understands our local market, do not hesitate to give one of our agents at the Tysons Corner location a call!

Market data and commentary provided by Chris Brown, Manager of the Tysons Regional Office,  Avery-Hess, Realtors.

Search for homes in Vienna, Dunn Loring, and all of the DC Metro: www.averyhess.com

Erica Higgins

Administrative Manager & Marketing Assistant at Avery-Hess, Realtors
Front Royal
Office: (540) 631-9009
Email: ehiggins@averyhess.com

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