September Housing Recap – Vienna

As I sort through the most recent Vienna real estate data posted for September I see that there is no shortage of subplots, each contributing to the broader picture. It is actually because of variables such as these that I rarely put much stock in the overall data set. It is of little good to know that in 22181 for instance, the average home price was $517,600 in September, down 21.6% from September 2009. The average home price for the entire zip code is too volatile of a statistic because it can be influenced by too many factors.

For instance, say that in a given month two extra $1m+ listings sell, but far fewer $400k – $450k listings sell. The average home price for the zip code would go up, but that would only overshadow the fact that trouble may be brewing in the more affordable markets, which is actually a better indicator (strictly in my opinion) of our market’s health. This argument is all the more true if you look at Vienna in it’s entirety and not just by Zip Code. Broad data points can make for easy headlines, but are typically of little use to individual homeowners. So let’s get to some information that could be meaningful.

SUBPLOT 1: New Construction Rules at $1m+ in 22180
Existing homes listed in the town of Vienna at over $1m have their work cut out for them. A high percentage of listings in the $1m – $2.5m range are for custom built new construction homes. Of the 6 homes listed as under contract in this price range, all are custom homes. It is tough to compete with custom selections, and a 1 year builder warranty.

SUBPLOT 2: 22182, The Most Balanced Market
Beginning at the $500k and ending in the $2.5m range the 22182 zip code offers the best balance in terms of inventory. Folks shopping in any price range on that scale will have decent selection. As is true in most beltway area zip codes, the $500k-$599k is the most populated as far as active listings. With an average sold price in September of $851,235, 22182 also holds the highest for Vienna.
$500k – $599k         22 Listings
$600k – $699k         15 Listings
$700k – $799k         14 Listings
$800k – $899k        19 Listings
$900k – $999k         10 Listings
$1m – $2.499m        45 Listings

SUBPLOT 3: The Variance in Year Over Year
Here are the changes by zip code year over year for September 2010 compared to September 2009. I believe this helps emphasize the point made above.
22180   +23.4%
22181    -21.6%
22182    +14.8%

If you would like a more accurate assessment of your home or neighborhood please feel free to contact me directly.

(data source for the above: ©2010 RealEstate Business Intelligence, an MRIS Company, Data provided by MRIS as of Oct 5, 2010)

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Charts Showing Avg. Time on Market Per Zip Code


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