- Homes currently for sale: 47
- Closed sales for homes in October 2013: 7
- Average sale price: $740,857
- Average list price: $772,531
- Sales price to list price ratio: 95.9%
- Average days on the market: 39
- Number of sales currently pending: 26
- Oakton Absorption rate for homes: 6.71 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
This Oakton home market report analyzes sales of detached, single family homes (not sales of condominiums or townhouses) in Oakton, VA 22124. As you can see from the current inventory, which is 6.71 months as of today, November 14th, home sales in Oakton are currently in a balanced market. The average number of days on the market in October was 39, which was lower than the September average of 49. October’s average was significantly lower than average over the last 5 years in October, which was 63. A lower average often signifies higher demand in an area, but it can also be caused by competitive home pricing.
Currently Listed Oakton Single Family Homes for Sale
The contract ratio for home sales in Oakton in October was 0.34. The contract ratio is the number of pending sales compared to the number of active listings that haven’t yet gone under contract. This represented an increase from the contract ratio in September, which was 0.16, and it was the same as the average contract ratio over the past five years in October, which was 0.34. Generally speaking, a higher contract ratio indicates market movement toward sellers, while a lower contract ratio indicates market movement toward buyers.
If you’re considering selling your home in Oakton, call me on my cell phone at 703-462-0700 to request a free comparative market analysis. This will give you an idea of the fair market value of your home and will help you decide if this is the right time for you to sell.
If you’re in the market for an Oakton home, contact me so I can help you get the best deal possible. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Oakton home market very well.