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Understanding inventory pressure

February 13, 2012 By Doug Francis

Northern Virginia Real Estate Trends 2013

Available Inventory after the rate bump has increased. Trend is unlike previous years. Click to enlarge.

Really, what’s the deal?

Have you been looking at homes recently only to find that the listing you saw on Trulia.com  Wednesday afternoon is now under-contract?

Well, that’s an issue in some areas for many buyers engaged in Northern Virginia real estate going into Fall 2013. But this three year chart for the entire Northern Virginia real estate market tells a different story with the overall inventory actually increasing. Take a look at this three-year snapshot and note the number of “active” listings increasing at the end of August.

If you are a current home buyer then you are probably thinking, “that’s what I am seeing”.

The factors that have been influencing consumer behavior have been:

  • uncertainty about the economy and job market like most parts of the country
  • the continuous downward trend in mortgage interest rates have made existing mortgages more affordable through refinancing.
  • a decision to stay-put

A stronger interest in “staying-put” has become the big influencer for existing home owners that are making real estate decisions. People are taking a second look at their communities in Northern Virginia and recognizing that they live in nice areas already.

So, why move? The grass certainly doesn’t look any greener and the commute looks longer!

As a result, I have met with many home owners in Vienna, McLean and Oakton Virginia who have decided to remodel and expand their homes rather than move.

My buyer clients understand that our strategy is essential

So, if you are a home buyer then you are caught in a “squeeze play” – the home owner affordability index works in your favor but fewer people are selling their homes. Rather than a hit or miss approach, having a clear strategy from the get-go includes much more than having a pre-approval letter from a mortgage professional.

These charts will update monthly so let’s watch the trend change. (Hint: BOOKMARK this page)

Vienna Virginia Real Estate Trends

McLean Virginia Real Estate Trends

These charts can be re-engineered depending on what you are looking for from the real estate stats, so if there is something missing then let me know via email or comment below.

 

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Filed Under: Blog, Home Buyer Tips Tagged With: Northern Virginia, real estate, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house, we were thinking about raising the kids, updating, and building an addition. With our kids now out of college, our plans are looking at our next phase, especially after seeing friends move away and adjust their lifestyles.

So, what’s next after 25 years? It’s a conversation lots of my clients are having with me as they plan to move to the beach, travel, or move closer to grandkids. Helping them see their future, sell their current home, and move ahead to their new plan has been an interesting new chapter.

My background… I am an active licensed agent in Virginia, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let me help you too: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

6808 BROYHILL ST
MCLEAN, VA
Photo of 6808 BROYHILL ST, MCLEAN, VA 22101 (MLS # VAFX2137956)
$2,499,000
49
  • Lot Size
    16,989 sqft

  • Home Size
    6,708 sqft

  • Beds
    6 Beds

  • Baths
    7 Baths

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Vienna Real Estate

  • $2,199,888 102 JAMES DR SE
    VIENNA, VA
  • $1,295,000 2511 BABCOCK RD
    VIENNA, VA
  • $1,088,888 8807 HIGDON DR
    VIENNA, VA
  • $1,495,000 610 MEADOW LN SW
    VIENNA, VA
  • $3,600,000 626 HILLCREST DR SW
    VIENNA, VA
  • $1,795,000 904 DALE CT SE
    VIENNA, VA
  • $1,200,000 9838 CORAL BELLS CT
    VIENNA, VA
  • $3,300,000 10009 MURNANE ST
    VIENNA, VA
  • $2,525,000 131 KINGSLEY RD SW
    VIENNA, VA
  • $599,000 3005 SPICE CT
    VIENNA, VA
102 JAMES DR SE
VIENNA, VA
Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
$2,199,888
Lot Size
10,019 sqft

Home Size
1,062 sqft

Beds
5 Beds

Baths
7 Baths

2511 BABCOCK RD
VIENNA, VA
Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
$1,295,000
Lot Size
14,811 sqft

Home Size
3,240 sqft

Beds
4 Beds

Baths
4 Baths

8807 HIGDON DR
VIENNA, VA
Photo of 8807 HIGDON DR, VIENNA, VA 22182 (MLS # VAFX2149464)
$1,088,888
Lot Size
10,455 sqft

Home Size
2,410 sqft

Beds
5 Beds

Baths
3 Baths

610 MEADOW LN SW
VIENNA, VA
Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
$1,495,000
Lot Size
N/A

Home Size
3,368 sqft

Beds
6 Beds

Baths
6 Baths

626 HILLCREST DR SW
VIENNA, VA
Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
$3,600,000
Lot Size
23,523 sqft

Home Size
9,092 sqft

Beds
7 Beds

Baths
9 Baths

904 DALE CT SE
VIENNA, VA
Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
$1,795,000
Lot Size
10,455 sqft

Home Size
4,937 sqft

Beds
5 Beds

Baths
5 Baths

9838 CORAL BELLS CT
VIENNA, VA
Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
$1,200,000
Lot Size
20,038 sqft

Home Size
3,020 sqft

Beds
4 Beds

Baths
4 Baths

10009 MURNANE ST
VIENNA, VA
Photo of 10009 MURNANE ST, VIENNA, VA 22181 (MLS # VAFX2149646)
$3,300,000
Lot Size
21,780 sqft

Home Size
9,750 sqft

Beds
7 Beds

Baths
9 Baths

131 KINGSLEY RD SW
VIENNA, VA
Photo of 131 KINGSLEY RD SW, VIENNA, VA 22180 (MLS # VAFX2149584)
$2,525,000
Lot Size
21,780 sqft

Home Size
7,793 sqft

Beds
6 Beds

Baths
7 Baths

3005 SPICE CT
VIENNA, VA
Photo of 3005 SPICE CT, VIENNA, VA 22181 (MLS # VAFX2148724)
$599,000
Lot Size
1,307 sqft

Home Size
1,940 sqft

Beds
5 Beds

Baths
4 Baths

  • 102 JAMES DR SE
    VIENNA, VA
    Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
    $2,199,888
    Lot Size
    10,019 sqft

    Home Size
    1,062 sqft

    Beds
    5 Beds

    Baths
    7 Baths

  • 2511 BABCOCK RD
    VIENNA, VA
    Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
    $1,295,000
    Lot Size
    14,811 sqft

    Home Size
    3,240 sqft

    Beds
    4 Beds

    Baths
    4 Baths

  • 8807 HIGDON DR
    VIENNA, VA
    Photo of 8807 HIGDON DR, VIENNA, VA 22182 (MLS # VAFX2149464)
    $1,088,888
    Lot Size
    10,455 sqft

    Home Size
    2,410 sqft

    Beds
    5 Beds

    Baths
    3 Baths

  • 610 MEADOW LN SW
    VIENNA, VA
    Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
    $1,495,000
    Lot Size
    N/A

    Home Size
    3,368 sqft

    Beds
    6 Beds

    Baths
    6 Baths

  • 626 HILLCREST DR SW
    VIENNA, VA
    Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
    $3,600,000
    Lot Size
    23,523 sqft

    Home Size
    9,092 sqft

    Beds
    7 Beds

    Baths
    9 Baths

  • 904 DALE CT SE
    VIENNA, VA
    Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
    $1,795,000
    Lot Size
    10,455 sqft

    Home Size
    4,937 sqft

    Beds
    5 Beds

    Baths
    5 Baths

  • 9838 CORAL BELLS CT
    VIENNA, VA
    Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
    $1,200,000
    Lot Size
    20,038 sqft

    Home Size
    3,020 sqft

    Beds
    4 Beds

    Baths
    4 Baths

  • 10009 MURNANE ST
    VIENNA, VA
    Photo of 10009 MURNANE ST, VIENNA, VA 22181 (MLS # VAFX2149646)
    $3,300,000
    Lot Size
    21,780 sqft

    Home Size
    9,750 sqft

    Beds
    7 Beds

    Baths
    9 Baths

  • 131 KINGSLEY RD SW
    VIENNA, VA
    Photo of 131 KINGSLEY RD SW, VIENNA, VA 22180 (MLS # VAFX2149584)
    $2,525,000
    Lot Size
    21,780 sqft

    Home Size
    7,793 sqft

    Beds
    6 Beds

    Baths
    7 Baths

  • 3005 SPICE CT
    VIENNA, VA
    Photo of 3005 SPICE CT, VIENNA, VA 22181 (MLS # VAFX2148724)
    $599,000
    Lot Size
    1,307 sqft

    Home Size
    1,940 sqft

    Beds
    5 Beds

    Baths
    4 Baths

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Home sellers are often caught off guard when I explain that today’s home buyers will decide on their house before ever stepping foot in it. The days of spending hours driving around looking at seven, eight, or nine houses on a sunny Saturday are over. Yes, meeting at 9:00 a.m. to review the available listings […]

“Doug nailed it! Within days, we had three offers, one of which not only met, but far exceeded all of our goals.”
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“We are so thankful we found Doug to guide us through the complex home selling and buying processes!”
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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2023 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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