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Vienna enjoys condo-mania in home sales
While Vienna home sales declined modestly for 2007, the luxury condo category actually showed an increase.
These were the findings of Ying Ying Li at Long & Foster in Vienna, when she broke down the sales figures for Fairfax County communities.
In Vienna, with its 22180, 22181, 22182 and 22027 ZIP codes, condo sales rose by 22.5 percent, to a total of 109. This compared well with sales of single-family homes and townhouses. Those dropped by 4.2 percent and 7.1 percent, respectively.
The result was an overall dip in all home sales of 2.2 percent.
At the same time, the median price rose for townhouses, while declining for condos and single-family homes. Prices went from $395,000 to $355,000 and from $752,500 to $730,000 respectively, for condos and single-family dwellings. Townhouses, however, showed a sales price increase, from $558,500 to $580,000.
The condos and townhouses both stayed on the market for an average of 73 days, compared to 84 for single-family units. Condos had the advantage once again in this category, since the average time it took to sell one rose by only 6 percent, compared to 14 percent and 13 percent, respectively, for townhouses and single-family homes. This led to a total 11-percent rise in the number of days on the market.
Next time: The year in Great Falls.
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