The first month of 2011 is officially behind us, giving a great opportunity to look back on the Victory Lakes townhouse market activity for January. Let's see what our Victory Lakes real estate market has in store for 2011. Comparisons will be made to the prior report, December 2010 (also referred to as last month.)
VICTORY LAKES ACTIVE TOWNHOUSE LISTINGS
8 Active Listings
5 New Construction, 2 Short Sales, 1 Regular Sale
High List Price was $332,990
Low List Price was $260,000
Average List Price was $302,166
New construction is the main force when it comes to Victory Lakes townhouses for sale. There were 2 fewer listings this month than in December. The high list price increased by $6,000 and shows us that prices for new constructions are rising. That's a positive sign. The low list price was $100 higher this month, so it's essentially the same. And the average list price was nearly $2,500 higher this month. Of course, SOLD prices are always the best indicator of market value since list prices are suggestions.
VICTORY LAKES TOWNHOUSES UNDER CONTRACT
2 Listings were Under Contract
Both Short Sales
High List Price at Time of Contract was $285,000
High Marketing Time was 53 Days
Low List Price at Time of Contract was $259,900
Low Marketing Time was 49 Days
Average List Price at Time of Contract was $272,450
Average Marketing Time was 51 Days
There were 2 fewer Victory Lakes townhouses under contract during the month of January. Short Sales represent everything currently under contract in Victory Lakes townhouses. High list price at time of contract decreased by $31,290, but is to be expected as there were no new construction townhouses under contract in January. High marketing time was 4 days lower in January. Low list price at time of contract was $14,600 lower this month. Low marketing time was 17 days lower, which is a much more positive sign. Average list price at time of contract was over $24,000 lower this month, but it is not surprising...again, since new construction had no under contracts in January. Average marketing time was 8 days higher.
LAKES SOLD TOWNHOUSES
3 Listings Sold
1 New Construction, 1 Short Sale, 1 Regular Sale
High Sold Price was $343,000
High Marketing Time was 57 Days
Low Sold Price was $275,000
Low Marketing Time was 15 Days
Average Sold Price was $316,970
Average Marketing Time was 36 Days
Since there was only 1 sale in December, and we have 3 sales to report for January, the only real comparison we can make is to average sold price and average marketing time. Average sold price increased more than $4,000 in January and average marketing time increased by 7 days. This month's average is a mix of new construction, a short sale and regular sale, where the only sale in December was new construction. Given that fact, it's great that the average sold price is still higher this month.
The next Victory Lakes Townhouse Report ill be out in March and will detail townhouse sales for the month of February. Until then, if you'd like a free market analysis of your Victory Lakes townhouse, I'd be happy to help. I've been a full-time Bristow real estate agent since 2005 and a Short Sale Specialist since 2007. No matter your situation, I can help you sell your home.
Chris Ann Cleland, Associate Broker, Licensed in Virginia, Long & Foster REALTORS®
703-402-0037, chrisann@LNF.com
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