The Victory Lakes townhouse market is seeing lots of new construction by Miller & Smith. And as the Victory Lakes Townhouse Report for August 2011 will show us, new construction is dominating the active, under contract and sold categories. As usual, we'll make comparisons to the last report, July 2011 in this case.
VICTORY LAKES TOWNHOUSES FOR SALE
7 Active Listings
All New Construction
High List Price was $374,920
Low List Price was $299,900
Average List Price was $323,824
August saw three fewer active listings. It is unusual that they were all new construction. Unlike home owners, builders don't have the luxury of pulling their homes from the market. Once the project is underway, it's marketed until it's sold out. This is not bad news for home owners looking to sell, as you'll see in the next two categories. High list price wass the same, which is no surprise. However the low and average list prices were expectedly higher since there are no resales mixed in and new construction prices are higher. Low list price was $71,900 higher; average list price $14,223 higher. Any Victory Lakes home owner contemplating a sale of their townhouse will find the best idea of their market value in the sold column.
VICTORY LAKES TOWNHOUSES UNDER CONTRACT
9 Listings were Under Contract
4 New Construction, 3 Short Sales, 2 Foreclosures
High List Price at Time of Contract was $379,999
High Marketing Time was 202 Days
Low List Price at Time of Contract was $228,800
Low Marketing Time was 4 Days
Average List Price at Time of Contract was $300,935
Average Marketing Time was 44 Days
There were exactly the same number of Victory Lakes townhouses under contract in August as there were in July. What was absent in this category for August was there were no regular sales under contract as there were last month. High list price at time of contract is the same; high marketing time increased by 158 days. Low list price at time of contract decreased by $40,200; low marketing time increased by 2 days. Average list price at time of contract decreased $18,453; average marketing time increased by 18 days. It's possible that the list prices at time of contract are lower as a result of having no regular sales mixed in. Sellers with equity have a tendency to ask for more than Short Sale Sellers or Foreclosures. This doesn't mean they sell for more.
VICTORY LAKES TOWNHOUSES SOLD
9 Listings Sold
5 New Construction, 3 Regular Sales, 1 Short Sale
High Sold Price was $380,190
High Marketing Time was 44 Days
Low Sold Price was $266,500
Low Marketing Time was 0 Days
Average Sold Price was $324,761
Average Marketing Time was 20 Days
August saw the same number of Victory Lakes townhouses in the sold column as July. New construction dominates this category too, but is mixed with regular sales and a Short Sale. High sold price at time of contract (new 
construction) was $36,020 higher; high marketing time decreased by 10 days. Low sold price (a regular sale) was $23,500 lower than in July; low marketing time remained the same. Average sold price was up $14,100 and average marketing time was 5 days shorter. It is probably contrary to popular belief that the low sold price was NOT a Short Sale, but it just goes to show that WHO is selling a home is not as important as the CONDITION it's in. And I'm happy to report that one of my very own Victory Lakes townhouse listings made it to the sold column...a Short Sale that sold ABOVE it's list price.
The next Victory Lakes Townhouse Report will be out in October and will detail townhouse sales from the month of September. Until then, if you are thinking of placing your Victory Lakes townhouse on the market, contact me for a more specific evaluation of your properties value in the market. I've been a full-time Bristow real estate agent since 2005 and a Short Sale Agent since 2007. No matter what your equity position, I can help you sell your Victory Lakes townhouse for maximum value in the least amount of time.
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®
703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.net
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What to know the value of Victory Lakes Single Family Homes? Click the link for the Victory Lakes Single Family Home Report: August 2011
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