Victory Lakes Townhouse Report: September 2011
There's a chill in the air in Bristow, VA and trick-or-treaters will be making their way through neighborhoods like Victory Lakes before you know it. October is one of my favorite months of the year. I love the changing color of the leaves, the cool temps and Halloween.
With the coming of October, we can take a look back at the Victory Lakes townhouse market for the September. There is at least one treat waiting for us in this Victory Lakes Townhouse Report. As usual, we'll make comparisons to the prior report, in this case, August 2011.
TOWNHOUSES FOR SALE IN VICTORY LAKES
9 Active Listings
6 New Construction, 2 Regular Sales, 1 Short Sale
High List Price was $374,920
Low List Price was $275,000
Average List Price was $317,204
There were two more townhouses for sale in Victory Lakes in September than there had been in August. While not all of them are new construction this time, Miller & Smith are definitely dominating the Victory Lakes townhouse active inventory. The high list price is exactly the same; low list price decreased by $24,900. Average list price decreased by $6,620. It is important for Victory Lakes townhouse owners to note that the best idea of market value never comes from the active listings. Rather, it comes from those that have made it to the settlement table.
VICTORY LAKES TOWNHOUSES UNDER CONTRACT
5 Listings were Under Contract
3 Short Sales, 1 Foreclosure, 1 New Construction
High List Price at Time of Contract was $305,000
High Marketing Time was 677 Days
Low List Price at Time of Contract was $259,900
Low Marketing Time was 12 Days
Average List Price at Time of Contract was $284,558
Average Marketing Time was 160 Days
Four fewer Victory Lakes townhouses were under contract during September. While new construction dominated this category in August, it is Short Sales that are dominating for September. The high list price at time of contract decreased $74,900 while high marketing time went through the roof, adding 475 days. It is important to note here that the 677 days was a new construction listing, making it not so unusual. The low list price at time of contract increased by $31,100 while low marketing time increased by 8 days. Average list price at time of contract decreased $16,377 while average marketing time increased by 116 days. That 677 days new construction listing really threw the stats off for September.
TOWNHOUSES SOLD IN VICTORY LAKES
6 Listings Sold
5 New Construction, 1 Foreclosure
High Sold Price was $359,999
High Marketing Time was 202 Days
Low Sold Price was $199,888
Low Marketing Time was 0 Days
Average Sold Price was $309,280
Average Marketing Time was 78 Days
There were 3 fewer sales of Victory Lakes townhouses in September. This is still a category dominated by Miller & Smith's new construction. The high sold price was $20,191 lower. High marketing time increased by 158 days. Again, a new construction listing was to blame for the high marketing time. Low sold price plummeted by $66,612...a foreclosure to blame. Low marketing time remained the same at zero days. Average sold price decreased by $15,481 while the average marketing time increased by 58 days. Again, marketing time stats are skewed by the new construction listing. And as long as there is new construction in Victory Lakes, it will be very hard to apply any average that comes from these reports to the Victory Lakes townhouse resale market.
The next Victory Lakes Townhouse Report will be out in November and will detail sales from the month of October. 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
Statistics compiled by Chris Ann Cleland using information in the MRIS (Metropolitan Regional Information Systems.)
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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: September 2011
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