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Spring is the time of year when our Bristow area becomes new again with blooming flowers, lawns greening up and trees budding. New is the buzzword for the Victory Lakes townhouse market as well with new construction continuing to dominate the scene. With March behind us, let's take a look back at the Victory Lakes townhouse market and compare with last report (February 2012) and last year (March 2011.)
TOWNHOUSES FOR SALE IN VICTORY LAKES
6 Listings were Active: All New Construction
There were two fewer active Victory Lakes townhouse listings in March as there had been in February. This time, instead of being majority new construction, they are ALL new construction. The high list price was less than 1/2% higher than it had been last month. Low list price was unchanged. Average list price is over 1/2% higher than it had been last month and 6% higher than it had been last year. First, let's keep in mind that list prices are suggestions and what matters is the number that turns up as the sold price. Secondly, Victory Lakes townhouse owners will not see the premium prices that new construction are garnering. However, the upward trend in pricing is real. Demand for homes in our market is at a fever pitch so even resales are seeing higher numbers than they did last year.
TOWNHOUSES UNDER CONTRACT IN VICTORY LAKES
11 Listings were Under Contract: 5 New Construction, 5 Regular Sales, 1 Short Sale
There were two more listings under contract in March than there had been last month. The high list price at time of contract is unchanged, but the high marketing time is 806% longer. Don't panic, this number comes from a new construction listing. The low list price at time of contract went up 10% since last month, while low marketing time was over 1,000% longer. Again, we're talking eleven days from zero. Nothing to worry about. Average list price at time of contract was over 3% higher than last month and up over 21% since last year. Average marketing time was 171% longer than it had been last month and 208% longer than it had been last year. I do believe that the new construction listings which can be placards for the community in the MLS are skewing our figures for marketing time here.
TOWNHOUSES SOLD IN VICTORY LAKES
5 Listings Sold: 2 New Construction, 2 Regular Sales, 1 Short Sale
And now for the numbers that matter most, the sold figures. The high sold price was less than 1/2% higher than it had been last month. High marketing time unchanged. Low sold price was down nearly 3% since last month, but the low marketing time was 500% shorter than it had been last month. The average sold price was less that 1/2% lower than last month and up nearly 7% since last year. Average marketing time was nearly 32% improved since last month and 74% improved since last year. Overall, the demand for Victory Lakes townhouses are making our numbers increase and marketing time decrease.
The next Victory Lakes Townhouse Report will be out in May and will detail sales from April. Until then, if you want to investigate your specific home's value in this market, I'd be happy to do a free market analysis for you. I've been a full-time Bristow real estate agent and home owner since 2005. I added being a Short Sale Agent to my resume starting in 2007. No matter what your equity position, I can help you get your Victory Lakes townhouse sold in the shortest amount of time for the highest possible price.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header photos taken by Chris Ann Cleland.
The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.