This is a quick look at the townhouse market activity during the month of July 2010 in Bristow, VA's community of Victory Lakes. To see the last report, June 2010, click the link provided.
VICTORY LAKES ACTIVE TOWNHOUSE LISTINGS
9 Active Listings
7 New Construction, 2 Regular Sales
High List Price was $347,450
Low List Price was $295,990
Average List Price was $314,352
New construction continues to dominate the active townhouse listings in Victory Lakes. The high list price since June has increased by over $2,000. The low list price has increased substantially, by over $30,000. The average list price has also increased substantially, by over $28,000. As always, it is important to remember that new construction will always sell higher than a resale. Furthermore, list prices are merely suggestions. The best indicator of the Victory Lakes Townhouse Market is SOLD listings.
VICTORY LAKES TOWNHOUSE LISTINGS UNDER CONTRACT
4 Listings went Under Contract
All Short Sales
High List Price at Time of Contract was $285,000; High Marketing Time was 54 Days
Low List Price at Time of Contract was $250,000; Low Marketing Time was 19 Days
Average List Price at Time of Contract was $271,125; Average Marketing Time was 36 Days
The number of Victory Lakes townhouses under contract this month was two less than last month. Surprisingly, all the sales under contract in July were short sales and did not include any new construction. The high list price at time of contract has decreased since June by more than $42,000. The low list price at time of contract remains unchanged. The average list price at time of contract is a bit more than $14,000 less this month compared to last month. As for marketing times, high marketing time is 8 days less this month, low marketing time was 8 days higher this month and average marketing time was the same when compared to June.
VICTORY LAKES SOLD TOWNHOUSE LISTINGS
4 Listings Sold
2 New Construction, 1 Regular Sale, 1 Short Sale
High Sold Price was $319,750; High Marketing Time was 62 Days
Low Sold Price was $280,000; Low Marketing Time was 7 Days
Average Sold Price was $302,000; Average Marketing Time was 30 Days
Victory Lakes townhouses saw double the sales in July, as compared to June. The make up of sales is a mix os new construction, regular sales and short sales. The high sold price decreased this month by over $38,000. The low sold price decreased in July by nearly $40,000. Likewise, the average sold price decreased by nearly $37,000. Marketing time is also down which is great. High marketing time was down 18 days in July. Low marketing time was down 9 days this month. Average marketing time was down 18 days compared to June. So while the sold prices are down by more than 10%, it is nice to see that sellers that are priced right do go under contract in less time.
While Victory Lakes is still pushing out new construction townhouses, the high numbers will be much higher than they would be if the market was nothing but resales. And their list and sold prices will impact the averages. For the best idea of your Victory Lakes townhouse's market value, give me a call for a Comparable Market Analysis. Remember, I am a Short Sale Specialist and, as such, can help you avoid Foreclosure.
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