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Real estate markets are seldom stable. Supply and demand is constantly changing to favor either buyers or sellers and Woodlea is experiencing this shift right now.
Last Fall was clearly a buyer’s market with 6 active listings and an absorption rate that resulted in excess supply. Lower values were the result with $20,000 to $30,000 price reductions common.
That’s the bad news.
The good news is the market has shifted significantly since February. As of this writing, there is only one house for sale in Woodlea Manor and it is listed for $719,000! Looking at the demand side, data from the past 7 years shows there are typically 3 to 4 homes that sell during the winter months through March. Not including a short sale, there has only been one home that has sold since December. Presently, supply and demand favors the seller in Woodlea.
The listing for $719,000 is clearly testing the high end of the market. There hasn’t been a house in Woodlea Manor that has sold for more than $700,000 since 2007. Yes, last summer there was a sale for $703,000 but there were $4,500 in seller concessions.
What does all this mean for you? If you are considering selling your Woodlea home, I offer you two strategies.
The first strategy is to simply wait and see where the $719,000 listing finally sells. If it sells for more than $700,000, this will be great news since I believe $700,000 is a psychological price barrier for buyers in Woodlea Manor. The downside to taking a wait-and-see approach is that the listing may become stale and eventually sell for something significantly less. There will also be more homes on the market and the favorable dynamics may change.
The second strategy is to be the “reasonable alternative.” The reality is that most of the potential buyers for a home in Woodla Manor will be expecting to see homes priced in the 600’s, not 700’s. For sellers looking to move to Western Loudoun, this strategy may be best. Western Loudoun, especially for larger homes with larger lots, has excess supply. There are buying opportunities there for those that can move quickly.
Give me a call if you would like to discuss the Woodlea market in more detail. If you are considering another neighborhood in Northern Virginia, I’d be glad to provide an analysis of that area as well. Thanks for your time, and I look forward to hearing from you.
If you would like to veiw properties in Woodlea Manor, click here.
This blog was originally posted on my website at jcsilvey.com