Here’s a July 2015 market update for the North End of Virginia Beach.
Four homes sold in June (including my lovely oceanfront listing), and in the last thirty days, seven went under contract in the North End. The median sales price of these 4 homes was $780,000; the average number of days on the market was 48.
Originally when I wrote this I included some figures for the average number of days on the market (DOM). But today, after doing a CMA for a new client in the North End, I realized that to get a thorough understanding of DOM, you have to look at the complete history of a listing. Agents relist old properties to make them fresh, and the new listing wipes out the previous history – including the previous DOM, the previous price, and any other lackluster details.
While I worked on my CMA today, the average days on the market figure for 6 of the comps went from 75 days to 272! How many agents think to include those figures when they craft a Comparative Marketing Analysis?
Do you want a CMA with the most accurate information? Are you ready to buy? Call me 757-685-4400 to discuss anything about real estate!