Here’s an August 2015 market update for Birdneck Point in Virginia Beach.
Birdneck Point Real Estate Market Update
As of today, there are 16 homes for sale in Birdneck Point. This does not include the condo community on Oriole Drive near the intersection with Laskin Road. These sixteen current listings range in price from brick ranches valued at $449,900 all the way to $2,600,000 waterfront estates. (Shameless plug: I have a lovely waterfront listing of my own at 798 Oriole Drive.)
Let’s consider distressed properties: short sales, bank owned, etc. Of the sixteen homes currently for sale in Birdneck Point, two of them are short sales, and one of them is subject to court approval from bankruptcy. That’s 19% of the current inventory in Birdneck Point. Two of these three distressed properties are waterfront – indicating that there’s a great opportunity there for a deal if you want a waterfront home near the Cavalier Golf and Yacht Club.
No homes sold in the month of July 2015, and only one home is currently pending (a waterfront short sale, mentioned above).
Since there’s so little data to work with for July, and we’ve never done a Birdneck Point Market Update before, I’m going to go ahead and crunch the numbers for the first six months of 2015. Are you ready? Ok, here we go.
From January 1, 2015 until June 30th, 2015, only five homes were sold in Birdneck Point. The least expensive home was a fixer-upper on Tanager Trail that sold for $400,000; the most expensive sale was a $2,000,000 home that can be aptly described as a waterfront castle with a garden.
The median sale price of these homes was $762,000. (I’m providing the median because the $2 million dollar castle is an outlier that is skewing my math.)
The average number of days on the market is disappointing. It is quite a bit longer than the average for the rest of the city of Virginia Beach. The average for the city as a whole is usually 60 to 90 days, giving us a market inventory at any given time of about 4-6 months. The sold homes in Birdneck Point averaged 280 days – that’s nine months! The median market time for Birdneck Point was five months. So if you’re looking to sell a home in Birdneck Point, please consider timing. The market there is unique and not at all like other neighborhoods in Virginia Beach. It may take some patience before the perfect buyer appears with the right offer.
Are you thinking about selling your home and you’re not sure what your home is worth? Thinking about buying a home for the first time but not sure about your earning power? Contact me today for a complimentary marketing analysis of your home’s value, or to learn about the buying process. There is no obligation, and you might be pleasantly surprised!
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