Birdneck Point Real Estate Market Update
Here’s the September 2015 market update for Birdneck Point in Virginia Beach.
As of today, there are 12 homes for sale in Birdneck Point. This does not include the condo community on Oriole Drive near the intersection with Laskin Road. These twelve current listings range in price from brick ranches valued at $400,000 all the way to $2,300,000 waterfront estates.
Let’s consider distressed properties: short sales, bank owned, etc. Of the twelve homes currently for sale in Birdneck Point, two of them are short sales, and there are no foreclosures. That’s 17% of the current inventory in Birdneck Point. Two of the current listings are fixer uppers. With two short sales and two fixer uppers, there’s a great opportunity there for a deal if you want a home near the Cavalier Golf and Yacht Club.
Two homes sold in the month of September, five homes are under contract, and there are no currently pending listings. This is a nice contrast to August (when two homes sold and there was only one pending listing) and the first six months of the year, when sales were very sluggish and market activity was lacking.
Now for the nitty gritty details about our two September sales. Both homes were luxurious waterfront homes, and heavily updated. One sold very quickly – in just ten days – for $1,330,000; the other sold for an even $1,300,000 in 122 days. That brings our average sales price for the month of September to $1,315,000 – a tremendous jump over August, when the median was “just” $762,000.
The average number of days on the market for September was another tremendous improvement over August and the first half of 2015. As I’ve stated before, the average for the city of Virginia Beach is usually between 60 and 90 days, creating a typical market inventory of about 4 to 6 months. The sold homes in Birdneck Point for September averaged just 66 days; this is a far cry from 280 days on the market (which was the average for the first 7 months of the year)!
I think these September figures are the beginning of a final push of activity for 2015. There is usually a surge of activity in the fall as the spring and summer listings finally come to closing; however, with 5 properties currently under contract, I expect October and November to be equally strong as September. That said, the average market time before a home sells in Birdneck Point is 9 months, and I expect that to be true for the near future.
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!
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
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