Here’s the October 2015 market update for Birdneck Point real estate in Virginia Beach.
Birdneck Point Real Estate Market Update
As of today, there are 10 homes for sale in Birdneck Point. This does not include the condo community on Oriole Drive near the intersection with Laskin Road. These ten current listings range in price from brick ranches valued at $400,000 all the way to $3,700,000 palaces on the water.
First, let’s consider distressed properties: short sales, bank owned, etc. Of the ten homes currently for sale in Birdneck Point, there is only one short sale and no more bank-owned inventory. That’s a big change from other market updates this year. Two of the current listings are fixer uppers. With one short sale and two fixer uppers, there’s still a shot at a great deal near the Cavalier Golf and Yacht Club, but not as much as earlier this summer when short sales and bank foreclosures included waterfront properties.
There was only one sale in the month of October, two homes are now under contract, and there is one currently pending listing. With four deals just closed (or about to close), October is a a steady sequel to September; hopefully it is the start of a strong counterpoint to the first six months of 2015, when Birdneck Point’s market activity was very discouraging.
Now for the nitty gritty details about our October sale. This particular home was a well-maintained, luxuriously updated waterfront estate near the Cavalier Golf and Yacht Club. It was on the market for 122 days (about 4 months).
As I’ve stated before, the average market time for the city of Virginia Beach is usually between 60 and 90 days; so a standard expectation of time on the market for a new listing is about 4 or 5 months. Our one October sale in Birdneck Point was only 122 days (4 months). While you can’t extrapolate much from one sale, this is still an encouraging development compared to the first six months of 2015 when the average was 280 days.
When I wrote my September market report (in October), I predicted that September’s figures would be the beginning of a final push of activity for 2015. I think I was right. There is usually a surge of activity in the fall as the spring and summer listings finally come to closing. October’s numbers are probably proof of the final closings from spring and summer. BUT, don’t forget – the average market time before a home sells in Birdneck Point is 9 months, and I expect that to be true as we enter 2016.
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
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