Birdneck Point Real Estate Market Update, March 2016

by Katie Zarpas March 29, 2016 1 comment
Birdneck Point, Market Updates, Waterfront Homes for Sale in Virginia Beach

Here’s a Birdneck Point Real Estate Market Update for March 2016.

Birdneck Point Real Estate Market Update, March 2016

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 custom brick ranch homes valued at $400,000 all the way to $3,450,000 luxury estates on the water.

Birdneck Point Real Estate Market UpdateDistressed Properties

First, let’s discuss distressed properties like short sales and bank repossessions.  Of the twelve homes currently for sale in Birdneck Point, there is only one short sale and no bank-owned listings.  This short sale has been under contract since the fall… so really, there is no distressed inventory in Birdneck Point anymore.  Sorry investors – the time for opportunity has passed.

Sold & Under Contract

Now let’s talk about sold and under contract homes in 2016.  Four homes have sold since January 1st, and two homes are now under contract.  Considering that January and February are usually a very slow part of the real estate year, that’s not bad at all!

Our two pending sales are brick ranches, currently under contract for $559,000 and $400,000.  That $400,000 home is a bit of an anomaly though – it’s a fixer upper and a short sale, and as I stated above, probably represents the last gasp of the short sale market in Birdneck Point for the forseeable future.

Birdneck Point’s most expensive sale to date in 2016 was a brand new custom home on Cardinal Road, selling for just a little shy of $1,000,000.  Its least expensive sale was a small brick ranch home that sold for $470,000.  What’s most interesting about these homes was timing: the million dollar home took 388 days to sell, while that $470,000 brick ranch sold in less than a month.

Thinking of Selling?Home prices in 23451 zip code

If you’re thinking of selling, now is an excellent time: home prices in Birdneck Point (and the 23451 zip code in general) are moving up, up up!  Take a look at the graph on the right.  The pale blue line at the top indicates home prices in 23451 – it’s much higher than the lines clustered below, which approximate Virginia Beach and the rest of the state.

The most recent median list price for homes in 23451 was $414,391 (up 10% since 2015), indicating that list prices tend to be higher in 23451 than in the rest of Virginia Beach city, where the median list price was $258,904 (up .50% since last year). The median list price in the entire Hampton Roads area was $221,166 (up 1.60%since last year).

 

Market Time

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 2 or 3 months.  But Birdneck Point is a little bit different than the rest of the city – this time last year, the average market time for a home to sell was an incredible 280 days.  But in 2016, it’s 193 days (or 6 months).

Curious about those current Birdneck Point listings?  Take a look!


2016 is predicted to be a big year for real estate in Virginia Beach – don’t miss out!

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!

Katie Zarpas

Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient

Long & Foster Real Estate and
Christies International Real Estate
800 Laskin Road
Virginia Beach, VA 23451
757-685-4400 cell
757-428-4600 office
katie@katiezarpas.com
http://katiezarpas.com/

 

by Katie Zarpas March 29, 2016 1 comment