Here’s a March 2016 market update for real estate conditions in Bay Colony, Virginia Beach.
Bay Colony Real Estate Market Update, March 2016
As of today, there are 16 homes for sale in Bay Colony in Virginia Beach (including my own listing at 1308 Rolfe Lane). Bay Colony’s current listings range in price from large brick ranches selling for $620,000 all the way to 6000 square foot waterfront estates selling for $2,850,000.
Here’s a peek at those current listings in Bay Colony:
First, let’s discuss distressed properties like short sales and bank repossessions: out of 16 listings in Bay Colony, I couldn’t find any. That’s amazing, considering that Hampton Roads was filled with short sales and bank
foreclosures just a few years ago. This year’s lack of distressed properties might be the surest sign yet of the region’s real estate market recovery.
Sold & Under Contract
Five homes have sold in Bay Colony this year, and one is pending. The average sales price for those five homes was $747,000, while the average number of days on the market was 104. In 2016 to date, Bay Colony’s most expensive home sold for $1,080,000 (on Cedar Point Drive); the least expensive home sold for $620,000 (on Ditchley Road).
Now let’s take a look at Bay Colony’s only pending listing. It is a large waterfront home on North Bay Shore Drive; its asking price was $2,750,000 and it’s currently been on the market for 54 days.
Want to Sell Your Home?
Now is a great time to sell a home: prices in Bay Colony (and the 23451 zip code) are increasing! On the graph at the right, look at the pale blue line at the top. That line represents home prices in the 23451 ZIP code – and it’s much higher than the lines clustered below, which reflect home prices in
Virginia Beach and the rest of the state.
Right now, the median list price for homes in the 23451 zip code is $414,391. For the rest of Virginia Beach, the median price is about $259,000. The median list price for the entire Hampton Roads region is about $221,000.
As I’ve stated before in other blog entries, the average market time for the city of Virginia Beach is usually between 60 and 90 days; so a reasonable expectation of time on the market for a new listing is about 2 or 3 months. But Bay Colony and the North End are a different animal compared to the rest of the city. When I combine this year’s sales data for both Bay Colony and the North End, we emerge with an average of 112 days on the market (with a median of 65). One of this year’s sales took more than 600 days to find a buyer! So if you’re looking to sell a home, keep in mind that the North End area takes a little bit longer than the other neighborhoods throughout the city.
Curious about North End properties too? 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!
P.S. Here’s a condo I sold at the Virginia Beach Oceanfront. To see other beach properties I’ve sold, check out my Youtube channel.
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient