Here’s my Bay Colony Real Estate Market Update, April 2016.

Bay Colony Real Estate Market Update, April 2016

As of today, there are 20 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 $569,000 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:

Distressed Properties

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

Picture for my Bay Colony Real Estate Market Update, April 2016

Under contract in Bay Colony for $533,000

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

There were no sales in April this year, but six homes are currently pending.  The first pending listing, at $533,000, is the least expensive home in Bay Colony by far – it’s a brick ranch and a fixer upper, and it’s my listing!

The most expensive under contract Bay Colony home right now is a waterfront home on Bay Shore Drive currently priced at $2,750,000.

 

Want to Sell Your Home?Home prices in 23451 zip code

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 left, 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.

The most recent median list price for homes in 23451 was $409,950 (up 6.50% since last year), indicating that list prices tend to be higher in 23451 than in the rest of Virginia Beach city, where the median list price was $259,214 (up .60% since last year). The median list price in Virginia Beach was $222,753 (up 2.20% since last year).

 

Market Time

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!

Questions?  Comments?

Bay Colony Real Estate Market Update, April 2016


That’s my Bay Colony Real Estate Market Update, April 2016.  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 peek at my Bay Colony listing on Rolfe Lane.  To see other available properties, check out my Youtube Channel.

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 May 01, 2016 0 comments