Here’s a Birdneck Point Real Estate Market Update, May 2016.

Birdneck Point Real Estate Market Update, May 2016

As of today, there are 13 homes for sale in Birdneck Point.  This does not include the condo community on Oriole Drive near the intersection with Laskin Road.  These thirteen current listings range from a renovated 1960s waterfront home listed at $735,000 all the way to a magnificent deep water home with a $3,450,000 asking price.

Birdneck Point Real Estate Market Update, May 2016Distressed 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  April 2016.  Only two homes sold in April, and three are currently pending.

Our three pending sales are huge.  The first two are older waterfront homes.  The first is listed at $2,600,000 and the second is listed at $2,300,000.  The third pending home is a bit different, but no less impressive: a pretty ranch home on a .75 acre lot with a $775,000 asking price.

April’s sales pale in comparison to all those gorgeous pending listings.  Both were brick ranches that will need some TLC.  One sold for $530,000 after sitting on the market for six months; the other was a short sale that sold for $364,000 in 59 days.

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 $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, 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!

Here is my April 2016 Real Estate Market Update for Birdneck Point.

Questions?  Comments?


Well, that’s the Birdneck Point Real Estate Market Update, May 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!

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