It’s that time again! Here’s my North End of Virginia Beach Real Estate Market Update May 2016.
North End of Virginia Beach Real Estate Market Update May 2016
As of today, there are 68 homes for sale in the North End of Virginia Beach, between 43rd Street and First Landing State Park. This does not include Bay Colony, Cavalier Park, or Princess Anne Hills. The least expensive home currently available in the North End is a little condo on 57th Street for $299,000; the most expensive North End home is a gorgeous waterfront estate on Ocean Front Avenue listed at $5,750,000 – and it’s mine!
Here’s quick look at some of those current listings. (Clicking a picture will take you to full details in a separate window.)
Next, let’s discuss distressed properties like short sales and bank repossessions. Out of 68 listings at the North End today, I could not find any distressed properties. That’s remarkable when you consider that five years ago, Virginia Beach was filled with short sale and foreclosure opportunities. Now, they’ve mostly dried up. Sorry, investors!
Sold & Under Contract
Nine homes sold in May this year, and another eleven are pending. The average sales price of these nine homes was $635,000 (much less than my last update for April), while the average number of days on the market was 105. Why the $100,000 drop between April and May? We had a few sales for more than a million, and then we had some other sales down at the $400,000 mark – making an average less reliable than usual.
The most expensive home to be sold in the North End in May was purchased for $1,175,000 (new construction on the ocean side of 78th Street); the least expensive home went for $433,000 (on 64th Street).
Now let’s examine the North End properties that are still under contract but haven’t closed yet. The average listing price of these eleven homes is $692,900. The median number of days on the market is 19 (a tremendous decline since our last update).
The most expensive home to go under contract is on Atlantic Avenue for about $1,250,000; the least expensive home to go under contract is also on 58th, for $350,000.
Want to Sell Your Home?
Now is a great time to sell a home: prices in the North End (and the surrounding area) are moving on up! On the graph at the right, look at the pale blue line at the top. That line mimics home prices in the 23451 ZIP code – it’s much higher than the lines clustered below, which approximate home values in Virginia Beach and the rest of the state.
The current median list price for 23451 homes is $428,919. For the rest of Virginia Beach, the median price is about $261,000. The median list price in all of Hampton Roads is about $227,000.
Just as prices are increasing, market times are going down: the average time to sell a home in 2015 was between 3 and 4 months; right now it takes between 2 and 3 months. So your home may sell faster, and for more money, in 2016.
Questions? Comments? Did I leave anything out of this North End of Virginia Beach Real Estate Market Update May 2016?
That’s my North End of Virginia Beach 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!
P.S. Here’s my newest North End listing on 6300 Oceanfront Avenue. To see other property videos, check out my Youtube channel.
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
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