It’s that time again! Here’s my North End of Virginia Beach Real Estate Market Update June 2016.
North End of Virginia Beach Real Estate Market Update June 2016
As of today, there are 76 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 an expansive waterfront home on Ocean Front Avenue listed at $5,695,000. Seventy-six is a bit more than May, when 68 homes were available for sale.
Here’s a 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
Ten homes sold in June this year, and another twelve are pending. This is about the same as May. The average sales price of these ten homes was $686,000, while the average number of days on the market was 54 – a HUGE drop compared to the month of May.
The most expensive home to be sold in the North End in June was purchased for $1,230,000 (new construction on the ocean side of 72nd 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 twelve homes is $847,000. The median number of days on the market is 49 (a tremendous increase since our last update). The most expensive home to go under contract is on Ocean Front Avenue for about $1,825,000; the least expensive home to go under contract was a condo on 58th Street for $346,500.
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! Here are some graphs for the 23451 zip code that illustrate the North End of Virginia Beach Real Estate Market Update June 2016. Sales are up 17% vs. last year, available inventory is down 10% compared to last year, median prices have increased by 9%, and the number of days on the market has declined. What does that mean?
In plain English, houses are selling faster, for more money, because there aren’t many houses available to purchase right now.
Questions? Comments? Did I leave anything out of this North End of Virginia Beach Real Estate Market Update June 2016?
That’s my North End of Virginia Beach Real Estate Market Update June 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
HRRA Circle of Excellence Gold Recipient