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Birdneck Point Real Estate Market Update – January 2018

Here’s the Birdneck Point Real Estate Market Update January 2018 for Virginia Beach.
Birdneck Point Real Estate Market Update January 2018As of today, there are 10 homes for sale in Birdneck Point.  This does not include the condo community on Oriole Drive near the intersection with Laskin Road.  These ten current listings range in price from traditional 2 level homes valued at $574,900 all the way to $2,100,000 palaces on the water.
First, let’s consider distressed properties: short sales, bank owned, etc.  Of the ten homes currently for sale in Birdneck Point, there are no short sales or bank-owned inventory. Only one of the listings would be considered a fixer-upper, but with its deep water location and pretty water views, be prepared to pay top dollar for this sweat equity project.
There were no sales in December, and only one sale in November. Nothing is currently under contract.
Now for the nitty gritty details about our November sale.  This particular home was a well-maintained, luxuriously updated waterfront estate near the Cavalier Golf and Yacht Club.  It was on the market for just 11 days, and sold for $1,525,000.
As I’ve stated before, the average market time for the city of Virginia Beach is usually between 60 and 90 days; but luxury properties typically take much longer to sell – up to a year is not unusual.  So 11 days is a whammy!

Birdneck Point Real Estate Market Update – 2017 Year in Review

Now let’s review Birdneck Point market activity for all of 2017.
Nineteen homes sold in Birdneck Point last year.  Of those 19, I represented a buyer or seller for 6 of them – far more than any other agent who sold property in the neighborhood.
Compare 2017’s nineteen sales to the year before, when only 13 homes sold.  That’s about a 50% increase in one year!
The other comparisons between 2016 sales and 2017 encouraging.  In 2016, the average Birdneck Point home sold for $924,204.  In 2017, that had grown to $1,284,187.  That’s a one year average price increase of almost $360,000.  Let’s describe that in a different way: in 2016, the ratio of desired list price to the final sales price was 89%.  A year later, the ratio of list-to-sales price is 92%.
In 2016, the average market time before a home sale was 154 days (about 5 months).  Now, the average market time is 121 days (4 months).  Homes are selling for more, in less time.
Here are the statistics:
Birdneck Point Sales Data, 2016 (from REIN MLS)

Birdneck Point real estate market update 2016
Birdneck Point Sales Data, 2017 (from REIN MLS)

Birdneck Point real estate market update 2017

See Current Birdneck Point Homes for Sale:

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