It’s time for my Virginia Beach Luxury Homes Market Update for January 2018! Here is the Virginia Beach Luxury Homes Market, by the numbers.
Before I begin, what counts as a luxury home in the Virginia Beach market? For these statistics, Christie’s International Real Estate considers a home in this market to be “luxury” if its list price is greater than $750,000.
There are currently 207 luxury listings in Virginia Beach. The vast majority of these are in the northern half of the city, spread among the North End, Great Neck, and Little Neck; there is also a string down the coast from Croatan to Sandbridge.
The average list price of a luxury property in Virginia Beach as of January 16, 2018 is $1,400,000. The most expensive luxury property is currently available for $7,200,000 (click on the picture for more details).
So far the average market time in the Virginia Beach Luxury Homes Market is 164 days – but the longest is 1,433 days. Ouch!
The newest luxury home to hit the market is 333 Cavalier Drive, near the newly renovated Cavalier Hotel at the Virginia Beach Oceanfront. This home is still under construction.
There are 22 pending luxury contracts in Virginia Beach. The average pending list price of a luxury property in Virginia Beach is $1,457,000. The most expensive property to go under contract is in Linkhorn Oaks, for $4,750,000. Click on the picture for more details.
The average market time until a property was under contract was 212 days – but one property was listed for 1,397 days. That’s almost four years.
Now – what do these pending luxury homes have in common? More than half of them have in-ground pools. Half of them (11) are waterfront with deep water access or sit directly on the ocean. Lastly, these homes are newer: out of all 22, only 3 were built before 1988.
Now – how many homes sold in December 2017?
Twenty-two luxury homes in Virginia Beach were sold in December 2017. As before, most of these were concentrated in the northeastern corner of the city in the Great Neck and North End areas.
Twenty-two is a slight increase compared to the previous month, when 20 luxury homes were sold in Virginia Beach.
How long did it take to sell these homes? The average market time for a home that sold in December was 73 days. The longest market time for a December sale was 233 days.
Sale Price to List Price Ratio
In December, the average sales price was $1,350,000, or about 94% of asking price. Compare that to November, when the average sales price was $1,200,000, or about 95% of asking price. Here’s a table of the December figures:
Curious About Virginia Beach Luxury Homes? Click below.