Victory Lakes Townhouse Report: November 2011

Victory Lakes Townhouse Report: November 2011

December has arrived in Victory Lakes and brought some bone chilling temperatures with it. I think this edition of the Victory Lakes Townhouse Report might warm you up a bit. It details townhouse sales in the neighborhood for the month of November 2011 and compares activity to last month (October 2011) and last year (November 2010.)

TOWNHOUSES FOR SALE IN VICTORY LAKES

9 Active Listings: 8 New Construction, 1 Short Sale

The Victory Lakes townhouses for sale continue to be dominated by the new construction by Miller & Smith. As such, the numbers in this and any other category that are dominated by new construction, will be elevated. The high list price for November was over 13% higher than it had been last month. Low list price was over 4% higher than last month. Average list price nearly 5% higher than last month and over 7% higher than it had been one year ago. Of course, the cautionary tale of list prices being suggestions needs to be taken into account yet again. The best idea of market value comes from the sold column.

VICTORY LAKES TOWNHOUSES UNDER CONTRACT

11 Listings were Under Contract: 5 Short Sales, 3 New Construction, 3 Regular Sales

The townhouses under contract in Victory Lakes have been dominated for the past year by Short Sale listings. Perhaps buyers think they will get a better deal because they believe the banks will sell for less. That would be a misconception, but whatever the case, Short Sales are a popular choice among Victory Lakes buyers. The high list price at time of contract in November was over 17% higher than it had been the month prior. High marketing time increased by nearly 71%. Low list price at time of contract was over 7% lower than it had been in October, while low marketing time actually improved by 50%. The average list price at time of contract improved slightly more than 2% since October, but improved over 8% since last November. Average marketing time increased nearly 20% since October, and increased over 38% since last November. Overall, if the list prices at time of contract are any indication, Victory Lakes townhouse values are improving while the time it takes to sell is lengthening.

TOWNHOUSES SOLD IN VICTORY LAKES

1 Listing Sold: It was New Construction

Only one new construction sale made it to the sold column in Victory Lakes for the month of November. The sold column holds no consistent winner in the type of sale. Since there was only one sold, let's stick to comparing it to the averages of last month and last year. The average sold price increased nearly 5% since last month and average marketing time was over 23% shorter. When compared to last year, the average sold price was nearly 4% lower this month, but marketing time was over 13% shorter. It's not a surprise that the sold price for November 2011 (being the value of only one new construction) is higher than last month's average of one regular sale and one foreclosure. The variation since last year is more consistent since the sold column last year was dominated by new construction. Regular sales and Short Sales will most likely continue to be below $300,000 in Victory Lakes townhouses.

The next Victory Lakes Townhouse Report will be out in January and will detail sales from December. Until then, I wish you all a Merry Christmas. If you find yourself in need of real estate advice between now and then, don't hesitate to call. I've been a full-time Bristow real estate agent, and Bristow home owner, since 2005. I've been a Short Sale Agent since 2007. No matter what your equity position, I can help you get the most money in the shortest amount of time for you Victory Lakes townhouse.

Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.net, www.SpeakingOfHomes.net

Statistics compiled by Chris Ann Cleland using information in the MRIS (Metropolitan Regional Information Systems.)

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What to know the value of Victory Lakes Single Family Homes? Click the link for the Victory Lakes Single Family Home Report: November 2011.