Dunbarton Duplex Year in Review 2016
Last year (2016) I decided to start providing online reports tracking average market value for Dunbarton Duplexes. Turns out, my sampling period of every two months, didn’t provide enough data. So let’s take a look back at the entire year and compare it to what happened in 2015.
10 duplexes sold in 2016, 4 with basements
7 duplexes sold in 2015, 3 with basements
Unlike the Dunbarton Single Family Home Year in Review for 2016, duplexes actually saw more sales in 2016 than the previous year. Let’s see how the sales break down by quarter.
1st Quarter: 2 sales in 2016; 0 sales in 2015
2nd Quarter: 4 sales in 2016; 3 sales in 2015
3rd Quarter: 2 sales in 2016; 1 sale in 2015
4th Quarter: 2 sales in 2016; 3 sales in 2015
The second quarter seems to be where both years saw the most activity, though in 2015 the fourth quarter matched it.
High Sold Price: $360,000 in 2016; $359,900 in 2015
Low Sold Price: $300,000 in 2016; $275,000 in 2015
Median Sold Price: $336,000 in 2016; $330,000 in 2015
Average Sold Price: $332,295 in 2016; $320,946 in 2015
Values definitely lifted a bit in 2016. Even though the high sold prices were nearly identical, the difference in the median sold prices and average sold prices from 2015 to 2016 tell a tale. And the number of Dunbarton Duplexes with basements seems to be about 40% of the sales each year, so that should not taint the median and average in this comparison.
CLOSING COST ASSISTANCE
When home owners are about to sell, they want to know if the market is such that paying all, or a portion, of the buyer’s closing costs will be expected. Let’s take a look.
1 of 10 sellers gave closing cost help in 2016
3 of 7 sellers gave closing cost help in 2015
It’s clear to me that buyers wanting a Dunbarton Duplex know that they are making an offer on a hard to find home. The vast majority of sellers had to give absolutely nothing in closing cost help to their buyers in 2016. And the one seller that gave help in 2016 only gave $2,000. Even in 2015, the slim majority gave none. The average of the three that gave in 2015 was $2,500. When you are hiring an agent to list your home, if you don’t want to pay closing cost help, start by finding an agent like me that understands the stats and can help you counter accordingly if a buyer does ask for closing cost help.
When I sit down with sellers, after we figure out a reasonable list price, the next question they have is how long their home will take to sell.
Highest Marketing Time: 157 days in 2016; 61 days in 2015
Lowest Marketing Time: 0 day in both 2016 and 2015
Median Marketing Time: 38 days in 2016; 13 days in 2015
Average Marketing Time: 62 days in 2016; 23 days in 2015
Even though sold prices moved up in 2016 for Dunbarton Duplexes, marketing time took longer. That’s not surprisingly given the hesitancy agents like myself noticed in the market last year. Presidential election years always cause buyers to pull back a bit from the market I think this showed itself in 2016 in the marketing time taking a bit longer for Dunbarton Duplexes to sell.
If you think that 2017 may be the year to list your Dunbarton Duplex, give me a call for a free market analysis. We’ll pull the comparable sales that are most like your home, and any homes you may be competing against, to figure out the most money we get for your sale. Since 2005, I have been a full-time, professional Bristow Real Estate Agent. Put my experience in our marketplace to work for you.
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA