Dunbarton Single Family Home First Quarter Review 2017
Spring has finally sprung in Bristow, but the cold overnight temps over the last few days may have you going back and forth between your heat and a/c. Does make for some great days to open up the windows and let in some fresh air.
Right now, it’s time for the first quarter check up on Dunbarton single family home values. Let’s get right to it and see how the first quarter of 2017 compares with the first quarter of 2016.
3 homes sold in the 1st quarter of 2017
6 homes sold in the 1st quarter of 2016
Clearly, the first quarter of 2017 is not starting out gang busters for number of sales compared to the previous year. But is it affecting prices?
High Sold Price: $399,900 in 1st Q 2017; $449,900 in 1st Q 2016
Low Sold Price: $335,000 in 1st Q 2017; $335,000 in 1st Q 2016
Median Sold Price: $385,000 in 1st Q 2017; $349,000 in 1st Q 2016
Average Sold Price: $373,300 in 1st Q 2017; $370,400 in !st Q 2016
Well this feels better than just looking at the number of sales. Sure the highest sold price isn’t as high as it was in the first quarter of 2016, but the median and average sold prices are higher. That means the demand is raising prices.
CLOSING COST ASSISTANCE
Another aspect of analyzing home sale data is looking at closing cost assistance that sellers give buyers.
1 out of 3 sellers gave closing cost help in 1st Q of 2017
4 out of 6 sellers gave closing cost help in 1st Q of 2016
Looks like sellers in the first quarter of 2017 had a better shot of not being asked for closing cost help this year. That’s part of the current high market demand. The more buyers are competing for listings, the less likely they are going to ask for things like closing cost help. The one that did give help this first quarter of 2017 gave $6,085. So that would be a worst case scenario if you were thinking of selling anytime soon.
And the last aspect of analyzing home sale date is to find out how long it is taking to sell homes. So how long is taking to sell a single family home in Dunbarton?
Highest Marketing Time: 43 days in 1st Q 2017; 189 days in 1st Q 2016
Lowest Marketing Time: 7 days in 1st Q 2017; 4 days in 1st Q 2016
Median Marketing Time: 27 days in 1st Q 2017; 72 days in 1st Q 2016
Average Marketing Time: 26 days in 1st Q 2017; 84 days in 1st Q 2016
As I would expect in a market where buyer demand is outpacing supply, the first quarter marketing time for Dunbarton single family homes this year is shrinking overall compared to last year.
If you have been thinking of making a move, selling during a time of low inventory is a great strategy. Call me to find out other home selling strategies that I can put to work for you.
Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA