Dunbarton Duplex First Quarter Review 2017

Dunbarton Duplex First Quarter Review 2017

If you were ever wondering what it might be like to live in the Pacific Northwest, I’m sure the last week of drizzly rain and consistent overcast weather has enlightened you.  While my husband would love for us to pick up and move to Seattle, it is days on end of weather like this that makes me love Bristow, Virginia.  This dreary weather is rare, and that’s perfect for me.

There is one thing dreary days are good for, and that is preparing market reports.  This one focuses on the sales between January and March this year in Dunbarton duplexes.  For comparison, we’ll look at what happened in the first quarter of 2016.

HOMES SOLD 

4 duplexes sold in the 1st Quarter of 2017

2 duplexes sold in the 1st Quarter of 2016

In all honesty, this is not what I expected to see.   Bristow, VA has been seeing an inventory shortage this year, which means not enough homes on the market to meet buyer demand.  Seeing more duplexes sell in the first quarter of 2017 than the same period of 2016 is a good thing.

SOLD PRICES

High Sold Price:  $361,130 in 1st Q 2017; $305,000 in 1st Q 2016

Low Sold Price:  $261,250 in 1st Q 2017; $300,000 in 1st Q 2016

Median Sold Price:  $329,750 1st Q 2017; $302,500 in 1st Q 2016

Average Sold Price:  $320,470 1st Q 2017; $302,500 in 1st Q 2016

With more duplexes selling in the first few months of 2017 vs. last year I not surprised to see a much higher high sold price this year.  There was a larger variety of duplexes and one with a basement set the high this year.  And once you get more sales and a much higher price, it is no wonder the sold prices are much more favorable looking into 2017.

CLOSING COST ASSISTANCE

When you are planning on selling your Dunbarton duplex, of course you are going to want to know if you are going to be expected to give any closing cost help to your buyer.  Let’s take a look.

1 of 4 sellers gave closing cost help in 1st Q 2017

0 of 2 sellers gave closing cost help in 1st Q 2016

It’s pretty clear looking at these numbers that giving closing cost help is a rarity when it comes to selling Dunbarton duplexes.  The only seller that gave closing cost help gave $629.  That’s more than likely, something that was negotiated during the home inspection.  Often times sellers will offer a closing cost credit in lieu of repairs.

MARKETING TIME

Knowing how long it will take to sell your Dunbarton duplex is also good to know.

Highest Marketing Time:  55 Days in 1st Q 2017; 88 Days in 1st Q 2016

Lowest Marketing Time:  4 Days in 1st Q 2017; 9 Days in 1st Q 2016

Median Marketing Time:  13 Days in 1st Q 2017; 49 Days in 1st Q 2016

Average Marketing Time:  21 Days in 1st Q 2017; 49 Days in 1st Q 2016

With high buyer demand in our Bristow market, it is no surprise to marketing time coming down.  It seems that your Dunbarton duplex could be under contract in two to three weeks.

When you are ready to put your Dunbarton duplex on the market, call me for a free market analysis.  Since 2005, I have been a full-time Bristow Real Estate Agent.  Put my local knowledge to work for you.

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

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